Electrolux: back to losses in Q3

(CercleFinance.com) - Electrolux reports a net loss of SEK 235 million for its third quarter 2024, a far cry from the SEK 123 million gain recorded a year earlier, while operating margin contracted from 1.
8% to 1%.

At almost 33.3 billion crowns, the household appliance manufacturer's quarterly sales were broadly stable compared with Q3 2023 (33.4 billion crowns), with organic sales growth offset by exchange-rate losses.

On the other hand, quarterly EBIT contracted by 42% to 349 million crowns.

'Although market conditions remained difficult in Europe and North America, we continued to make progress on our cost-cutting initiatives. Operating income, excluding non-recurring items, improved to SEK 717 million in the quarter, with operating cash flow of SEK 1.1 billion and a strong liquidity position', commented CEO Jonas Samuelson.

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 as of January 1, 2025.

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