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Electrolux Reports Q3 Profit
Oct 25, 2005
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European appliance maker Electrolux reported net sales for the third quarter increased 8.5 percent to SEK 32.1 billion (approx. U.S. $4.1 billion) compared to SEK 29.6 billion (approx. $3.7 billion) in the same period of 2004. The company said sales were helped by positive volume, price and product mix.

Electrolux reported European shipments of major appliances increased 1 percent compared to the same period in 2004. Shipments in Western Europe declined 1 percent due to lessened demand while Eastern European shipments increased 8 percent due to an improved product mix. Net sales for the European region were SEK 11.2 billion (approx. $1.4 billion) compared to SEK 10.8 billion (approx. $1.37 billion) in 2004.

The company said U.S. appliance shipments increased 4 percent to SEK 9.5 billion (approx. $1.2 billion) from SEK 8 billion (approx. $1 billion) in 2004. Electrolux said major appliance shipments, including room air-conditioners and microwave ovens, increased 13 percent.

In Latin America, the company said demand fell in Brazil while overall sales in the region experienced growth. Net sales for the region increased slightly to SEK 1.4 billion (approx. $178.4 million) compared to SEK 1.1 billion (approx. $140.2 million) in the same period last year.

The company also reported net sales in the Asia/Pacific region increased slightly to SEK 2.24 billion (approx. $285.5 million) compared to SEK 2.18 billion (approx. $277.9 million) in the same period of 2004. Electrolux said overall demand fell in Australia while sales increased in China compared to the same period last year.

Results for Electrolux's Indoor Professional Product segment remained unchanged, according to the company. Net sales for the third quarter totaled SEK 1.56 (approx. $198.9 million) compared to SEK 1.51 (approx. $192.5 million) in 2004.

The company's Outdoor Product segment also experienced slight growth. Net sales for the company's consumer outdoor products increased to SEK 3.58 billion (approx. $456.5 million) compared to SEK 3.54 billion (approx. $451.4 million) in the same period of 2004. Strong chainsaw sales helped increase the company net sales of outdoor professional products to SEK 2.6 billion (approx. $331.6 million) from SEK 2.4 billion (approx. $306.1 million) in the same period of 2004.

For the 9-month period of 2005, Electrolux reported net sales increased 4.1 percent to SEK 95.8 billion (approx. $12.2 billion) compared to SEK 92.0 billion (approx. $11.7 billion) in the same period last year.

As for the rest of 2005, the company said it expects some growth in Europe and the U.S. compared to 2004. Electrolux said it expects higher material costs and components to effect its operating income and that it will continue to invest in product development and branding throughout the year.

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