Maytag Reaffirms Earnings Forecast Mar 1, 2004

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

Ralph F. Hake, chairman and CEO of Maytag, and George C. Moore, executive vice president and CFO of Maytag n, reiterated that for the full year, the company is expecting reported earnings of U.S. $1.90 to $2.00 per share, including restructuring charges of $0.40 related to the closing of its Galesburg, IL, U.S. plant. As previously announced, earnings per share in the first quarter are expected to be in the range of $0.42 to $0.47, including Galesburg-related restructuring charges of $0.08.

"We anticipate low single digit growth in unit sales in the major appliances and floor care industries in 2004," Mr. 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," Mr. Hake continued. "We're working to overcome the impact. "We have implemented cost reduction measures and will continue to take other actions to offset the risk of increases in steel costs in 2004."

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