Published on January 28th, 2015 | by The GC Team0
Electrolux returns to profit in fourth quarter
Electrolux today reported an increase in fourth-quarter earnings, citing cost savings and rising sales.
Income for the period was SEK 970 million compared to a loss of SEK 987 million in the same period last year. Operating income amounted to SEK 1,472 million, corresponding to a margin of 4.7%.
Sales increased by 8.7% to SEK 31,400 million.
President and CEO Keith McLoughlin spoke of an operational recovery in several major regions: Europe, Latin America and Asia/Pacific. Professional Products also continued to show a solid performance. Earnings in North America were impacted by the compliance with the new energy standards.
Of the Group’s six business areas, five reached an EBIT margin of more than 6% in the quarter.
“2014 was a good year for Electrolux and we generated more than SEK 6.6 billion in cash flow, representing a cash conversion of almost 140%,” said McLoughlin. “The Group is well positioned to continue to grow profitably also in 2015, with a focus on further increasing shareholder value.”