Cleaning & Restoration Breaking News

Electrolux 3Q Profit Decreases

October 23, 2002
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STOCKHOLM, Sweden – Oct. 22 --(AP) - Swedish appliance maker Electrolux on Tuesday posted a 36 percent drop in third quarter net profit and predicted market demand in Europe and North America would be flat or slightly lower for the rest of the year.

Third-quarter net profit was 1.24 billion kronor ($133 million), compared with 1.93 billion kronor in 2001.

Sales in the three-month period ended Sept. 30 fell 3.2 percent to 31.8 billion kronor ($3.4 billion) from 32.8 billion kronor in 2001.

The Stockholm-based company, which makes refrigerators, vacuum cleaners and lawn mowers, expects demand in Europe and North America would be "flat or slightly down" for the rest of the year, Chief Executive Hans Straaberg said. In the second quarter report, Straaberg had said demand would be flat for the remaining part of the year.

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