ICS Magazine

Electrolux second quarter profits decline

August 1, 2001
STOCKHOLM, Sweden -- Electrolux recently reported a 23% drop in second-quarter profit and lowered projections for the rest of the year.

The home appliance maker had net income of $109 million in the three months that ended June 30. Sales rose to $3.53 billion. Operating profit fell to $192 million.

The company, which makes refrigerators, vacuum cleaners and lawn mowers, blamed lower industry shipments in the United States of indoor and outdoor products and said demand in Europe showed signs of slowing.

Net profit for the first half declined by 17% to $210 million.

The Stockholm-based company sells about 55 million products annually in more than 150 countries.