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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Electrolux AB    ELUX B   SE0000103814

ELECTROLUX AB

(ELUX B)
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Electrolux raises market outlook after profit beats forecasts

10/23/2020 | 04:14am EST
FILE PHOTO:  Interiors of Electrolux R&D facility are pictured at their plant in Pordenone

STOCKHOLM (Reuters) - A pick-up in demand for fridges and washing machines among housebound consumers during the pandemic helped Electrolux beat profit forecasts on Friday and post its highest quarterly margin ever.

The Swedish home appliance maker, whose rivals include Whirlpool, LG Electronics and Samsung Electronics, suffered early on in the coronavirus crisis, as lockdowns in several large markets caused a sharp drop in demand and hit production.

But it has since seen a strong rebound and is increasingly confident about the market's prospects.

"Sales also benefited from consumers spending more time at home, using their appliances more intensively and allocating more of their household budgets to home improvement," CEO Jonas Samuelson said in a statement.

The firm said on Sept. 25 it had seen a substantial earnings recovery in the third quarter and was reinstating dividends.

But JP Morgan questioned how long the "goldilocks" environment of strong demand, limited supply, falling input costs and strong pricing could last.

"This is a true one-off quarter in terms of industry dynamics," the investment bank said in a note. "To what degree the industry can hold on to the favourable pricing and for how long is the key question."

Electrolux shares, which had gained 9% this year through Thursday and have doubled from lows in March, were up 0.4% at 0742 GMT.

The firm upped its full-year market outlook and now expects demand for appliances in Europe to be "slightly positive" this year, "slightly positive to positive" in North America, and "positive" in Latin America.

It had previously forecast negative demand overall. In the Asia-Pacific, Middle East and Africa it still expects a fall in demand.

The maker of brands such as Frigidaire, Zanussi and Anova said operating earnings rose to 3.22 billion Swedish crowns (281 million pounds) from 1.06 billion, beating the 2.44 billion expected by analysts, Refinitiv Eikon data showed.

Net sales rose to 32.0 billion crowns, with organic sales increasing by 15.2%, versus 30.9 billion expected by analysts. Operating margin rose to 10.1%, the highest ever quarterly margin for the firm.

Whirlpool on Wednesday forecast a smaller drop in sales for the year and reinstated earnings targets after posting better-than-expected quarterly profit, as robust demand for home appliances helped it navigate the coronavirus crisis.

(Reporting by Helena Soderpalm and Johannes Hellstrom; Editing by Jason Neely and Alex Richardson)

By Helena Soderpalm and Johannes Hellstrom


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.42% 502.09 Delayed Quote.-7.38%
ELECTROLUX AB -0.54% 203.5 Delayed Quote.-11.09%
LG CORP. 1.71% 77200 End-of-day quote.4.61%
LG ELECTRONICS INC. -0.67% 88600 End-of-day quote.22.88%
S&P AFRICA 40 INDEX 0.45% 162.3 Delayed Quote.-6.82%
SAMSUNG ELECTRONICS CO., LTD. 0.30% 67700 End-of-day quote.21.33%
WHIRLPOOL 0.78% 200.22 Delayed Quote.35.71%
WHIRLPOOL S.A. -0.67% 7.45 End-of-day quote.-27.32%
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Financials
Sales 2020 114 B 13 347 M 13 347 M
Net income 2020 4 736 M 555 M 555 M
Net Debt 2020 5 727 M 672 M 672 M
P/E ratio 2020 12,9x
Yield 2020 3,86%
Capitalization 58 741 M 6 854 M 6 887 M
EV / Sales 2020 0,57x
EV / Sales 2021 0,57x
Nbr of Employees 49 000
Free-Float 76,6%
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Technical analysis trends ELECTROLUX AB
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TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 220,11 SEK
Last Close Price 204,40 SEK
Spread / Highest target 22,3%
Spread / Average Target 7,69%
Spread / Lowest Target -24,2%
EPS Revisions
Managers
NameTitle
Jonas Samuelson President, Chief Executive Officer & Director
Staffan Bohman Chairman
Carsten Franke Chief Operations Officer & Executive VP
Therese Friberg Chief Financial Officer
J. P. Iversen Chief Information Officer
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