Whirlpool Corp. shares fell sharply in after-hours trading Monday after the appliance maker issued a profit warning, blaming rising costs.
Chief Executive Marc Bitzer cited rising raw material costs and slow progress on its European integration as hurting the company's profit margins.
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Whirlpool said Monday it expected to earn $11.10 to $11.40 a share for 2017, down from an earlier estimate for full-year earnings-per-share of $12.40 to $12.90.
The Michigan-based manufacturer said its outlook included up to $175 million in costs related to restructuring, up from a second-quarter estimate of $165 million.
Whirlpool shares fell almost 10% at one point in after-hours trading and were recently off 6.6% at $170.50, having ended at $182.50 when the U.S. stock market closed.
Overall for the third quarter, Whirlpool reported profit of $276 million, or $3.72 a share, up from $238 million, or $3.10 a share, in the same period a year ago. Net revenue rose 3% to $5.4 billion.
"We are pleased with our revenue growth and free cash flow improvement but are not satisfied with our operating margins," Mr. Bitzer said in a statement. He said the company would continue with its recently announced price increases on home appliances and a plan to reduce fixed costs.
Whirlpool's latest quarterly results come as the company is engaged in a trade battle over imported washing machines with two South Korean rivals.
The company is asking U.S. trade regulators to recommend tariffs and quotas to combat what it has claimed is a flood of imports that hurt the domestic industry.
Write to Andrew Tangel at Andrew.Tangel@wsj.com
(END) Dow Jones Newswires
October 23, 2017 18:03 ET (22:03 GMT)