Electrolux sees strong rise in first quarter profit

AP News
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Posted: Apr 28, 2016 4:13 AM

STOCKHOLM (AP) — Swedish home appliance maker Electrolux says its first-quarter income rose 158 percent to 875 million kronor ($108 million), citing increasing demand in Europe and North America.

Electrolux, the world's second-largest appliance maker after U.S rival Whirlpool, says sales for the period ending March 31 dropped 3 percent to 28.1 million kronor ($3.5 million).

Chief Executive Jonas Samuelson said Thursday the market continued to grow in Europe while Russia "appears to have stabilized at low levels." The North American market "achieved a significant turnaround compared with the weak first quarter 2015. "

He added "a weak market and currency environment" continued to affect the Latin America region.

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