Electrolux Raises Market Outlook As Profit Clearly Beats Forecasts

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STOCKHOLM: Swedish home appliance maker Electrolux upped its market outlook for the full year on Friday, after posting third-quarter earnings far ahead of analysts’ forecasts.

The company, whose rivals include Whirlpool, LG Electronics and Samsung Electronics, said on Sept. 25 it had seen a substantial earnings recovery in the third quarter and was reinstating dividends.

It said operating earnings rose to 3.22 billion Swedish crowns ($367 million) from 1.06 billion, beating the 2.44 billion expected by analysts, Refinitiv Eikon data showed.

“Sales also benefited from consumers spending more time at home, using their appliances more intensively and allocating more of their household budgets to home improvement,” CEO Jonas Samuelson said in a statement.

The firm said it expects market demand for appliances in Europe to be slightly positive this year, slightly positive to positive in North America, and positive in Latin America.

It had previously forecast negative demand overall. In the Asia-Pacific, Middle East and Africa it still expects a fall in demand.

Electrolux shares are up 9% this year, and have doubled from lows in March.

($1 = 8.7815 Swedish crowns)

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