Electrolux: to report smaller than expected loss
(CercleFinance.com) - Electrolux said on Wednesday that it will report a smaller loss for the second quarter than previously anticipated, helped by cost cuts and strong demand in June.
The Swedish home appliance maker - which expected a "significant" loss in the past - said its operating loss is now estimated to be approximately 100 million Swedish kronor (about 9.5 million euros).
Net sales for the second quarter are estimated to be approximately 23.5 billion kronor (2.2 billion euros), down 17% in organic terms.
However, for June, the company recorded organic sales growth of 3% year-on-year, it said.
Electrolux added that cost mitigation actions, including furloughs for employees and reduced discretionary spending, has resulted in more favourable cost efficiency than previously anticipated.
The Stockholm-listed shares were up 6% on this announcement.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The Swedish home appliance maker - which expected a "significant" loss in the past - said its operating loss is now estimated to be approximately 100 million Swedish kronor (about 9.5 million euros).
Net sales for the second quarter are estimated to be approximately 23.5 billion kronor (2.2 billion euros), down 17% in organic terms.
However, for June, the company recorded organic sales growth of 3% year-on-year, it said.
Electrolux added that cost mitigation actions, including furloughs for employees and reduced discretionary spending, has resulted in more favourable cost efficiency than previously anticipated.
The Stockholm-listed shares were up 6% on this announcement.
Copyright (c) 2020 CercleFinance.com. All rights reserved.