Electrolux posts Q2 net loss on restructuring charges, says demand picking up in Europe, US

STOCKHOLM – Swedish home appliance maker Electrolux has posted a second-quarter net loss of 92 million ($13.5 million) kronor, citing large restructuring charges, but says demand in Europe and the United States is picking up.

The world’s second-largest appliance maker said Friday its sales fell in the April to June period to 26.3 billion kronor from 27.7 billion a year earlier.

It said the improved demand in the Europe and the U.S. was offset by weak development in Latin America and the Middle East.

Electrolux, which sells refrigerators and washing machines under brands including AEG and Zanussi, said the bottom-line was hurt by restructuring charges and write-downs of 1.1 billion kronor.

It expects market growth of 1-3 per cent in Europe and by around 4 per cent in the U.S. this year.