Europe gives Electrolux a Q1 profit boost

AP News
Posted: Apr 25, 2014 3:59 AM

STOCKHOLM (AP) — Swedish home appliance-maker Electrolux says the economic recovery in Europe helped the company's first-quarter net profit rise 19 percent to 431 million kronor ($66 million) from 361 million kronor.

The world's second largest appliance maker said Friday that the pick-up in Europe, the Middle East and Africa following "a prolonged period" of decline, helped its businesses post a 4.5 percent increase in sales during the period. Demand in North America was hit by severe winter conditions in early 2014, but was offset by a strong recovery in March.

Overall, net sales in the period grew to 25.6 billion kronor from 25.3 billion kronor a year earlier.

The company's cash position also improved dramatically to a negative 123 million kronor from a negative 2.7 billion kronor a year earlier.