August 16, 2022

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Electrolux posts 4Q defeat on property-improvement increase

2 min read

STOCKHOLM–Electrolux AB on Tuesday posted a forecast-beating fourth-quarter internet financial gain as consumers ongoing to allocate additional of their residence budgets to residence enhancement, but cautioned that visibility this yr continues to be minimal.

The Swedish house-appliance company posted net profit of 1.86 billion Swedish kronor ($220.7 million) in the quarter, up from SEK560 million last yr, as product sales rose 5.9% to SEK33.9 billion.

Analysts polled by FactSet had anticipated web revenue of SEK1.64 billion on product sales of SEK31.9 billion.

The firm declared a comprehensive-yr dividend of SEK8 a share, up from SEK7 previous 12 months.

For the 1st fifty percent of 2021, the corporation expects the powerful consumer desire from greater residence-improvement shelling out to continue to be. In addition, retail inventories remain very low, it added.

“We as a result be expecting need for the 1st 50 % of 2021 to exceed normal seasonal levels across our main markets, though ability and part availability will very likely keep on being constraining factors,” Chief Government Jonas Samuelson mentioned.

“Assuming that customer investing designs get started to normalize by mid-12 months, we estimate that also marketplace desire will normalize during the 2nd 50 % of 2021.”

Electrolux expects industry demand for appliances for the full 12 months of 2021 to be marginally favourable in Europe and positive almost everywhere else.

The enterprise sees a damaging affect from raw product costs, trade tariffs, forex and labor charge inflation of SEK1.6 billion to SEK2 billion in 2021, with forex outcomes hitting gross sales by 7% and operating money by SEK400 million. Funds expenditure is observed at all around SEK7 billion.

Electrolux mentioned it expects by now introduced rate boosts to totally offset uncooked material and forex headwinds in 2021.

Generate to Dominic Chopping at [email protected]

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