Electrolux Reports Q1 Results Apr 21, 2004

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Sweden-based appliance maker Electrolux AB reported that first-quarter profits fell short of expectations in addition to experiencing a weaker 2004 operating profit. First-quarter sales were 30.5 billion kronors (approx. U.S. $3.94 billion), compared with expectations of 30.2 billion kronors (approx. $3.9 billion) and 32.1 billion kronors (approx. $4.2 billion) last year.

Pre-tax profits for the quarter were 1.63 billion kronors (approx. $210.5 million), against expectations for 1.67 billion kronors (approx. $215.9 million) and last year's 1.8 billion kronors (approx. $232.7 million). The profit excludes one-off restructuring costs of just under 1.1 billion kronors (approx. $142.2 million).

According to the company, operating income for the full year 2004 is expected to be lower than in 2003.

Electrolux said industry shipments of core appliances in the U.S. increased in volume by about 10 percent. But the group reported net sales in consumer durables in North America fell to 7.4 billion kronors (approx. $956.7 million) from 7.9 billion kronors (approx. $1 billion) a year ago.

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