Electrolux Q3 Profit Down On Weak Sales; Maintains FY21 View

(RTTNews) - Swedish home appliances giant Electrolux AB (0MDT.L, 0GQ1.L, ELUXY.PK) reported Wednesday that its third-quarter income amounted to 1.14 billion Swedish kronor, down 52 percent from last year's 2.36 billion kronor.

Earnings per share fell to 3.98 kronor from prior year's 8.20 kronor.

Operating income declined 49 percent to 1.64 billion kronor, corresponding to a margin of 5.3%, down from 10.1 percent last year.

Net sales amounted to 30.93 billion kronor, down 3 percent from 32 billion kronor last year. Organic sales was in line with last year. Market demand normalized at above pre-pandemic levels.

Looking ahead, the company maintained 2021 full year regional market outlook, even though supply conditions remain volatile. The company expects that limited availability of certain product categories will continue throughout the year, with regional variances, as underlying consumer demand normalizes above pre-pandemic levels.

Further, the company said its aim is to achieve a climate neutral value chain by 2050.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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