Electrolux: shares down despite record profit
(CercleFinance.com) - Electrolux, one of the world's biggest domestic appliances companies, reported record third-quarter earnings on Friday, but its shares fell after it said visibility remained "limited" as the pandemic is still very present.
In the past quarter Electrolux reported record earnings of 3.2 billion Swedish kronor, or 10.1% of net sales, driven by government stimulus packages which supported consumer spending, the company said in a statement.
Its net sales rose to 32 billion Swedish kronor, from 30.3 billion Swedish kronor a year ago, with sales increasing by 15% in organic terms, it said.
Electrolux also said it would reinstate a dividend for 2019 of seven Swedish kronor per share, down from 8.5 Swedish kronor in 2018, to be paid in one instalment.
Even so, Electrolux shares were down almost 3% in morning trading on the Stockholm Stock Exchange.
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