Electrolux swings to profit despite sagging income in US

AP News
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Posted: Jan 28, 2015 10:02 AM
Electrolux swings to profit despite sagging income in US

STOCKHOLM (AP) — Home appliance maker Electrolux swung to a profit in the fourth quarter, citing cost cuts and rising sales.

The Swedish company on Wednesday posted a net profit of 969 million kronor ($117 million), compared with a loss of 987 million kronor in the same period last year.

Revenue rose 9 percent to 31.4 billion kronor, from 28.9 billion kronor in the fourth quarter of 2013.

Electrolux said cost cuts boosted income in Europe and Asia while U.S. operations were hurt by new energy standards for fridges and freezers.

Based in Stockholm, the company sells appliances under the Electrolux, AEG, Zanussi and Frigidaire brands.

Last year Electrolux announced it was buying the appliance business of General Electric for $3.3 billion. The deal is expected to close this year.