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Electrolux U.S. Majap Sales Decline 4.3% In Q3

10/20/2004 09:14:00 AM Eastern

Stockholm, Sweden — While third-quarter sales of core appliances sold by Electrolux into the United States and Canada slipped 4.3 percent to $1.1 billion from $1.2 billion in the year-ago period, operating income was substantially lower, dropping 46.2 percent to $23.6 million from $43.9 million in the same three months a year earlier.

Lower profit for the company’s major appliance business in the third quarter was attributed mainly to higher costs for raw materials and components. In contrast, Electrolux said industry shipments of core appliances in the third quarter climbed 6.6 percent.

For the nine months, Electrolux sales of majaps to North America dropped 6.7 percent to $3.2 billion from a year-ago $3.4 billion. At the same time, operating income decreased 36.7 percent from $170.7 million in the first nine months of 2003 to $108.1 million for the same period this year.

Claiming the trend in volume, price and mix was positive during the third quarter, changes in exchange rates and divestments tended to push Electrolux consolidated sales down 2.6 percent to $4.1 billion from $4.2 billion, in the same quarter in 2003.

Consolidated net income declined by 11.7 percent in the third quarter to $93.4 million from $105.8 million year-on-year. The company reported third-quarter restructuring provisions and write-downs of $38.1 million, compared with $52.2 million in the same three months a year earlier.

For the nine months, consolidated sales were off 3.9 percent to $12.7 billion from $13.2 billion in the same period last year. Net income plunged to $334 million from $500 million.

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