Electrolux, a Swedish appliance maker, reported a bigger-than-expected profit for the second quarter on Wednesday. The company’s operating profit, excluding non-recurring items, rose to 1.2 billion Swedish crowns ($124 million) in the April-June period from a year-earlier 797 million, on 2% organic sales growth.
Analysts had forecast an operating profit of 617 million Swedish crowns. The company’s North America business, which represents around a third of sales, has been struggling to turn an operating profit due to weak demand and cut-price competition.
Electrolux carried out a 9 billion Swedish crown rights issue in June to fund a tie-up with Chinese rival Midea in North America, restructure its global business, and deleverage its balance sheet.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
