Whirlpool Corporation (NYSE:WHR) reported a steep first-quarter loss and slashed its full-year outlook, citing rapid deterioration in macroeconomic conditions driven by the Iran war.
The appliance maker posted revenue of $3.27 billion for the first quarter of 2026, falling short of analyst estimates of $3.51 billion and down 9.6% from a year earlier. Adjusted earnings per share came in at a loss of $0.56, badly missing the consensus estimate of $0.62. Ongoing EBIT margin contracted 4.6 percentage points year-over-year to just 1.3%.
The company's North America major domestic appliance segment bore the brunt of the weakness, with sales declining 7.5% to $2.24 billion and EBIT collapsing 96% to just $6 million. Latin America and the small domestic appliance segment offered some offset, with sales rising 5% and 13.4%, respectively.
Whirlpool's CFO told Yahoo Finance that appliance demand has not been this low since the global financial crisis.
For the full year, Whirlpool guided revenue of approximately $15 billion, below estimates of $15.27 billion, and adjusted EPS of $3 to $3.50, well under the $4.73 consensus. The company also suspended its common dividend to prioritize debt reduction, targeting over $900 million in debt paydown.
"We acted decisively to address pricing and costs in the face of rapid deterioration in macroeconomic conditions," CEO Marc Bitzer said in a statement.
Free cash flow for the quarter came in at negative $896 million.
The news sent Whirlpool shares down 12.5% on Thursday morning.