Profit Down at Electrolux
Europe's biggest appliance maker, reported second-quarter profit that missed analyst estimates and reduced its full-year earnings forecast after sales of refrigerators and cookers declined in the U.S. and Europe.Electrolux fell 4.3 percent, the most
in two weeks, after the Stockholm-based company said net income
declined to 99 million kronor ($16.5 million) from 545 million kronor
a year earlier on costs to close factories and upgrade products.
Analysts surveyed by Bloomberg estimated 131 million kronor.
Chief Executive Officer Hans Straaberg
predicted both European and North American markets will shrink this
year. U.S. consumer confidence is at a 27-year low and shoppers are
turning to cheaper models, the company said.
Chief Executive Officer Hans Straaberg
Related news
Related news
The Hungarian Product trademark gives companies a sense of community and customers reliable quality
Professional cooperation based on mutual benefits enables businesses to overcome…
Read more >Péter Szautner joins the Bonafarm Group
Péter Szautner continues his career as Deputy CEO and Group…
Read more >Lidl and the Ministry of Agriculture announced: the domestic melon season has begun
The first shipment of watermelons from Hungarian suppliers has arrived…
Read more >