STOCKHOLM (dpa-AFX) - Swedish home appliances giant Electrolux AB (0MDT.L, 0GQ1.L, ELUXY.PK) reported Friday that its third-quarter income declined to 739 million Swedish kronor from last year's 1.16 billion kronor. Earnings per share fell to 2.57 kronor from 4.04 kronor last year.
Operating income amounted to 1.19 billion kronor, down from 1.76 billion kronor last year. Operating margin was 3.7 percent, lower than prior year's 5.8 percent.
Adjusted operating income in the latest quarter was 1.60 billion kronor with a margin of 4.9 percent.
Net sales for the quarter increased to 32.52 billion kronor from 30.44 billion kronor a year ago. The company said the sales growth of 1.0 percent was driven by price/mix improvements.
Further, the company said it re-confirms market view for 2019.
President and CEO Jonas Samuelson said, 'Based on current trade tariff levels, we estimate the negative year-over-year impact from raw materials, trade tariffs and currency to be approximately SEK 1.6bn in 2019, compared to the previous estimate of approximately SEK 1.4-1.6bn.....Looking ahead, I am confident that we are well positioned to create shareholder value.'
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