By John Keilman
Whirlpool is voicing support for the tariffs imposed by the Trump Administration, saying they will level the playing field for appliance makers and support U.S. manufacturing.
The Michigan-based company, which has 10 plants in the U.S., said in a presentation released with its first quarter results Wednesday that its Asian competitors have benefitted from cheaper steel prices and tariff-free components-an "unfair disadvantage" to Whirlpool that might now dissipate.
"With 80% domestic production Whirlpool is a net winner of new tariff policies," the company said.
Whirlpool is raising prices and planning expense-cutting measures to make up for higher costs on its components. It left its full-year outlook unchanged at $15.8 billion in net sales and adjusted earnings of $10 per share.
For the first quarter, Whirlpool matched Wall Street expectations with $3.6 billion in net sales and adjusted earnings per share of $1.70. The stock gained 5% in post-market trading.
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(END) Dow Jones Newswires
April 23, 2025 16:51 ET (20:51 GMT)
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