Europe helps Electrolux return to profit in Q2

AP News
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Posted: Jul 17, 2015 5:56 AM

COPENHAGEN, Denmark (AP) — Swedish home appliance maker Electrolux returned to profit in the second quarter of the year on a combination of strong demand in western Europe and cost savings.

The Stockholm-based company posted a net profit of 608 million kronor ($71.3 million), against a loss of 92 million kronor a year ago.

Electrolux, which is ranked as the world's second-largest appliance maker after U.S rival Whirlpool, said sales soared 19.1 percent to 31.4 billion kronor ($3.7 billion).

Electrolux, which sells appliances under the Electrolux, AEG, Zanussi and Frigidaire brands, announced last year it was buying the appliance business of General Electric for $3.3 billion. However, the U.S. Justice Department opposes the acquisition, saying will harm competition.

CEO Keith McLaughlin on Friday vowed Electrolux "will vigorously contest this effort."