ICS Magazine

Maytag second-quarter earnings plunge

August 1, 2001
NEWTON, Iowa--Maytag Corp., the No. 3 U.S. home appliance maker, announced that its second-quarter earnings fell 66% before the effect of an accounting change as sales of vacuum cleaners and floor care products slumped.

The Newton, Iowa-based company reported second-quarter earnings of $25.5 million, or 32 cents per share before the accounting change, compared with $75.7 million, or 92 cents per share, a year ago.

Revenues fell 3.2% to $1.07 billion. Net income including the accounting change was $21.8 million.

Maytag cut its second-quarter earnings forecast by 25 percent in June, citing lower sales for its Hoover vacuum cleaners.