Sweden’s Electrolux in Q4 loss of $152 million on poor demand, currency, restructuring costs

The Associated Press 0

STOCKHOLM – Sweden-based Electrolux has fallen to a fourth-quarter net loss of 987 million kronor ($152 million) as sales dropped slightly, mainly because of currency fluctuations, lower demand in Europe and restructuring costs.

The world’s second-largest maker of appliances says sales in the period were 28.8 billion kronor, down 1 per cent from a year earlier. Net profit in the fourth quarter of 2012 was 242 million kronar.

CEO Keith McLoughlin said Friday that the company would act to improve its profitability, particularly in Europe, and also would “over time, mitigate the currency headwinds through internal actions.” He did not name them.

The company’s share price dropped more than 7 per cent to 141.70 kronor in Stockholm.

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