UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: September 9, 1998
Date of earliest event reported: September 9, 1998
Commission file number 1-655
MAYTAG CORPORATION
A Delaware Corporation I.R.S. Employer Identification No. 42-0401785
403 West Fourth Street North, Newton, Iowa 50208
Registrant's telephone number: 515-792-7000
N/A
(Former name or former address, if changed since last report.)
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Item 5. Other Events
On September 9, 1998, Maytag Corporation issued a press release indicating
it expects earnings per share in the third quarter of 1998 to be much better
than the current earnings per share consensus estimate of financial analysts
published by First Call.
A copy of the Company's press release issued September 9, 1998, is attached
as Exhibit 99(a) and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c)Exhibits.
The exhibits accompanying this report are listed in the accompanying
Exhibit Index.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Maytag Corporation
(Registrant)
By: s/s G. J. Pribanic
G. J. Pribanic
Chief Financial Officer
September 9, 1998
(Date)
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EXHIBIT INDEX
The following exhibit is filed herewith.
Exhibit No. Exhibit
99(a) Press Release.
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MAYTAG CORPORATION EYES STRONG THIRD QUARTER
EXPECTS TO EXCEED CURRENT EARNINGS ESTIMATES
NEWTON, IOWA--(Sept. 9, 1998)--Maytag Corporation said today it
expects third quarter sales to be up as much as 20 percent from the strong
third quarter of 1997, and earnings per share should surpass current third
quarter expectations by financial analysts.
According to Maytag Chairman & CEO Leonard A. Hadley, "Exceptionally
strong sales of major appliances, floor care products and vending equipment
drove our record first half performance, and that momentum has continued in
the third quarter. We're experiencing continued success with our
innovation strategy, and we're benefiting from expanded business
relationships with major customers and a very favorable industry-wide
selling environment.
"Our operating income and margins remain strong because of increased
sales volume and the fact that a greater percent of that volume is coming
from higher priced products. Maytag's sales in the third quarter should be
above the $1 billion mark for the third quarter in a row, and we expect
earnings per share in the quarter to be better than the current $.70
consensus estimate of financial analysts published by First Call."
In the third quarter of 1997, Maytag reported sales of $855.8 million;
net income of $49.3 million; and diluted earnings per share of $.50.
Hadley concluded by saying, "The strength of Maytag's financial
performance this year has enabled us to increase dividends to shareowners,
be more aggressive in our share repurchase program, and fund product
innovation initiatives that will provide continued growth in the future."
Maytag Corporation is a leading producer of home and commercial
appliances. Its products are sold to customers throughout North America
and in targeted international markets. Maytag also is the majority owner
in a China joint venture with Hefei Rongshida, a leading washing machine
company that is expanding into the refrigeration business.
CPI9824
Media Contact:
Additional Information:
James G. Powell www.maytagcorp.com
Maytag Communications
515-787-8392
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