Electrolux sees Q4 jump, weak South American market

AP News
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Posted: Feb 01, 2017 9:22 AM

STOCKHOLM (AP) — Swedish home appliance maker Electrolux has reported a jump in fourth-quarter profits and a slight increase in sales, but cautioned about a weak market in South America hitting its earnings.

The world's second-largest appliance maker after U.S. rival Whirlpool, Electrolux said net profit for the period was 1.3 billion kronor ($148 million), up from a 393 million kronor deficit a year earlier.

The company said it had quarterly sales of 32.1 billion ($365 billion), a 1 percent increase from 31.8 billion during the same period last year.

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CEO Jonas Samuelson said Wednesday that the trends are positive except in South America, where operations "continued to be impacted by a weakening market environment" and affected earnings and sales.

He says the outlook for 2017 is growth of "approximately 1 percent."