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Electrolux Q1 U.S. Core Appliance Shipments Rise 10%

4/18/2002 09:05:00 AM Eastern

STOCKHOLM, SWEDEN - Electrolux reported about a 10 percent volume increase of core appliance shipments to the United States in the first quarter, compared with a weak first quarter in 2001.

U.S. shipments of major appliances, including room air conditioners and microwave ovens, increased by about 6 percent in the first three months.

Group sales of core appliances in North America, through Electrolux Home Products, showed good growth over last year in the first quarter, according to the company.

Electrolux's North American Consumer Durables segment sales during the first quarter, ended March 31, climbed to $1.3 billion, up from $1.2 billion in the year-ago period.

Operating income for the company's Consumer Durables segment in North America reached $85.1 million during the first three months, compared with $78.4 million in the same quarter in 2001. The operating income improvement was attributed to higher volumes and an improved mix.

Sales of air conditioners were considerably lower than last year, however, and operating income in this product area showed a marked downturn.

The market for floor-care products declined in volume in the United States in the first quarter, said Electrolux.

Overall Electrolux sales in the first three months reached $3.26 billion, flat with the $3.27 billion recorded in the same quarter in 2001.

Net income for the company more than doubled, to $287.6 million, up from $103.5 million in the first quarter of last year.