Electrolux sees rise in Q2 profits, but drop in sales

HELSINKI – Electrolux, the world’s second-largest maker of household appliances, has reported a 77 per cent rise in second-quarter net earnings thanks to strong sales in Europe and North America, but its overall revenue disappointed, dropping over 4 per cent.

The drop in sales was worse than expected, prompting investors to push the Swedish company’s share price down over 6 per cent to 225.00 kronor in Stockholm.

Net profit was 1.1 billion kronor ($132 million), from 608 million kronor a year earlier. Revenue fell to 29.9 billion kronor due to the effects of a strong dollar and a 36-per cent drop in South American sales.

The company expects growth to continue in Europe and North America, but cautioned that the outlook for Britain and its currency was uncertain after the British referendum to leave the EU.