Electrolux raises market outlook after profit beats forecasts

A pick-up in demand for fridges and washing machines amongst housebound buyers throughout the pandemic helped Electrolux beat earnings forecasts on Friday and submit its easiest quarterly margin ever.

The Swedish domestic equipment maker, whose competitors encompass Whirlpool, LG Electronics and Samsung Electronics, suffered early on in the coronavirus crisis, as lockdowns in various massive markets precipitated a sharp drop in demand and hit production.

“Sales additionally benefited from shoppers spending extra time at home, the usage of their home equipment extra intensively and allocating extra of their family budgets to domestic improvement,” CEO Jonas Samuelson stated in a statement.

The maker of manufacturers such as Frigidaire, Zanussi and Anova stated running revenue rose to 3.22 billion Swedish crowns ($367 million) from 1.06 billion, beating the 2.44 billion predicted by using analysts, Refinitiv Eikon records showed.

Net income rose to 32.0 billion crowns, with natural income growing by way of 15.2%, versus 30.9 billion predicted by way of analysts. Operating margin rose to 10.1%, the best ever quarterly margin for the firm.

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