Whirlpool Corporation shares fell 20% after the appliance manufacturer reported a significant decline in sales and warned of recession-level conditions affecting the industry.

The company, which owns brands including KitchenAid and Maytag, said the Iran war led to a "recession-level industry decline" in America as consumer confidence collapsed in late February and March. CEO Marc Bitzer stated that "this level of industry decline is similar to what we have observed during the global financial crisis and even higher than during other recessionary periods."

Whirlpool reported that revenue dropped nearly 10% in the quarter, with sales of major appliances in North America declining more than 7%. The company attributed the downturn to consumers delaying big-ticket purchases amid economic uncertainty and the ongoing conflict.

In response to the challenging conditions, Whirlpool has slashed its earnings forecast and implemented price increases of 10%, with another 4% price hike planned. The company said these measures are intended to help stabilize its North American business operations.

The appliance giant's performance reflects broader concerns about consumer spending patterns during times of geopolitical uncertainty and economic pressure, as households postpone major purchases like home appliances.