Electrolux Q1 Net Profit Drops

Swedish company Electrolux AB (ADR) ELUXY reported a 21 percent drop in its net profit for the first quarter. Electrolux posted a quarterly net profit of 339 million Swedish kronor ($39 million), versus a year-ago profit of 431 million kronor. Its sales rose 14 percent to 29.09 billion kronor, compared to 25.63 billion kronor. Operating profit slipped to 516 million kronor from 731 million kronor. Operating margin in the EMEA region widened to 4.3 percent, versus 1.8 percent. Electrolux shares rose 1.48 percent to close at $55.99 yesterday.