Newton-based appliance giant Maytag today announced a 40-percent drop in profits for the third-quarter. Maytag saw earnings of 46-cents a share this time versus 77-cents a share a year ago. The company blames an after-tax restructuring charge of nearly nine-million dollars and the closing of the Galesburg, Illinois, refrigerator plant. Chairman and C-E-O Ralph Hake says despite losses, Maytag’s major appliance division saw solid gains in market share thanks to new products and strong shipments.Maytag’s Hoover vacuum unit saw sales and profits drop during the third quarter and financial analysts are predicting fourth-quarter earnings would fall short of estimates. Hake says Hoover sales fell 20-percent and its profits were down 80-percent from a year ago. Hake says Maytag is seeing a strong consumer response to its new line of cooking products and will begin selling them at the end of the fourth quarter.Maytag reports third-quarter earnings of 36-point-six million dollars. That’s down from 60-point-eight million a year ago. Maytag shares dropped just over three-dollars, or more than ten-percent, in early trading today on the New York Stock Exchange. Hake remains upbeat about the redesigned line of cooking products, including cooktops, wall ovens and free-standing ranges.Hake says Maytag’s appliance lines, which include the Jenn-Air and Amana brands, had a record quarter for unit sales.
