economy
Whirlpool says Iran war causing 'recession-level industry decline.' The shares are down 12%
"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.
TL;DR
- Whirlpool stock fell 12% after the company warned of a recession-level industry decline in the U.S.
- The decline is attributed to the Iran war, which caused consumer confidence to collapse and spiked fuel prices.
- Whirlpool cut its full-year earnings guidance by roughly half, from $6 a share to $3-$3.50 a share.
- The company suspended its dividend to focus on paying down debt.
- Analysts cited higher raw material inflation, tariff impacts, and weaker pricing as drivers for the lower earnings outlook.
- The strain on big-ticket purchases like appliances contrasts with continued spending in travel and services.