Maytag All Shook Up

Just about everything but the kitchen sink hit Maytag ( MYG ) in the second quarter, as a host of problems combined to spin a large loss for the washing machine maker.

The Iowa-based company reported a net loss of $41.1 million, or 52 cents a share, compared with a profit of $25.2 million, or 32 cents a share, in the year-ago period. Various charged added up to 61 cents a share. The census estimate of analysts was for a profit of 40 cents a share, with a low end of 30 cents a share and a high end of 45 cents.

Revenue fell 1% to $1.15 billion, with two of the company's three units posting sales declines.

In a statement, the company said "operational performance was disappointing," and then listed a string of setbacks and charges, including asset impairment, higher commodity costs, a corporate restructuring, as well as legal and labor problems.

The company's Hoover unit continued to struggle, while sales at its core Maytag appliances increased, but less than the industry growth rate.

Maytag had previously warned of tough times to come. In June, it announced a comprehensive restructuring expected to yield $150 million in annual cost savings. The measures include a consolidation of its organization and layoffs.

The company now expects full-year EPS of 20 cents to 30 cents, which includes restructuring charges of approximately 80 cents per share. Analysts had been expecting $2 a share before the announcement.

Shares fell $1.19, or 5.6%, to $20.09, a new 52-week low, in premarket trading.

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