Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Electrolux 2Q Profit Falls 82%
Jul 17, 2008
 Printable format
 Email this Article
 Search

Electrolux AB reported an 82% drop in 2Q net profit and cut its full-year forecast, citing "very weak" markets in North America and Europe.

Net profit for the period fell to 99 million kronor (approx. US$16.5 million) from 545 million kronor ($91 million) in the same period a year ago, mainly due to the costly launch of a new premium appliance line in North America. It said the introduction of the new Electrolux brand reduced operating income for the second quarter by about 230 million kronor ($38.4 million).

The company also cut its outlook for the full year, saying it expects an operating profit of between 3.3 billion and 3.9 billion kronor ($551 million-$651 million), excluding items affecting comparability.

"Based on the very weak market developments, we have decided to decrease our forecast for the markets in North America and Europe," CEO Hans Straberg said in a statement.

However, he added the introduction of the new brand in North America went well.

"Our products are today present in more than 2,000 retail outlets in the U.S., and we expect to reach about 3000 retailers by the end of the year — many more than we had originally planned," he said.

Back to Daily News

 

Daily News

...........................................................

Oct 30, 2014: Whirlpool Corp. reports strong third-quarter

Oct 30, 2014: Statistical Portrait of the European Appliance Industry Released by Appliance Magazine

Oct 30, 2014: New Whirlpool acquisition Indesit reports profit for year so far

Oct 30, 2014: Consumer Confidence Index rebounds in October

Oct 29, 2014: New home sales up slightly in September 2014

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows