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: March 25, 1999
Date of earliest event reported: March 25, 1999
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 March 25, 1999, Maytag Corporation issued a press release announcing its
first quarter sales and income are running ahead of expectations, and earnings
per share for the period will likely exceed current estimates by financial
analysts.
A copy of the Company's press release issued March 25, 1999, 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
March 25, 1999
(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 SAYS ITS FIRST QUARTER RESULTS WILL LIKELY
EXCEED CURRENT ANALYSTS' ESTIMATES
NEWTON, IOWA--(March 25, 1999)--Maytag Corporation announced today its
first quarter sales and income are running ahead of expectations, and
earnings per share for the period will likely exceed current estimates by
financial analysts.
Maytag's Chairman and CEO Leonard A. Hadley said, "Although we
expected reasonably good performance in the first quarter, we've been
pleasantly surprised by exceptionally strong sales of our higher margin
products such as Hoover upright vacuums and extractors, Maytag Neptune
laundry equipment, large Maytag and Jenn-Air refrigerators with side-
mounted freezers, and enhanced capacity Dixie-Narco vending machines.
"Maytag had a strong first quarter a year ago, and we expect our first
quarter 99 sales to be up 5 to 7 percent from the year-ago period, with
net income up 15 to 20 percent. Diluted earnings per share, which benefits
from income gains as well as our share repurchase program, currently are
expected to increase over 20 percent. We feel these increases are
attainable even though the China joint venture, in which we have a 50.5
percent interest, continues to face economic uncertainties.
"The consensus of financial analysts is that Maytag s earnings per
share will be 80 cents in the first quarter. If our current internal
projections hold true, we expect to be above 90 cents. <PAGE>
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Maytag is scheduled to report its first quarter 1999 results on April
22. In the first quarter of 1998, Maytag reported consolidated sales of
$1.04 billion, net income of $72.3 million and diluted earnings per share
of 75 cents.
Hadley said as 1999 progresses, Maytag will experience a full years
benefit from its 1998 new product innovations. He also pointed out that
the new products Maytag has introduced since the first of this year won't
contribute to financial performance until later in 1999.
In conclusion he said, "Favorable mortgage rates and strong employment
help provide consumers with the confidence to continue spending. As we
have moved through this year, expectations for the home and commercial
appliance industries have strengthened. We had a record year in 1998, and we're
looking for even stronger performance in 1999 and the years ahead.
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.
* * *
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. Refer to Part II, Item 7 of Maytag's
Annual Report on Form 10-K for the year ended December 31, 1998, for a
description of such factors.<PAGE>
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CPI9909
Media Contact: Additional Information:
James G. Powell www.maytagcorp.com
Maytag Communications
515-787-8392
[email protected]<PAGE>
