U.S. News

Electrolux Second-Quarter Operating Profit in Line


Electrolux, the world's second-largest appliances maker, posted second-quarter core earnings in line with market expectations on Tuesday and stood by its outlook of somewhat higher earnings this year.

The Swedish firm reported earnings before interest and tax (EBIT) of 921 million Swedish crowns ($138.7 million), excluding non-recurring items, versus a year-ago 844 million and a mean forecast of 917 million in Reuters poll of 10 analysts.

Electrolux -- whose brands include AEG, Zanussi and Frigidaire and increasingly its own name -- stood by its forecast of "somewhat" higher operating earnings for the full year, excluding one-off items.

It also repeated that higher raw material costs would dent earnings this year while demand for home appliances would grow in Europe compared to 2006, but decline in North America.