Maytag Posts Profit on Lower Expenses
Maytag Corp., the No. 3 U.S. appliance maker, said it had third-quarter net income of $60.8 million as the company cut expenses and sold a distribution center.
It posted per-share net income of 77 cents, contrasted with a net loss of $29.7 million, or 38 cents a share, a year earlier. Sales rose 3.1% to $1.17 billion, the maker of Hoover vacuums and Amana refrigerators said.
Maytag expects fourth-quarter profit excluding certain costs to be 60 cents a share. That’s less than the 62-cent average estimate of analysts surveyed by Thomson First Call.
Shares of Newton, Iowa-based Maytag fell 81 cents to $20.57 on the NYSE. Results were released after the close of regular trading.
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