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Electrolux Q1 Profit Down 86% - Quick Facts

Swedish home appliances giant Electrolux AB (0MDT.L,0GQ1.L,ELUXY.PK) reported Friday that its first-quarter income fell 86 percent to 79 million Swedish kronor from 551 million kronor a year ago. Earnings per share fell to 0.28 kronor from 1.92 kronor last year.

Operating income amounted to 248 million kronor, down 68 percent from 764 million kronor last year. Operating margin fell to 0.8 percent from 2.7 percent a year ago.

Operating income includes restructuring costs of 1.05 billion kronor relating to consolidation of manufacturing in North America and Latin America, compared to restructuring costs of 596 million kronor last year.

Excluding these costs, operating income amounted to SEK 1.30 billion kronor, compared to 1.36 billion kronor last year.

Net sales for the quarter grew 6 percent to 29.71 billion kronor from 27.91 billion kronor a year ago. Organic sales growth was 1.9 percent, driven by price increases and improved mix across all business areas.

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