Whirlpool reported a first-quarter adjusted EPS well below analyst estimates, prompting management to lower its full-year outlook and suspend the quarterly dividend to preserve liquidity. The board cited weaker North American sales and higher input costs as primary drivers of the earnings shortfall.

Executives warned that U.S. appliance demand plunged to “recession-level” decline in late February and March, attributing the drop to Iran war–related fuel price spikes and collapsing consumer confidence. Big-ticket purchases such as laundry and kitchen appliances were particularly impacted by rising energy expenses.

Shares tumbled 20% on the combined news of the profit miss, guidance reduction and dividend suspension, outpacing the broader consumer discretionary sector. Investors remain cautious as Whirlpool navigates a challenging demand environment and seeks to stabilize its balance sheet.