Whirlpool said it plans to hike prices by double-digits as it looks to return to profitability after the conflict in the Middle East sapped demand in its latest quarter.

The appliance maker said Wednesday the war in Iran has resulted in recession-level industry decline in the U.S., with consumer confidence collapsing in late February and March. Those dynamics weighed on its latest quarterly results, with the company swinging to a loss as sales fell.

Whirlpool said it is taking steps to return to profitability in its North America business, including its largest price increase in a decade to address multi-year inflationary cost pressures. It is also planning to speed up its cost-saving initiatives, and reduced inventory to drive working capital efficiency.

"We acted decisively to address pricing and costs in the face of rapid deterioration in macroeconomic conditions," Chief Executive Marc Bitzer said.

The stock slid 18%, to $44.96, in after-hours trading. Through market close, shares are down 24% year to date.

The company recorded a first-quarter loss of $82 million, or $1.43 a share, compared with a profit of $71 million, or $1.28 a share, a year earlier.

Adjusted loss per share was 56 cents. Analysts polled by FactSet expected adjusted earnings per share of 38 cents.

Sales fell to $3.27 billion from $3.62 billion, compared with analyst estimates of $3.44 billion.

The company also slashed its full-year outlook, and now forecasts earnings per share of $2.45 to $2.95, compared with its previous projection of $6.25. It now expects sales of $15 billion, compared with its prior view of $15.3 billion to $15.6 billion.