Stockholm, Sweden — Improved margins in North America coupled with the company’s best-ever third quarter in Latin America helped Electrolux boost its net income 73.2 percent to $103 million for the three months, ended Sept. 30.
By contrast, net sales rose are more moderate 1.1 percent year-over-year to $3.6 billion.
Within North America, total sales fell 6.8 percent to $1.2 billion while operating income increased 15.6 percent to $52 million. Margins increased to 4.5 percent for the period, up from 3.6 percent last year.
Sales of major appliances in North America rose 2 percent and market share continued to increase mainly as a result of strong dishwasher and laundry sales, the company said. Also aiding performance was “solid execution” in a competitive market, limited sales exposure to the home builders’ channel and consumer migration to lower-price segments.
Electrolux attributed improved margins and operating income within the region to higher product prices and the greater production efficiencies afforded by the company’s new refrigeration plant in Juarez, Mexico.
Separately, Electrolux said it has applied for deregistration with the U.S. Securities and Exchange Commission. The deregistration is expected to become effective during the fourth quarter of this year, after which the company will no longer be obligated to file SEC reports and forms.
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