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Swedish-based appliance maker Electrolux had a fourth quarter net sales increase of 2.9%, strong earnings in North America and record earning in Latin America offsetting a weak market in Europe.
Electrolux had fourth quarter 2012 net sales of SEK 29,185 million (approx. US$4.6 billion), compared to SEK 28,369 million in the fourth quarter of 2011. Income in 4Q 2012 was SEK 292 million (approx. $46 million), compared to SEK 221 million in 4Q 2011. Net sales improved by 2.9%, of which 7.5% was organic growth and -4.6% changes in exchange rates.
President and CEO Keith McLoughlin noted that fourth quarter organic growth of 7.5% was a record-high for Electrolux.
The growth rate for the full-year 2012 was 5.5%," McLoughlin said. "Operations in North America and Latin America, which currently account for 50% of total sales, showed strong sales and earnings growth, primarily attributable to a continued positive volume trend and improvements in price/mix. Operations in Europe suffered from weak consumer confidence with falling volumes and negative country mix."
McLoughlin said price/mix improvements in North America contributed to fourth quarter sales growth. "Operations in North America reported yet another quarter of volume growth, thereby yielding an improved market share for the full-year 2012," McLoughlin said. "Although the market development in 2012 did not meet our expectations of a year ago, we anticipate growth in the North American market in 2013, supported by a gradual recovery in the housing market."
McLoughlin added: "In 2013, we believe that the weak market in Europe will be offset by growth in North America and the emerging markets.
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