Maytag Says Profit Will Beat Forecasts

Maytag Corp., the third-largest U.S. appliance maker, raised its earnings forecasts for the first quarter and year because the company sold more washers and dryers as retailers replenished their stores.

First-quarter net income will be 70 cents to 75 cents a share, higher than the 48 cents forecast last month, a spokesman said. The maker of Maytag and Hoover appliances increased its 2002 profit estimate to $2.50 a share from $2.20.

Maytag shares climbed $4.63 to $45.30 on the New York Stock Exchange.