Electrolux tops profit estimates helped by improvement in North America (updated)

Electrolux AB

30/01/2025 07:15

(Adds detail on results, CEO comment, dividend and background
from paragraph 2)
       Jan 30 (Reuters) - Home appliance maker Electrolux
 ELUXb.ST  posted a better-than-expected operating profit for
the final quarter of 2024 on Thursday, boosted by an improvement
in its troubled U.S. operations.
    The Swedish group reported an operating profit excluding
non-recurring items at 1.25 billion Swedish crowns ($113.6
million) for the fourth quarter, versus 1.22 billion crowns
expected by analysts on average, an LSEG poll showed.
    "In North America good momentum from our new products and
improved productivity contributed to an improvement in operating
income," CEO Yannick Fierling said in a statement.
    However, Electrolux said it would not pay out a dividend for
2024, marking a third year in a row with no return to
shareholders.
    Intense competition from China's Midea  000333.SZ  and other
lower-priced home appliance makers coupled with high inflation,
which has left consumers cautious about spending, had squeezed
Electrolux's earnings earlier in 2024.
    ($1 = 11.0038 Swedish crowns)

 (Reporting by Boleslaw Lasocki in Gdansk; Editing by Milla
Nissi)
 ((boleslaw.lasocki@thomsonreuters.com; +48 58 769 66 00;))