Electrolux reports 56-percent profit leap
Electrolux, the second-biggest global maker of household electrical equipment, reported a 56-percent rise in net profit for the second quarter today.business Updated: Jul 19, 2010 14:24 IST
Electrolux, the second-biggest global maker of household electrical equipment, reported a 56-percent rise in net profit for the second quarter on Monday.
The company said that this represented a record result for a second quarter.
The outcome was slightly better than analysts had expected. Sales were little changed from the level for the same period last year.
The net outcome for the quarter was 1.03 billion kronor (108 million euros) from 658 million kronor in the same quarter of 2009.
Sales slipped by 1.0 percent to 27.31 billion kronor.
Analysts had expected a net outcome of 908 million kronor and sales of 27.16 billion kronor, a survey by Dow Jones Newswires showed.
Chief executive Hans Straaberg said: "We are on track and presenting a record second-quarter result. We are on track and can today present a margin of 6.5 percent for the latest 12-month period.
"All business areas show improved profitability. We are selling more advanced products and are step by step improving our position in the important premium segment."
He said that despite "great uncertainty", he continued to think that "2010 could be the year we approach our goal of an operating margin of 6.0 percent with continued improved capital efficiency."