Whirlpool says Iran war causing 'recession-level industry decline.' The shares are down 20%

Whirlpool shares tumbled Thursday after the iconic appliance maker warned that the war in Iran triggered a severe downturn, underscoring how sharply higher fuel prices and collapsing consumer confidence are beginning to weigh on big-ticket purchases. "War in Iran resulted in recession-level industry decline in the U.S. as consumer confidence collapsed in late February and March," the company said in its earnings filing. The comments marked one of the starkest corporate warnings yet about the economic fallout from the conflict and contrasted with more resilient spending trends recently highlighted by companies tied to travel and services. Shares of Whirlpool, maker of washers, dryers, dishwashers and other home appliances, dropped a whopping 20% in premarket trading. CEO Marc Bitzer said Whirlpool moved quickly to cut costs and adjust pricing as macroeconomic conditions deteriorated. "We acted decisively to address pricing and costs in the face of rapid deterioration in macroeconomic conditions," Bitzer said in a statement. "Now, with Section 232 changes in favor of domestic manufacturers, Whirlpool Corporation is structurally positioned to win with our American-made products." The company also slashed its full-year earnings guidance roughly in half, cutting its forecast to a range of $3 to $3.50 a share from a prior outlook of about $6 a share. Whirlpool said it would also suspend its dividend as it prioritizes paying down debt. …