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Electrolux profit beats consensus by 60.3% in Q1

AB Electrolux said its normalized net income for the first quarter came to 97 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of 61 öre per share.

EPS declined 22.0% year over year from 1.25 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 281.3 million kronor, a decrease of 21.7% from 359.4 million kronor in the prior-year period.

The normalized profit margin dropped to 1.0% from 1.4% in the year-earlier period.

Total revenue rose 13.5% year over year to 29.09 billion kronor from 25.63 billion kronor, and total operating expenses climbed 14.8% on an annual basis to 28.57 billion kronor from 24.90 billion kronor.

Reported net income decreased 21.8% on an annual basis to 337.5 million kronor, or 1.17 kronor per share, from 431.6 million kronor, or 1.50 kronor per share.

As of April 24, US$1 was equivalent to 8.63 Swedish kronor.