Maytag Corporation announced details for its 2004 Analyst Conference, which is scheduled to take place on November 19.
During the conference, Maytag says it will update members of the investment community on its business operations and plans for the future, including the appliance maker's "One Company" restructuring initiative.
"We completed many milestones in 2004 -- including a successful systems conversion, a plant closing and good progress in cost reduction and, in the third quarter, saw positive sequential improvement in our financial performance," Ralph Hake, CEO, said in statement about the analyst conference. "However, 2004 has been a challenging year related to Hoover floor care sales volumes and, more particularly, with the rapid increases in steel and energy-related costs."
Mr. Hake added that Maytag has taken action on several fronts to mitigate these increases, including additional cost reduction efforts, price increases in 2004, and, most recently announced to customers, additional price increases in the range of 5 percent to 8 percent, effective Jan. 3, 2005.
"In 2004, we have made great strides in cost containment, but these efforts cannot keep up with the escalating cost increases the industry is experiencing, making price increases necessary," Mr. Hake said.
Also during the conference, Maytag executives will describe the company's plans for 2005 and comment on earnings expectations for the year. Currently, the company expects earnings per share for 2005 to be in the range of U.S. $1.50 to $1.60 per share, including approximately $0.05 in restructuring and related charges.
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