Whirlpool Corp. shares tumbled after the Maytag owner trimmed its full-year profit outlook amid an uptick in promotions and softer discretionary purchases in North America, its biggest market.

Adjusted earnings are now expected to be about $16 a share for the full year, Whirlpool said in its earnings statement Wednesday. That’s below the average analyst estimate of $16.17, and it’s the low end of the previously projected range of $16 to $18.

The shares fell as much as 15% at 11:16 a.m. in New York, the biggest intraday drop since 2020. The stock has declined 11% this year through Wednesday’s close.

“Discretionary purchases have been even softer than anticipated, as a result of increased mortgage rates and low consumer confidence,” Chief Executive Officer Marc Bitzer said during an earnings call Thursday. That’s sparked more discounting and promotions, he said. Still, Whirlpool is gaining share in North America, the company said.

Net sales grew 3% to $4.93 billion in the period from a year earlier, the company said. Analysts had estimated $4.81 billion, according to data compiled by Bloomberg. Adjusted earnings were $5.45 a share, above the average estimate.

“The biggest things have come around some of our new product launches,” Chief Financial Officer Jim Peters said in an interview. He added that a new dishwasher with a third rack and washers and dryers with special filters for pet hair have helped to propel market gains.

Supply disruptions have stabilized and that’s also helping the business, Peters said. Meanwhile, some shoppers are switching to less-expensive items in the US amid higher levels of inflation, he added. Consumers are more likely to trade down when an appliance breaks versus doing a home remodel, he said.

The appliance seller said results were weighed down by demand weakness in Europe and soft consumer sentiment in Asia. It reported “strong share gains and industry recovery” in Brazil and Mexico.

(Updates shares, adds CEO comments in the fourth paragraph.)