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Electrolux posts record second-quarter profit

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Electrolux posts record second-quarter profit
Photo: Electrolux Group (file)
10:56 CEST+02:00
Electrolux, the world's second-largest maker of household electrical equipment, reported a record 56-percent rise in net profit for the second quarter on Monday.

This is a record result for a second quarter, the company said. The outcome was slightly better than analysts had expected, while sales were little changed from the level for the same period last year.

The net outcome for the quarter was 1.03 billion kronor ($140.12 million) from 658 million kronor in the same quarter of 2009. Sales slipped by 1 percent to 27.31 billion kronor.

Analysts had expected a net outcome of 908 million kronor and sales of 27.16 billion kronor, a survey by Dow Jones Newswires showed.

"We are on track and presenting a record second-quarter result. We are on track and can today present a margin of 6.5 percent for the latest 12-month period," said CEO Hans Stråberg.

"All business areas show improved profitability. We are selling more advanced products and are step by step improving our position in the important premium segment," he added.

Despite "great uncertainty," Stråberg contineus to believe that "2010 could be the year we approach our goal of an operating margin of 6 percent with continued improved capital efficiency."

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