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Started By
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Whirlpool,supporter of early tariffs on appliances, say steel tariffs are hurting them bad
Posted on 7/23/18 at 7:06 pm
Posted on 7/23/18 at 7:06 pm
quote:
Whirlpool Corp. WHR -0.72% on Monday trimmed its full-year profit outlook as it booked a large charge on its European operations and said it wouldn’t be able to offset the effect of steel tariffs with higher prices for consumers.
The Benton Harbor, Mich-based appliance maker swung to a second-quarter loss after booking $747 million in charges on its European business and paying $114 million for an antitrust settlement in France, wiping out the benefits of higher prices pushed through to counter the effect of tariffs on imports of steel, one of its largest costs.
Whirlpool said it has struggled to integrate its 2014 purchase of Italy’s Indesit Co. and faced economic and operational issues, as the company worked to gain more exposure to Europe’s appliance market. The total consideration paid was $1.4 billion in aggregate, net of cash. The asset impairment represents about half of the original purchase price.
The surprise charge follows a series of upbeat earnings reports by other U.S. manufacturing and machinery makers, with buoyant housing and energy markets helping drive a series of better-than-expected earnings and higher full-year profit forecasts.
Whirlpool bucked that trend and its shares fell more than 8% in after-hours trade Monday, with executives likely to be quizzed by analysts on a call Tuesday about the effect of the charge on its stock buyback and investment plans.
The company said Monday it now expects to pay about $350 million more this year from rising raw-material costs as it faces “a very challenging cost environment.”
Total sales in the quarter fell 3.9% to $5.14 billion. They were down 4.5% from a year earlier after excluding currency changes.
A sales drop of 2.2% in North America came as Whirlpool and rivals such as Electrolux AB pushed through price increases to offset the steel tariffs and held back from big discounts during holiday sales, according to analysts. Retail prices of washers and dryers are up 20% in the latest quarter from a year earlier.
Whirlpool supported import tariffs on appliances produced overseas but much of the benefit was countered by the effect of levies on steel imports introduced earlier this year.
And the stories begin.
Hey Always Trumpsters, when durable good manufacturers have sales reductions it is not good for the economy.
Posted on 7/23/18 at 7:08 pm to I B Freeman
Always whining but never offering any solutions.
The Libtard way.
The Libtard way.
Posted on 7/23/18 at 7:10 pm to I B Freeman
You couldn’t post this in one of the other 45 threads you’ve started on this?
Posted on 7/23/18 at 7:10 pm to I B Freeman
Would you be willing to accept short term pain for long term gain?
Is that even possible anymore amongst Americans?
Does this country still have what it takes to win at anything not providing immediate gratification?
Thoughts?
Is that even possible anymore amongst Americans?
Does this country still have what it takes to win at anything not providing immediate gratification?
Thoughts?
Posted on 7/23/18 at 7:12 pm to Cosmo
quote:
Then dont import steel
We make perfectly good steel here
Let me get this straight---do you think the price of US made steel stayed the same after Trump interfered in the market and raised the cost of steel from foreign competitors??
This post was edited on 7/23/18 at 7:19 pm
Posted on 7/23/18 at 7:14 pm to I B Freeman
Lots of downvotes to facts that just don't jibe with you people's naive, simple minded view of Trump's tariffs.
WSJ is fake news. Only Hannity is real news I guess. Simpletons.
WSJ is fake news. Only Hannity is real news I guess. Simpletons.
Posted on 7/23/18 at 7:14 pm to I B Freeman
quote:
swung to a second -quarter loss after booking $747 million in charges on its European business and paying $114 million for an antitrust settlement in France, wiping out the benefits of higher prices pushed through to counter the effect of tariffs on imports of steel, one of its largest costs.
quote:
Whirlpool said it has struggled to integrate its 2014 purchase of Itlay’s Indesit Co. and faced economic and operational issues, as the company worked to gain more exposure to Europe’s appliance market.
So poor business decisions have cost them profits this year, and they’d like to blame it on the tariffs. Nice try bud.
Posted on 7/23/18 at 7:14 pm to HailToTheChiz
quote:
Always whining but never offering any solutions.
I'm amazed that fans of Donald Trump would defend the tariffs when there's a damn good chance they will harm the economy, and mid terms
Simple economics explains why wide reaching tariffs are bad for the economy. Sometimes being a good team player means wanting a good outcome, not supporting through a disaster. Waiting until things start to go bad is way too late
The only explanation for the support here on the board is economic illiteracy and\or blind faith, both of which are dangerous.
The solution is to end this economic mistake
This post was edited on 7/23/18 at 7:19 pm
Posted on 7/23/18 at 7:17 pm to I B Freeman
You're just going to have to sacrifice and do without until we gear up again, buttercup.
Posted on 7/23/18 at 7:18 pm to I B Freeman
quote:
Simpletons
I prefer Deplorable as one of the "you people" aka "we the people"
Posted on 7/23/18 at 7:19 pm to I B Freeman
You might get some upvotes if you didn't post the same thread 5x a day
Posted on 7/23/18 at 7:22 pm to I B Freeman
Are you people down voting the American company Whirlpool for saying steel tariffs are hurting them or are you real free traders and down voting them because they lobbied for and got tariffs on washing machines and raised their prices??
Posted on 7/23/18 at 7:23 pm to I B Freeman
How bout get your Steel from America, frick yea!
This post was edited on 7/23/18 at 7:23 pm
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