Retailers, consumers and prices
The maker of Maytag and KitchenAid appliances posted a quarterly profit that left analysts’ expectations in the dirt. Try $2.51 a share compared with Wall Street’s estimate for $1.33. People, when a company tops expectations to the tune of $1.18, that’s crazy.
The strong results, not surprisingly, prompted the world’s largest appliance maker to raise its full-year outlook as well as its forecast for 2010 U.S. industry shipments.
The company had been hurt by the sluggish economy and weak housing market in North America — its largest market — but increasing demand for energy-efficient products and a federal stimulus program are luring shoppers back.
Alberto Culver, the maker of VO5 shampoo and Mrs. Dash seasoning, said its third-quarter profit, excluding one-time items was 30 cents a share, a penny above what analysts had expected, thanks to strong demand for its TRESemme shampoo.