Maytag reaffirms earnings call at investor’s conference

Maytag reaffirms earnings call at investor’s conference
Date March 01, 2004
Newton Daily News Staff

Maytag Corporation today reaffirmed its 2004 earnings estimates during the 25th annual Raymond James Institutional Investors Conference.

Ralph F. Hake, chairman and CEO of Maytag Corporation, and George C. Moore, executive vice president and CFO of Maytag Corporation, reiterated that for the full year the company is expecting reported earnings of $1.90 to $2 per share, including restructuring charges of 40 cents related to the closing of its Galesburg, Ill., plant. As previously announced, earnings per share in the first quarter are expected to be in the range of 42 to 47 cents, including Galesburg-related restructuring charges of 8 cents.

“We anticipate low single digit growth in unit sales in the major appliances and floor care industries in 2004,” Hake said. “We expect to outgrow the industry in both categories and expect to improve profitability through our product launches, sourcing agreements and efficiencies gained through LeanSigma & reg; implementation.”

One recent development of concern is the imposition of surcharges and proposed price increases for steel.

“We’re working to overcome the impact,” Hake said. “We have implemented cost reduction measures and will continue to take other actions to offset the risk of increases in steel costs in 2004.”

Maytag’s stock was up 46 cents at $28.69 in morning trading.

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