Electrolux Posts Higher Q4 Profits, Lower Sales


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.


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