Electrolux reported a much larger than expected core third-quarter income on Monday, due to cost cuts, stable prices and lower raw material costs.
The Electrolux Group is a Swedish manufacturer of home and professional appliances and is the second largest appliance manufacturer in the world. According to the company, it sells more than 40 million products to customers in 150 countries annually. Electrolux products include refrigerators, dishwashers, washing machines, vacuum cleaners and cookers sold under brand names like Electrolux, Germany's AEG, Italy's Zanussi, Australia's Kelvinator and, in the US, Eureka, Electrolux and Frigidaire.
Electrolux said a cyclical trough in commodity prices and low levels of marketing investments in the quarter contributed to high quarterly margins.
Quarterly earnings before interest and tax rose to 2.23 billion Swedish crowns ($327 million), excluding extraordinary items, from a 1.18 billion profit a year ago.
World No.1 appliances maker Whirlpool Corp on Friday also reported higher-than-expected quarterly profit, as cost cuts offset weak sales, and raised its full-year forecast.
The operating margin for business unit Consumer Durables Europe, Electrolux' biggest division by sales, rose to 9.0 % from a year-earlier 4.5 %.
The market stabilising in North America, but the European market had not yet hit bottom, and price pressure remained. ($1=6.830 Swedish Crown).
Reuters has contributed to the report.
Subscribe to Pravda.Ru Telegram channel, Facebook, Twitter, YouTube, RSS!
The video starts when the drone was flying over railway tracks. It then flies near the Ferris wheel and the Church of All Saints in the city centre