Cleaning & Restoration Breaking News

As Vaccum Sales Fall, So Do Maytag Maytag Earnings

New York (Reuters) -- Maytag Corp. has cut its second-quarter earnings forecast by about 25%, citing lower sales for its Hoover vacuum cleaners.

The Newton, Iowa-based Maytag previously forecast earnings of $.43 a share, which is down sharply from $.92 a share in the year-earlier second quarter. The weakness in Hoover, whose products range from upright vacuums to steam-cleaning vacuums, comes when Maytag is already suffering from lower sales and lower prices for its major appliances like dishwashers and refrigerators, the company said.

In addition to overall industry softening of floor-care products, the scheduled third-quarter introduction of a new line of Hoover vacuum cleaners, with a more powerful motor and design and feature improvements, has led wholesale buyers to await purchasing new products.

All these factors have resulted in lower manufacturing volume and unfavorable absorption of manufacturing costs, Maytag said.

Last week, Maytag said it would buy Amana Appliances' major appliance and commercial microwave oven businesses for $325 million in a nearly all-cash transaction to strengthen its refrigerator business. The deal is awaiting regulatory approval.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.png

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view