Profit Down at Electrolux

By: trademagazin Date: 2008. 07. 18. 00:00

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.