Electrolux: stock slumps after quarterly results
(CercleFinance.com) - Electrolux shares are down over 10% today, after the group published Q3 2023 results, even though they included a return to positive EPS of 0.
46 SEK, compared with a loss of 2.23 SEK per share a year ago.
The household appliance manufacturer nonetheless announced a 7.9% organic decline in sales, to 33.4bn SEK, with persistently weak market demand and negative price effects relating to more promotional activity and special offers.
Electrolux has raised its target for net cost savings to between 10bn and 11bn SEK in 2024 compared with 2022, which should result in a restructuring charge of 2bn to 2.5bn SEK in Q4 2023.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
46 SEK, compared with a loss of 2.23 SEK per share a year ago.
The household appliance manufacturer nonetheless announced a 7.9% organic decline in sales, to 33.4bn SEK, with persistently weak market demand and negative price effects relating to more promotional activity and special offers.
Electrolux has raised its target for net cost savings to between 10bn and 11bn SEK in 2024 compared with 2022, which should result in a restructuring charge of 2bn to 2.5bn SEK in Q4 2023.
Copyright (c) 2023 CercleFinance.com. All rights reserved.