Whirlpool's stock experienced a pre-market plunge of 15.88% following the release of its disappointing first-quarter financial results and a significantly reduced full-year outlook.

The appliance maker reported a quarterly adjusted loss of $0.56 per share, badly missing the analyst consensus estimate for a profit of $0.40. Sales fell 9.6% year-over-year to $3.273 billion, also missing estimates. The company swung to a net loss of $85 million from a profit a year ago.

Management attributed the weak performance to a "recession-level industry decline" in the U.S., which it directly linked to the war in Iran and a collapse in consumer confidence in late February and March. In response, Whirlpool slashed its full-year earnings guidance roughly in half, suspended its common dividend to prioritize debt reduction, and announced plans to implement its largest price increase in a decade to address multi-year inflationary cost pressures. A recent Supreme Court tariff ruling was also cited as having disrupted industry pricing and negatively impacted first-quarter sales.