Maytag Highlights 2004 Growth Strategies at Analysts' Conference; Unveils Plan to Enhance Financial Reporting
21 11월 2003 - 10:30PM
PR Newswire (US)
Maytag Highlights 2004 Growth Strategies at Analysts' Conference;
Unveils Plan to Enhance Financial Reporting NEW YORK, Nov. 21
/PRNewswire-FirstCall/ -- Maytag Corporation unveiled plans today
to change its segment reporting beginning in the first quarter
2004, from two segments to three as the company aligns its internal
reporting to reflect new initiatives and accountabilities within
the company. In addition, the new segment reporting structure
should provide investors with enhanced clarity and consistent
financial information. (Logo:
http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO ) Chairman and
CEO Ralph F. Hake made the announcement today during a conference
with financial analysts in New York City. Also during the
conference, Hake described the company's plans for 2004 and said he
expects earnings per share for next year to be in the range of
$1.90 to $2.00 per share, including approximately 40 cents in
charges from restructuring. For the first quarter 2004, the company
expects earnings per share in the range of 42 to 47 cents a share,
which includes 8 cents in charges from restructuring. Starting with
its first quarter earnings announcement in April 2004, the
corporation will disclose sales and operating margin for three
business segments -- Major Appliances (which includes Maytag
Appliances, Maytag International and Maytag Services), Housewares
(which includes Hoover Floor Care and Maytag Housewares) and
Commercial Products (which includes Dixie- Narco Vending Systems,
Maytag Specialty and Maytag Commercial Laundry). Currently, Maytag
reports just two segments, Home Appliances and Commercial
Appliances. "We believe these changes more accurately reflect our
new initiatives and accountabilities within the company in 2004,"
Hake said. "The change will help our investors better understand,
estimate and evaluate the way our business segments align with
their markets and customers." Hake also revealed how the
corporation's estimates of 2003 full-year sales expectations would
break down into the three new segments: Major Appliances, $3.6
billion; Housewares, $780 million; and Commercial Products, $390
million. Talking further about the current year, Hake affirmed the
company's 2003 expectations for earnings (including approximately
53 cents from restructuring and discontinued operations) to be in
the range of $1.62 to $1.67 per share. "We are coming out of 2003 a
stronger company both financially and operationally," Hake said.
"Certainly 2003 can be best described as challenging. However,
Maytag made great strides in cost containment this year, and we are
beginning to reap the benefits of the tough decisions we had to
make for the good of the company. Our cash flow is strong, we are
reducing our debt, and we successfully launched many innovative new
products." This past year, Maytag introduced the category-defining
Neptune(R) Drying Center(TM) and extended the Neptune washer to a
top-load configuration. Maytag also launched new cooking products
and it further diversified into distinctive products such as the
SkyBox(TM) home vendor, the Jenn-Air Attrezzi(TM) line of kitchen
appliances and, at Hoover, the SpinSweep(TM) outdoor sweeper.
"Innovation drives growth, and Maytag is well positioned to grow in
major appliances," Hake said. "We continue to see improvement in
major appliances, and after a difficult year at Hoover, we are
seeing marked improvement there as that business continues to
stabilize. The challenges at Hoover remain, but we have
aggressively addressed the fixed cost structure there, and we are
encouraged by the array of products that Hoover is preparing for
launch next year." George Moore, Maytag's executive vice president
and chief financial officer, reflected on this year's financial
performance. "We expect our strong cash flow generation in 2003 to
allow us to reduce debt by $100 million. In addition, we made a
$135 million voluntary contribution to our pension fund, which has
helped reduce our under funded position by $65 million from the
prior year," Moore said. Adding that he anticipates some pressure
next year from higher pension and post-retirement medical expenses,
Moore said ongoing cost-saving initiatives and a strong line-up of
product introductions should enable Maytag to meet these
challenges. Hake also discussed industry trends at the conference.
In major appliances, industry shipments for 2003 are expected to
increase 3 percent, and grow another 1 to 2 percent next year.
Driven by a stream of new products and vigorous brand-building
activities, Maytag expects to exceed the industry growth rate again
in 2004. In floor care, industry unit shipments are expected to end
2003 flat or up slightly. Next year, Hoover expects industry
shipments to grow 2 to 3 percent. Other Maytag executives appeared
at the conference to discuss the company's operations, including
William Beer, president of Maytag Appliances; Tom Briatico,
president of Hoover Floor Care; Doug Huffer, president of Dixie-
Narco Vending Systems; R. Craig Breese, president of Maytag
International; Steve Benton, vice president and general manager of
Maytag Services; Ken Boyle, vice president of strategic
initiatives; Craig Ibsen, vice president and general manager of
Maytag Specialty group; and Chris Wignall, senior vice president of
marketing and sales, Maytag Appliances. Maytag's investment
community conference was webcast over the Internet. A replay of the
conference will remain available online through Nov. 25 on the
Corporate News Center of Maytag's Web site,
http://www.maytagcorp.com/, under "CEO Presentations". 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, Amana, Jenn-Air, Jade, Hoover and
Dixie-Narco. 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, 2002, and each quarter's 10-Q.
For more information, contact: Lynne Dragomier, Maytag Corporate
Communications, (641) 787-7711
http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO
http://photoarchive.ap.org/ DATASOURCE: Maytag Corporation CONTACT:
Lynne Dragomier of Maytag Corporate Communications, +1-641-787-7711
Web site: http://www.maytagcorp.com/
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