Maytag's Sales Increase By 22.5%

By Jeff Malester -- TWICE, 4/29/2002

NEWTON, IOWA — The Amana acquisition and booming sales of high-end major appliances did much to push revenue up 22.5 percent at Maytag during the first quarter. Sales reached $1.1 billion for the three-month period ended March 31, compared with $913.8 million in the same three months in 2001.

Maytag's major appliance operating income soared 40 percent in the first quarter, hitting $119 million, up from $85 million in the year-ago period.

Consolidated net income in the first quarter was $56.8 million, which includes the Amana appliance business. This compares with $76.3 million in the first quarter of last year, which includes a one-time tax benefit of $42 million and a loss from discontinued operations of $2.3 million. Excluding the tax benefit and discontinued operations, net income was $36.6 million in the year-ago three months.

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