Electrolux Q2 Pretax Profit Falls, While Revenues Improve - Update

(Adds results of parent co.)

Electrolux (0MDT.L) on Thursday reported profit before tax of SEK265 million in the second quarter, significantly lower than SEK1.865 billion in the same quarter a year ago, hurt by higher expenses.

Income for the period was SEK257 million or SEK0.92 per share compared with SEK1.382 billion or SEK4.78 per share last year.

Quarterly revenue, however, increased to SEK33.749 billion from SEK30.303 billion in the previous year.

The company said its organic sales growth was relatively flat at 0.3% in the second quarter, due to lower volumes and decreased consumer demand.

Looking forward, President and CEO Jonas Samuelson commented, "We maintain our regional market demand outlook for the full year 2022, with the exception of North America, which is revised to negative. However, we still estimate demand to be above pre-pandemic levels except for Latin America and Russian market's impact on Europe."

AB Electrolux., the parent company of Electrolux, reported net sales of SEK 10.011 billion in the second quarter compared with SEK 10.467 billion last year.

The Parent Company comprises five companies operating on a commission basis for AB Electrolux.

Income before taxes for the percent declined to SEK 530 million from SEK 1.528 billion a year ago.

Income for the period was SEK 491 million compared with SEK 1.372 billion last year.

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