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AB Electrolux, based in Stockholm, Sweden, releases first quarter 2007 results today showing net sales for continuing operations increased by 1.5 percent to SEK 24,930 million (approx. U.S. $ 3.7 billion), compared to SEK 24,553 million (approx. $3.6 billion) in the first quarter of 2006, and income for the period amounted to SEK 492 million (approx. $73 million), compared to 232 (approx. $34 million) in the same time period in 2006, or SEK 1.76 (approx. $0.26) per share, compared to SEK 0.79 (approx. $0.12) per share in the same time period in 2006.
"Operating income for the first quarter of 2007 confirms clearly that all business areas are on the right track," said Electrolux President and CEO Hans Straberg in a statement today. "We exceed our forecast and our income improved by about 25 percent over the same period last year. We also expanded our market shares in all regions."
The appliance OEM said net sales rose by 7.5 percent in comparable currencies and operating income rose by 26.2 percent to SEK 757 million (approx. $113 million), excluding items affecting comparability.
Improved market shares in Europe, North America and Latin America came despite higher prices for raw materials adversely affected income in the quarter. Marketing activities increased in the quarter, particularly for appliances in Europe.
"During the first quarter we initiated the launch of our new built-in kitchen products, which is one of the largest in Group history," Straberg said, adding that the company was very satisfied with the results so far.
"We are maintaining our forecast that operating income, excluding items affecting comparability, for 2007 will be somewhat higher than in 2006, despite increased costs for raw materials and uncertainty regarding the market development in the US," Straberg said.
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