Poor demand, costs throw Electrolux into Q4 loss
Jan. 31, 2014
STOCKHOLM (AP) — Sweden-based Electrolux has fallen to a fourth-quarter net loss of 987 million kronor ($152 million) as sales dropped slightly, mainly because of currency fluctuations, lower demand in Europe and restructuring costs.
The world's second-largest maker of appliances says sales in the period were 28.8 billion kronor, down 1 percent from a year earlier. Net profit in the fourth quarter of 2012 was 242 million kronar.
CEO Keith McLoughlin said Friday that the company would act to improve its profitability, particularly in Europe, and also would "over time, mitigate the currency headwinds through internal actions." He did not name them.
The company's share price dropped more than 7 percent to 141.70 kronor in Stockholm.