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Describing 2001 as a significant year strategically for Maytag Corporation (NYSE: MYG), Chairman and CEO Ralph F. Hake told members of the financial community today that Maytag is well-positioned for sales and income growth in 2002.
Speaking this afternoon at Salomon Smith Barney's Industrial Manufacturing Conference in New York, Hake said, "The year 2001 was far more important strategically for Maytag than it was financially. Last year we acquired the Amana major appliance business, discontinued some under-performing operations, and launched key initiatives that will improve product development and quality and reduce costs. As a result, Maytag is positioned for growth in both sales and income in 2002."
With respect to this year's performance, Hake said, "We expect Maytag's 2002 sales to be up 12 to 15 percent over 2001. That level of sales growth, coupled with benefits from cost reduction initiatives, will improve our bottom line, and earnings per share this year should increase about 20 percent and be in the $2.10 to $2.20 range. In the first two months of 2002, our orders and sales have been strong, and we are comfortable that we will achieve the analysts' first quarter consensus estimate of 48 cents a share."
He added that the company's sales growth during 2002 will come from the addition of the Amana product lines, as well as increased sales of other major appliances and Hoover floor care products. The Amana acquisition will also contribute about 20 cents to earnings per share growth in 2002, Hake said, with other earnings benefits coming from efforts to lower selling, general and administrative expenses, and initiatives designed to reduce the costs of direct materials, manufacturing and distribution.
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, Hoover, Amana, Jenn-Air, Magic Chef and Dixie-Narco.