Whirlpool on Monday reported a second-quarter loss of $657 million, after reporting a profit in the same period a year earlier.
The Benton Harbor, Michigan-based company said it had a loss of $9.50 per share. Earnings, adjusted for non-recurring costs, came to $3.20 per share. The stock fell more than 8 percent after hours.
The maker of Maytag, KitchenAid and other appliances said in a statement that sales in Europe and Africa decreased 12.5 percent, with negative impacts from "unit volume declines, raw material inflation, and higher freight costs."
The company posted revenue of $5.14 billion in the period. Whirlpool expects full-year earnings in the range of $14.20 to $14.80 per share.
Whirlpool shares have dropped 11 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5 percent. In the final minutes of trading on Monday, shares hit $150.74, a drop of 21 percent in the last 12 months
The company 200 more workers and praised the initial tariffs that went into effect in January, citing its long-running battle with Korea's LG.of the Trump administration's trade dispute. It said earlier this year it would hire
But by April, the price of washing machines was up 9 percent, according to the U.S. Bureau of Labor Statistics. In May, prices climbed 6 percent. Both are the biggest jumps since the BLS started collecting statistics in 1977, according to the Washington Post.
Bitzer said in an April conference call that the raw material costs had "risen substantially" due to tariffs on steel and aluminum--key components of washing machines.