Electrolux Posts Higher Q3 Profit

Electrolux AB ELUXY reported a 42% rise in its profit for the three months ended Sept. 30. Electrolux posted its quarterly net profit of 933 million Swedish kronor ($129.8 million), versus a year-ago profit of 655 million kronor. Its revenue surged 6% to 28.78 billion kronor from 27.26 billion kronor, while operating profit jumped to 1.39 billion kronor from 1.08 billion kronor. Analysts expected an operating profit of 1.33 billion kronor. Electrolux President and CEO Keith McLoughlin said, “The Latin American and Asia/Pacific operations performed well in challenging macro-economic conditions. Our sales and earnings in North America remain at a good level and continue to strongly contribute to the Group's overall result.” McLoughlin added, “Our operations in Europe continue to recover as a result of strong focus on cost savings, production efficiency and product portfolio management. Despite continued difficult market conditions, with a recent weakening of leading indicators and consumer confidence in a number of countries across both Western and Eastern Europe, we have managed to significantly improve results.” Electrolux shares rose 3.22% to close at $51.91 on Friday.