Whirlpool Corp. is suspending its dividend for the first time in 70 years, ending a streak that survived 10 U.S. recessions and every global crisis since the 1950s. The appliance maker's cash crunch has become so severe it can no longer afford to pay investors while servicing its debt. The announcement sent shares plummeting more than 20% before settling down 12% on Thursday.

Wall Street analysts pressed CEO Marc Bitzer for clarity on the company's financial picture during an earnings call. The stock has lost over 80% of its value over the past five years as operating cash flow dried up, leaving insufficient funds to both pay shareholders and pay down debts. Last year, Whirlpool already slashed its dividend by nearly half. "What has to be true is, basically, we need to have a better ongoing operating margin, and we want to continue to pay down our debt," Bitzer said.

The century-old manufacturer is now betting on aggressive price increases to dig itself out. Whirlpool has already raised prices across its range of washers, dryers, refrigerators and stoves this year—and plans another round of increases this summer. Bitzer defended the strategy, arguing the company must make up for three years of cost inflation it hasn't passed onto customers. The dividend suspension marks a stark reversal for a company that once represented steady, reliable payouts for income investors.