Electrolux U.S. Majap Sales Rise 7%
By Jeff Malester -- TWICE, 2/24/2003
Stockholm, Sweden — Noting a positive demand in most of its product areas in North America in 2002, major appliance maker Electrolux said shipments of core appliances to the United States increased by about 7 percent in the 12 months.
In the fourth quarter, U.S. shipments of core appliances climbed about 6 percent. Sales of refrigerator and cooking products, in particular, were substantially higher than in 2001.
Sales of consumer durables, primarily major appliances, in North America climbed to $5.7 billion in 2002, up from $5.5 billion the previous 12 months. Fourth quarter sales were flat, coming in at $1.07 billion, compared with $1.08 billion in the year-ago three months.
Operating income for consumer durables in North America increased to $383 million in 2002, up from $212.4 million the previous year. In the fourth quarter, operating income rose to $56.2 million, compared with $15.7 million in the same quarter in 2001. Income for the North American operation in 2001 was negatively impacted by a $123 million one-time cost for the phase-in of a new generation of refrigerators.
Overall sales of white goods hit $10.1 billion in 2002, said Electrolux, up from $9.7 billion in the same period a year earlier. White goods share of overall sales increased to 77.1 percent in 2001, compared with 75.9 percent in 2001. Laundry equipment sales edged downward in 2002, to $272.7 million, compared with $281.9 million the previous 12 months.
Consolidated Electrolux sales dipped 2 percent in 2002, to $15.6 billion, compared with $15.9 billion in 2001. Net income increased to $596.6 million, up from $453.2 million.
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