ORLANDO, Fla., March 1 /PRNewswire-FirstCall/ -- Maytag Corporation
(NYSE: MYG) today reaffirmed its 2004 earnings estimates during the 25th
annual Raymond James Institutional Investors Conference.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO )
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 $2.00
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(R) 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 Corporation is a leading producer of home and commercial
appliances. Its products are sold to customers throughout North America and in
international markets. The corporation's principal brands include Maytag(R),
Amana(R), Jenn-Air(R), Jade(R), Hoover(R) and Dixie-Narco(R).
Audio Webcast
Maytag will offer an audio version webcast today at 8:40 a.m. EST of Hake
and Moore's remarks at the Raymond James Conference. Persons wishing to
participate should go to http://www.wallstreetwebcasting.com/webcast/rjii04 (login:
event; password: viewer) at least 15 minutes prior to the event to register,
download and install any necessary audio software. For those unable to listen
to the live broadcast, a replay will be available for up to 30 days by
accessing the above address. There is no charge to access the event. The audio
webcast can also be accessed through Maytag's Web site, http://www.maytagcorp.com ,
by clicking on the "Corporate News Center" and then "Conference Calls."
Forward-Looking Statements: Certain statements in this news release,
including any discussion of management expectations for future periods,
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from the future results expressed or
implied by those statements. For a description of such factors, refer to
"Forward-Looking Statements" in the Management's Discussion and Analysis
section of Maytag's Annual Report on Form 10-K for the year ended December 31,
2003, and each quarter's 10-Q.
For more information, contact:
Lynne Dragomier, Maytag Corporate Communications, at (641) 787-7711
SOURCE Maytag Corporation
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Related links:
http://www.maytagcorp.com
http://www.rjcapitalmarkets.com/conference_detail_main.asp?content_id=39
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
CONTACT:
Lynne Dragomier of Maytag Corporate
Communications, +1-641-787-7711
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