• Sweden's news in English
 
app_header_v3

Electrolux first-quarter profits beat predictions

AFP/The Local · 25 Apr 2014, 12:21

Published: 25 Apr 2014 12:21 GMT+02:00

The company bounced back from losses at the end of 2013 to post a 19 percent rise to 431 million kronor ($65.5 million, 47 million euros), far ahead of a 120-million-kronor forecast by analysts polled by Dow Jones Newswires. 

"Following a long period of market decline, European demand for appliances improved during the first quarter of 2014," chief executive Keith McLoughlin said in a statement.

"The work to restore profitability in Europe and to reduce costs is now gradually impacting the financial performance ... The market has stabilized and demand increased in several major markets, such as Germany, France and Italy."

The group added that severe weather conditions in North America hit sales there but that there was a "strong volume rebound" during March and an expected rise in demand during 2014.

In the final quarter of 2013, the group announced a 987-million-kronor drop in profits, the first quarter that the group had been in the red since 2009. Overall, last year net profits fell by 72 percent to 672 million kronor.

Story continues below…

In October, Electrolux announced 2,000 job cuts, with a factory closure in Australia and staff cuts in Europe.  However, the group said it would continue to invest in the Asia-Pacific region following the 2013 opening of a new refrigerator factory in Rayong, Thailand, and the launch of a new range of products in China.

AFP/The Local (news@thelocal.se)

Your comments about this article

Today's headlines
Coeliac disease not caused by early weaning: Swedish study
Carin Andrén Aronsson now plans to investigate why Sweden has such high levels of coeliac disease. Photo: Polarbrod

Mothers who stop breastfeeding early are not to blame for their children developing gluten intolerance, a new Swedish study has found.

Zlatan look-a-like storms pitch as Man U take on champions
A grinning Zlatan pushed the man away with the palm of his hand. Photo: YouTube

Zlatan fever has hit the UK, with a look-a-like storming the pitch on Saturday only to be palmed off by the grinning Swedish football star.

Russian Sweden Democrat aide resigns over suspect deal
'Egor Putilov' had access to all areas of the Swedish parliament: Photo: Riksdag

A Russian-born political secretary for the Sweden Democrats has resigned after making six million kronor ($0.7m) in a property deal with a St Petersburg businessman.

Trump an 'embarrassment' Springsteen tells Sweden
Bruce Springsteen tells SVT talk show host that Trump is an 'embarrassment' to the US. Photo: SVT/Youtube

Rock legend Bruce Springsteen has described Donald Trump as an embarrassment to the United States, in an interview on Sweden's Skavlan talk show.

'World class' developer told to leave Sweden over admin slip
Software developer Tayyab Shabab. Photo: Private

Tayyab Shabab has a house, a job and pays tax in Sweden, but he has now been told he must leave within three weeks.

Police release men held over bomb threat on refugee home
Police officers outside the building. Photo: Robert Nyholm/TT

UPDATED: Two men arrested after a bomb threat was made against a home for refugees in Boden, northern Sweden, have been allowed to leave custody.

Embassy: No-go zones 'do not exist in Sweden'
Police on the Serbian-Hungarian border. Photo: Sofia Eriksson/TT

Sweden's embassy in Budapest has sharply rebuked Hungary after an official leaflet claimed that Stockholm and other European cities had become "no-go areas".

The Local List
Ten reasons why it's awesome being knocked up in Sweden
Being pregnant in Sweden can be pretty great. Photo: Jessica Gow/TT

US writer Lisa Ferland shares her top reasons why she thinks Sweden is wonderful for expecting mums.

The Local Recipe
Welcome in the autumn with this Swedish tiger cake
Tiger cake and coffee, the perfect combination. Photo: John Duxbury/Swedish Food

Fika: the best part of the day. Make this tiger cake and you'll keep everyone very happy.

Four arrested over Gothenburg riots
File photo of a Swedish police officer. Photo: Maja Suslin/TT

Four people have been arrested in connection with riots in a Gothenburg suburb this week.

Sponsored Article
Let's Talk: a personal Swedish language tutor in your pocket
National
Muslim teacher leaves job after not shaking male colleague's hand
Sponsored Article
‘I view the world in a different way now’
Travel
Why we adore autumn in Sweden
Gallery
People-watching: September 21st
Blog updates

7 September

Svensk or svenska? (The Swedish Teacher) »

"Hejsan! My inbox is full of questions :-). Here’s one about when to use “svensk” and…" READ »

 

23 August

A Summer in Sweden (The Diplomatic Dispatch) »

"For our first year here in Sweden we decided to have all our holidays in Sweden.…" READ »

 
 
 
Sponsored Article
'Creating a sense of home': Collective living in Stockholm
National
Stockholmers hunt killer badger after attack on neighbourhood hipster cat
Sponsored Article
Life in Jordan: 'Undiscovered treasure'
The Local Voices
Why this Russian developer is committed to helping refugees - with tech
National
Six key points in Sweden's budget plan
The Local Voices
How a Swedish name finally made recruiters notice this Iranian's CV
Sponsored Article
Gran Canaria: 'So much more than beaches'
Gallery
Property of the week: Luleå
Sponsored Article
Why Jordan is the ‘Different’ East
Gallery
People-watching: September 16th-18th
Culture
Why Swedish TV has given these kids' trucks a sex swap
Sponsored Article
How to vote absentee from abroad in the US elections
National
TIMELINE: Everything you need to know about the Julian Assange case
Sponsored Article
Why Jordan is the ‘Different’ East
Gallery
People-watching: September 14th
Politics
Why Sweden is putting troops on holiday dream island Gotland
Sponsored Article
Retiring abroad: ensuring your health is covered
The Local Voices
'What I mean when I say: I came here to blow myself up'
Sponsored Article
'There was no future for me in Turkey'
Society
VIDEO: Are Swedes that unfriendly?
Sponsored Article
7 reasons you should join Sweden’s ’a-kassa’
Features
INTERVIEW: How Arthur the jungle dog opened hearts and minds
Gallery
Property of the week: Smögen, Västra Götaland
Society
Sweden's ancient forest tongue Elfdalian fights for survival
National
Where Sweden's foreigners are from
Gallery
People-watching: September 9th-11th
The Local Voices
Shakib, 23, works and pays taxes — but will Sweden let him stay?
National
Watch this Swede roll his kayak without spilling his beer. Respect.
Gallery
People-watching: September 7th
The Local Voices
'Swedes are polarized on refugees - it's the welcome mat or the exit door'
National
WATCH: Yes, this Swedish rising star really is Abba legend's grandson
The Local Voices
'Whenever I apply for jobs I’m treated like an unwanted stranger'
The Local Voices
Is Swedish bosses' ignorance keeping refugees out of jobs?
2,966
jobs available