Electrolux: stock slumps as losses made again

(CercleFinance.com) - Electrolux reports a net loss of 235m SEK for Q3 2024, a far cry from the 123m SEK profit recorded a year earlier, while operating margin contracted from 1.
8% to 1%. NB: cp -14%.

At almost 33.3bn SEK, the household appliance maker's quarterly sales were broadly flat compared with Q3 2023 (33.4bn SEK), with organic sales growth wiped out by exchange rate losses.

At the same time, quarterly EBIT contracted by 42% to 349m SEK.

"While market conditions remained challenging in Europe and North America, we continued to make progress on our cost initiatives. Operating income excluding non-recurring items improved to SEK 717m in the quarter with an operating cashflow of SEK 1.1 bn and a strong liquidity position", CEO Jonas Samuelson said.

In addition, after 16 years with the Electrolux Group and almost 9 years as CEO, Jonas Samuelson will hand over the position of CEO to Yannick Fierling from 1 January 2025.


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