STOCKHOLM (Reuters) -Swedish home appliances maker Electrolux reported a bigger-than-expected operating profit for the second quarter on Friday and said price hikes offset increased costs related to U.S. tariffs in the quarter.
Operating profit at the group, whose brands include Frigidaire, AEG, Zanussi and Volta as well as Electrolux, rose to 797 million crowns ($81.9 million) from a year-earlier 419 million
Analysts had on average forecast an operating profit of 710 million crowns, according to a poll provided by Electrolux.
The company said overall market demand in North America and Europe had declined slightly in the quarter, but maintained its market outlooks from April for all regions.
It said it however outperformed the wider market in North America, where it swung to profit.
Electrolux said in April U.S. President Trump’s tariff plans had hit consumer sentiment, and lowered its North America market outlook. It said at the time it was extremely difficult to predict tariffs, and that it aimed to offset any further tariff increases with more price hikes.
“We reiterate our aim to offset tariff-related cost increases in North America through price increases,” CEO Yannick Fierling said in a statement on Friday.
($1 = 9.7272 Swedish crowns)
(Reporting by Greta Rosen Fondahn, editing by Anna Ringstrom)
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