Electrolux Turns To Profit In Q2, Despite Weak Net Sales

(RTTNews) - Electrolux AB (ELUXY.PK), a Swedish home appliance major, reported Friday a profit in its second quarter, compared to prior year's loss, mainly on a divestment gain despite weak net sales.

In the quarter, income amounted to 178 million Swedish kronor, compared to loss of 80 million kronor last year. Earnings per share were 0.66 krona, compared to loss of 0.30 krona a year ago.

Operating income improved to 797 million kronor from prior year's 419 million kronor, and operating margin improved to 2.5 percent from 1.2 percent last year, driven mainly by an improvement in North America that reported a positive operating income.

The latest results included a positive effect from the divestment of the Kelvinator trademark portfolio in India of 180 million kronor.

Net sales, meanwhile, dropped to 31.28 billion kronor from last year's 33.82 billion kronor. Organic sales growth was 1.8 percent, driven by growth in North America and Latin America, partly offset by a slight decline in Europe, Asia-Pacific, Middle-East and Africa.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.