Whirlpool Corp. slashed its full-year earnings guidance by roughly half Wednesday, citing a "recession-level industry decline" driven by historically low consumer confidence since the Iran war began in late February. The Michigan-based appliance maker now expects earnings of $3 to $3.50 per share, down from $6, and will suspend its dividend to focus on debt reduction.

Roxanne Warner, Whirlpool's chief financial officer, said consumer confidence nosedived to historic lows as households grappled with rising living costs. The weak housing market compounded the problem—shoppers replaced broken appliances but avoided the company's higher-margin, premium models in favor of cheaper alternatives.

Investors punished the stock, with shares falling 18% in after-hours trading. The company's move to eliminate the dividend underscores how severely the geopolitical turmoil and economic uncertainty have damaged demand for big-ticket household items.