Whirlpool (Whirlpool (WHR)) is having a rough Thursday. The appliance maker reported first-quarter results that missed expectations, slashed its full-year outlook, and suspended its dividend — all in an effort to navigate what it called a “recession-level industry decline” in the U.S. tied to collapsing consumer confidence following the war in Iran. Shares fell more than 21% in premarket trading.

The numbers were ugly. Whirlpool posted an adjusted loss per share of 56 cents, worse than the 40-cent loss analysts had expected. Revenue dropped 9.6% year over year to $3.27 billion, also below estimates. On a GAAP basis, the company lost $1.43 per diluted share, compared with earnings of $1.28 a year earlier. The net loss available to common shareholders was $85 million, versus net income of $71 million last year.

CEO Marc Bitzer said the company acted decisively. “We acted decisively to address pricing and costs in the face of rapid deterioration in macroeconomic conditions,” he said. That included accelerating cost-cutting, reducing inventory, and announcing the largest price increase in a decade to offset inflation and weak demand.

The pain was felt across segments. MDA North America revenue fell 7.5% to $2.24 billion, and EBIT there dropped 96% to just $6 million. Latin America was a bright spot, with revenue up 5% to $774 million, though EBIT slipped to $47 million. The SDA Global segment continued its streak, posting its sixth consecutive quarter of year-over-year revenue growth, up 13.4% to $222 million, with EBIT climbing 28.7% to $47 million.

Cash flow was also under pressure. Operating cash flow was negative $827 million, and free cash flow was negative $896 million. The company ended the quarter with $626 million in cash. To shore up its balance sheet, Whirlpool suspended its common dividend, saying it expects to reduce debt by more than $900 million in 2026.

The outlook is sobering. Whirlpool lowered its full-year 2026 adjusted EPS guidance to a range of $3.00 to $3.50, down from the $5.11 analysts had expected. It also cut its sales forecast to about $15.0 billion, below the $15.28 billion consensus.

Technically, the stock is in a tough spot. It’s trading below its key moving averages, and the relative strength index (RSI) sits at 45.07, indicating neutral momentum. The stock has fallen 28.49% over the past 12 months. Key resistance is at $55.56 (the 20-day SMA), while support sits at $50.41, the 52-week low. On Thursday premarket, shares were down 21.78% at $42.81.

For Whirlpool, the question is whether the dividend suspension and cost cuts will be enough to weather the storm — or if the appliance maker is in for a longer cold spell.