Whirlpool Stock Tumbles. How Tariffs Are Crushing This Iconic American Brand.

Whirlpool has been unable to snap up market share as its competitors flood the U.S. market with Asian-made products. (Scott Olson/Getty Images)

As Whirlpool continues to grapple with the spillover effects of President Donald Trump’s trade policy, the company insists it will all come out in the wash.

Whirlpool’s second-quarter earnings included a dividend cut and adjustments to the appliance maker’s full-year outlook. Adjusted earnings came in at $1.34 a share, below Wall Street’s expectations, and included a 35-cent noncash loss from Whirlpool’s equity stake in Beko Europe .

Raymond James analysts noted Tuesday that the miss was driven largely by margin shortfalls in all three major appliance segments. It was, however, partially offset by margin upside in the company’s small domestic appliances segment, which includes blenders, coffee makers, and laundry products.

Whirlpool trimmed its 2025 adjusted earnings guidance to a range of $6 to $8 a share from $10 prior. While the company reiterated the sales guidance provided earlier this year, it slashed its 2025 adjusted earnings before interest margin guidance to 5.7% from 6.8%.

The cautious outlook isn’t surprising, as macroeconomic uncertainty has taken a hit on the company. Whirlpool has grappled with suppressed volumes and market share as rivals flood the U.S. market with Asian-made products to beat an increase in tariff rates. The company notes on its website that around 80% of products assembled in the U.S. are also sold domestically.

While Whirlpool continues to describe its North American business as a tariff “net winner,” Raymond James pointed out that management failed to provide updated commentary related to plans for market-share gains in the second half of the year.

Tariffs aren’t the only issue facing the iconic brand. Raymond James said that lingering weakness in consumer confidence and housing turnover are only “compounding the situation.”

At the time of Whirlpool’s fourth-quarter earnings in January, management said the company was moving into position to benefit from the “eventual U.S. housing recovery.”

This upbeat tone carried over to the second quarter, even as the stock sank 13% on Tuesday. CEO Marc Bitzer asserted that Whirlpool was “well-positioned in North America with a robust pipeline of new products, the industry’s leading U.S. manufacturing footprint, and favorable housing demand fundamentals.”

The company continues to wait for the day it will reap the benefits of its competitors raising prices in the face of tariff rate hikes.

“We are confident in our long-term strategy and believe that evolving tariff policies will ultimately support domestic manufacturers,” Bitzer said.

Until then, it’s a waiting game.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com