Highlights of the second quarter of 2011
- Net sales amounted to SEK 24,143m (27,311) and income for the period was SEK 561m (1,028) or SEK 1.97 (3.61) per share.
- Net sales decreased by 2% in comparable currencies mainly as a result of lower prices.
- Operating income amounted to SEK 745m (1,477), corresponding to a margin of 3.1% (5.4), excluding items affecting comparability.
- Price pressure, increased costs for raw-materials and sourced products had an adverse impact on operating income in all regions.
- Lower sales volumes of core appliances in Western Europe and North America driven by weak demand.
- Price increases are being implemented in all regions.
- Results for Professional Products continued to be strong, including a positive one-off item of SEK 90m.
- Strong sales growth in Asia and a firm operating margin.
- Solid cash flow from operations.
- A final agreement signed to acquire Olympic Group in Egypt.
A telephone conference is held at 15.00 CET on July 19, 2011. The conference is chaired by Keith McLoughlin, President and CEO of Electrolux. Mr. McLoughlin is accompanied by Jonas Samuelson, CFO and COO, and Peter Nyquist, SVP Investor Relations and Financial Information.
A slide presentation on the second-quarter results of 2011 will be available on the Electrolux website www.electrolux.com/ir.
Details for participation by telephone are as follows:
- Participants in Sweden should call +46 (0)8 505 598 53
- Participants in UK/Europe should call +44 (0)20 3043 2436
- Participants in US should call +1 866 458 4087
You can also listen to the presentation at www.electrolux.com/webcast1
For further information
Peter Nyquist, Senior Vice President, Head of Investor Relations and Financial Information: +46 8 738 60 03.
Financial information from Electrolux is also available at www.electrolux.com/ir