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Maytag Q4 Net Rises 29.5%

1/23/2003 08:44:00 AM Eastern

Newton, Iowa - Maytag's fourth quarter three point play - benefits from the Amana integration, a favorable mix of higher margin products and aggressive cost reduction initiatives - helped the major appliance maker post higher profit in the three months.

Net income, excluding special items, jumped 29.5 percent in the fourth quarter, reaching $48.3 million, up from $37.3 million in the year-ago period. Including a loss from discontinued operations, net income for the three months still moved into the black, coming in at $3.3 million, compared with a loss of $20.7 million in the same quarter in 2001.

Consolidated sales rose 2.6 percent in the fourth quarter, ending Dec. 31, hitting $1.13 billion, up from $1.10 billion in the same quarter the previous year.

'With the steady cadence of new products, we expect to grow revenues by approximately 7 percent this year,' said Ralph F. Hake, chairman/CEO, who expects the coming 12 months to 'be a challenging market and an inflationary cost environment.'

Breaking out Maytag's home appliances segment, which includes major appliances and floor care products, fourth quarter operating income, excluding special charges, increased 12.1 percent, to $103.2 million, compared with $92.1 million in the year-ago three months. Including a $67.1 million restructuring charge for a plant closing, consolidated operating income dipped to $21.7 million in the fourth quarter, down from $68.4 million year over year.

Maytag's major appliance segment enjoyed a 2.2 percent rise in sales in the three months, reaching $1.08 billion, compared with $1.06 billion in the same quarter the previous year.

For the 12 months, consolidated sales hit $4.7 billion, up 11.5 percent from the $4.2 billion reported in 2001. Net income, excluding special items, reached $230.2 million, compared with $139 million the previous year. Including special items and losses from discontinued operations, reported net income was $188.8 million for the 12 months, up from $47.7 million in the same period a year ago.

Maytag's home appliances segment had sales of $4.4 billion in 2002, a rise of 11.8 percent from the $4 billion recorded in the previous year. Excluding special items, operating income for the segment was $454.5 million over the 12 months, compared with $332.6 million in 2001. Including charges, consolidated 12-month operating income was $359.5 million, up from $289.2 million year over year.

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