Electrolux: second-quarter profit falls on 'headwinds'

(CercleFinance.com) - On Wednesday, Swedish appliance maker Electrolux posted on Wednesday a lower operating income for the second quarter but said it was "on track" despite several headwinds.


The Sweden-based maker of fridges and freezers said operating income amounted to 827 million Swedish kronor in the past quarter, down from 1.9 billion kronor in the same period of 2017.

Net sales reached 31.35 billion kronor, up from 30.95 billion kronor.

In a statement, Electrolux said higher prices, mix improvements and cost savings contributed positively to its performance, but noted that results were impacted by higher costs for raw materials and currency headwinds.

The group said it intensified its cost actions in the quarter and reprioritised some activities to mitigate the increased currency headwind.

Electrolux shares fell 1.2 per cent at 200.2 Swedish kronor in morning trade on Wednesday, while the benchmark OMX 30 index was up 0.8%. The stock has lost more than 23% this year.

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