Electrolux: second-quarter earnings top forecast
(CercleFinance.com) - Home appliances maker Electrolux reported quarterly earnings which topped forecasts on Thursday and repeated its "slightly positive" outlook for the key European market this year.
The Swedish company today posted an operating income of 1.6 billion crowns for the second quarter, from 827 million crowns in the same period a year ago.
Electrolux said price increases have fully offset the headwinds from higher raw material costs, trade tariffs and lower volumes.
While net sales slightly rose in the past quarter, to 31.7 billion crowns from 31.4 billion crowns, organic growth has been negative, reaching -2.6 per cent, notably due to the group's recent divestments.
Still, Electrolux confirmed its market view for 2019, with demand in Europe expected to be "slightly positive."
The spin-off of its professional products unit on the Stockholm stock exchange is expected for the first quarter of 2020 or, at the latest, the second quarter of 2020, it added.
The shares of Electrolux were up 0.5% after all these announcements.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Swedish company today posted an operating income of 1.6 billion crowns for the second quarter, from 827 million crowns in the same period a year ago.
Electrolux said price increases have fully offset the headwinds from higher raw material costs, trade tariffs and lower volumes.
While net sales slightly rose in the past quarter, to 31.7 billion crowns from 31.4 billion crowns, organic growth has been negative, reaching -2.6 per cent, notably due to the group's recent divestments.
Still, Electrolux confirmed its market view for 2019, with demand in Europe expected to be "slightly positive."
The spin-off of its professional products unit on the Stockholm stock exchange is expected for the first quarter of 2020 or, at the latest, the second quarter of 2020, it added.
The shares of Electrolux were up 0.5% after all these announcements.
Copyright (c) 2019 CercleFinance.com. All rights reserved.