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Electrolux N.A. Q4, Full Year Up

1/31/2014 05:53:00 AM Eastern

Stockholm, Sweden – Electrolux North America once again posted strong gains for its fourth quarter and fiscal year, helping make up for its weak European sales.

North American fourth-quarter revenue rose 7 percent to $1.2 billion. For the year, revenue was also up 7 percent, hitting $4.9 billion. Earnings before interest and taxes rose 5 percent to $50 million, which does not include an unmentioned one-time gain for the company. Full-year profit increased 52 percent to $327 million in North America

Electrolux cited better sales of higher-margin products at retail for the gain.

Keith McLoughlin, Electrolux president and CEO, said he expects the North American market to continue to grow at a rate of 4 percent in 2014.

Electrolux’s overall 2013 revenue was down 1 percent each for the year and quarter, respectively totaling SEK 109.2 billion and SEK 28.9 billion.

Operating income for the year was down 19 percent to SEK 4 billion, while the quarter saw a 23 percent fall off to SEK 1.2 billion.

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