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Electrolux improved and beat expectations

Wednesday, 25 April 2012
Good sales and higher prices mean that home appliance manufacturer Electrolux, with CEO Keith McLoughlin, managing to beat expectations for the first quarter. Both sales and profits were higher than analysts had expected.

Electrolux achieved a turnover of Skr25.875 million in the first quarter. That was a rise of almost 10 percent over the same period last year (Skr23 436m) and more than analysts in the consensus had expected, Skr25 110 million.

Operating profit improved from Skr696 and Skr943 million and the margin was 3 to 3.6 percent.
Profit before tax also increased and was Skr792 million against the anticipated Skr653 million. Net income of Skr559 million was more than Skr70 million better than what analysts had expected.

Highlights of the first quarter of 2012
•    Net sales amounted to SEK 25,875m (23,436) and income for the period was SEK 559m (457), or SEK 1.96 (1.61) per share.
•    Net sales improved by 10.4%, of which 3.5% was organic growth.
•    The acquisitions of CTI and Olympic Group impacted sales by 5.8%.
•    Strong organic growth, especially in emerging markets, contributed to the positive development of net sales.
•    Increased volumes in Europe due to market-share gain in the built-in seg¬ment.
•    Operating income improved to SEK 943m (696).
•    Higher sales prices in North America had a positive impact on operating income.
•    Higher costs for raw materials continued to impact earnings negatively, but to a lesser extent than in previous quarters.
For Electrolux, a number of contributing factors led to the improved performance, including strong organic growth in emerging markets, increased volumes in Europe and higher sales in North America.

"The record level of sales growth was not only a result of acquired businesses, but also an effect of strong organic growth, particularly in Latin America. In North America, we see that our price increases are paying off, and our home appliance business in Europe regains its lost market share, "said CEO Keith McLoughlin in the report.
by Team

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