Electrolux soars as cost cuts offset weak demand in Q2
BUZZ-Electrolux soars as cost cuts offset weak demand in Q2 ** Shares in Electrolux ELUXb.ST rise 17% and are set for best day in 19 years, after the Swedish home appliance maker booked its Q2 core profit way above forecasts even though it flagged weak demand in key markets
** Its Q2 adjusted operating profit of 1.20 billion Swedish crowns ($123.92 million) smashed analysts' average expectation of 617 million crowns
** It says that cost-efficiency initiatives contributed 1.4 billion crowns in improvements during the quarter
** J.P.Morgan says cost cuts bore fruit in the quarter even though demand in North America and Europe remained subdued
** "Q2 beat alone would drive an 18% upgrade to FY Adj EBIT consensus", JPM adds
** Electrolux shares set for best day since February 2007
($1 = 9.6834 Swedish crowns)
(Reporting by Boleslaw Lasocki)
((boleslaw))
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