Electrolux Majap Shipments Rise In 2nd Quarter
By Jeff Malester -- TWICE, 7/21/2003
Stockholm, Sweden — Major appliance shipments to North America remained somewhat healthy in the second quarter, reported majap maker Electrolux, with shipments of core appliances edging upward 1 percent, compared with a strong first half in 2002.
However, North American dollar sales in the company's key consumer durables segment, which adds home appliances to core majaps, tailed off in the three months, to $1.6 billion, from $1.8 billion in the year-ago period, mainly due to lagging sales of vacuum cleaners.
Operating income for the consumer durables segment in North America also slipped in the second quarter, dropping to $138.8 million, down from $163.6 million in the second quarter a year ago.
Electrolux blamed some of its lower quarterly dollar numbers on currency devaluation.
Much like Maytag's floor care troubles in the second quarter (see article, p. 16), Electrolux reported declining sales and income for its floor care lineup in North America, in this case, as a result of deterioration in price and mix, following increased competitive pressure from producers in low-cost nations.
Consolidated Electrolux sales in the second quarter reached $4.1 billion, down from $4.6 billion in the same quarter in 2002. Net income for the period decreased to $197 million, compared with $226.2 million year over year.
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