Electrolux plans to offset Europe weakness

Sat, Feb 2, 2013, 00:00

Swedish home appliances maker Electrolux said booming emerging markets and an improvement in North America would help offset poor sales and price pressure in Europe in 2013 after posting a smaller-than-expected rise in fourth-quarter earnings.

Operating income in its Latin American business jumped 90 per cent to 657 million Swedish crowns, well above a forecast for 459 million, and the company forecast further growth in the region.

Electrolux reported fourth-quarter operating earnings, stripping out one-off items, rose 13 per cent to 1.63 billion crowns ($256 million).

Sales for the fourth quarter came in at 29.2 billion crowns, just ahead of the forecast 28.4 billion, and the company said profitability had been held back by austerity measures in Europe. – (Reuters)