Electrolux Sees Net Profit Double in First-Quarter

Swedish household appliance maker Electrolux said Thursday its net profit for the first quarter more than doubled from last year, when results were weighed down by the closing of a plant in Germany.

Stockholm-based Electrolux said its net profit for the quarter rose to 492 million kronor (53.6 million euros; $73.1 million), or 1.76 kronor (0.19 euros; $0.26) per share, compared with 232 million kronor, or 0.79 kronor per share in 2006.

Last year's earnings were affected by the closure of the company's plant in Nuremberg, Germany, which caused its workers to go on strike. When adjusted for the plant closure, net profit rose 30.5%, Electrolux said.

Sales were up 1.5% at 24.9 billion kronor (2.7 billion euros; $3.7 billion), but were weighed down by weaker exchange rates as the Swedish krona strengthened against the U.S. dollar. In comparable currencies, sales grew 7.5%, the company said.

The company reiterated its market outlook that demand for appliances will continue to grow in Europe but decline in North America.