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Electrolux swings to profit in Q2

AB Electrolux said its normalized net income for the second quarter amounted to 1.77 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.76 kronor per share.

The per-share result swung to a profit from the prior-year loss of 26 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 510.4 million kronor, compared with a loss of 75.0 million kronor in the year-earlier period.

The normalized profit margin climbed to 1.6% from negative 0.3% in the year-earlier period.

Total revenue rose 19.1% on an annual basis to 31.36 billion kronor from 26.33 billion kronor, and total operating expenses increased 15.9% from the prior-year period to 30.43 billion kronor from 26.27 billion kronor.

Reported net income came to 609.8 million kronor, or 2.11 kronor per share, compared to a loss of 92.1 million kronor, or a loss of 32 öre per share, in the prior-year period.

As of July 17, US$1 was equivalent to 8.63 Swedish kronor.