June 28, 2022

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UPDATE 3-Electrolux sees increase from remain-at-residence development through initially 50 % of 2021

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* Q4 running financial gain 2.5 bln SEK vs consensus 2.3 bln

* Sees larger desire yr/yr across markets in H1 2021

* Expects to move on larger uncooked substance charges to customers

* Sees increased total charges in 2021

* Sees higher gross sales in 2021 vs 2020 (Adds details, track record, CEO comment, shares)

STOCKHOLM, Feb 2 (Reuters) – Europe’s most important household appliances maker Electrolux expects unusually potent desire to keep on in the coming months immediately after the stay-at-property development all through the pandemic boosted gross sales in the second 50 percent of 2020.

The Swedish team reported on Tuesday a even larger than anticipated rise in fourth-quarter income and proposed lifting its dividend.

“Sales ongoing to advantage from customers allocating additional of their family budgets to dwelling improvement and we also executed well on cost and combine,” Main Executive Jonas Samuelson stated in a statement.

Functioning financial gain landed at 2.50 billion crowns ($297 million) towards a yr-earlier 960 million and a forecast 2.34 billion in Refinitiv poll of analysts.

“For the 1st fifty percent of 2021 we foresee that the powerful shopper need from increased property-advancement paying professional throughout the next fifty percent of 2020 will continue to be to some extent,” the enterprise claimed.

That, merged with small inventories at vendors, meant need would be bigger than in the initially 50 percent of 2020, Electrolux reported, including on the other hand that capacity and part availability would likely stay constraining variables.

Samuelson reported that though demand may perhaps normalise in the next half of the calendar year, team profits were most likely to rise from 2020. “We expect progress in the whole year 2021 in terms of quantity, value and product blend,” he advised Reuters.

U.S. rival Whirlpool final week also forecast better profits this calendar year.

Electrolux claimed it envisioned to go on increasing steel costs to prospects in 2021 – but bigger costs for logistics, ongoing plant performance improvements and advertising and marketing would likely necessarily mean bigger web expenses in the 12 months.

The group’s shares, which have risen 10% in the past 12 months, ended up tiny transformed on the working day by 1130 GMT.

The team, which in March spun off its device Electrolux Professional, proposed a dividend of 8 crowns for each share for 2020, up from 7 crowns for 2019 and in line with anticipations.

$1 = 8.4174 Swedish crowns Reporting by Anna Ringstrom enhancing by Johannes Hellstrom, Simon Johnson and Susan Fenton

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