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Electrolux Posts Higher Q4 Profits, Lower Sales

2/02/2011 02:13:15 PM Eastern

Stockholm, Sweden - Electrolux reported slightly higher
profits for the fourth quarter on slightly lower sales.

For the quarter ending Dec. 31, 2010, Electrolux reported
net sales of 27.6 billion Swedish kronors, down 2 percent from the same time
last year.

Income was 677 million Swedish kronors, up 2 percent from
the final quarter of the prior year.

Strong sales growth in Asia/Pacific and Latin America offset
lower sales volume in Europe and North America.

During the fourth quarter, demand for core appliances was up
2 percent in North America. For the entire year demand increased 5 percent
after "a very low level after more than three years of decline," the company
said. Growth was due in part to the major appliance rebate program instituted
in the U.S. during 2010.

Operating income declined for core appliances in the fourth
quarter due to substantially higher costs for raw materials, lower volume and
increased price competition especially before Thanksgiving, the company said.