Highlights of the third quarter of 2020.
Net sales amounted to
Record high operating income of
Significant market recovery driven mainly by pent-up demand and government stimulus programs.
Income for the period amounted to
Operating cash flow after investments was
The Board proposes to reinstate a dividend for 2019 of
President and CEO
In the third quarter Electrolux reported record earnings of
The strong demand in the quarter was to a significant extent a recovery of the very low market volumes in March-May due to store closures and restrictions on movement. Demand was further enhanced by stimulus programs, more than compensating for the weaker economy caused by the pandemic. Due to pandemic restrictions during the first half of the year, we entered the quarter with unusually low inventory levels, which have remained during the quarter despite high production levels, somewhat impacting our ability to meet the strong demand across all regions.
Sales also benefitted from consumers spending more time at home, using their appliances more intensively and allocating more of their household budgets to home improvement. This in combination with our relentless focus on consumer experience innovation has continued to improve demand for our more highly featured products, driving favorable product mix.
One great experience innovation example is the Frigidaire Gallery AirFry cooker that recently received the 2020 innovation award at
The Board of Directors proposed to reinstate a dividend for the fiscal year 2019 based on the recovery in earnings and cash flow. The proposed dividend of
Looking into the fourth quarter, visibility remains limited as demand may be impacted by several factors, especially as the pandemic is still very much present. However, we currently anticipate that consumer demand and thus financial performance will normalize gradually going forward. Considering this and the catch-up effect during the third quarter, we are revising our market outlook for the full-year 2020 upwards. We anticipate market demand for appliances in
I am very proud of how we as an organization successfully have navigated in these challenging times. My colleagues around the world has done a great job in executing on our strategy. That is why I am confident that Electrolux remains well positioned to create value.
Telephone conference 09.00 CET
A telephone conference is held at 09.00 CET today,
Details for participation by telephone are as follows:
Participants in
Participants in
Participants in US: +1 631 9131 422
Pin code: 36830556#
Slide presentation for download:
www.electroluxgroup.com/ir
Link to webcast:
https://edge.media-server.com/mmc/p/yv4vxegt
For further information, please contact:
Sophie Arnius, Head of Investor Relations +46 70 590 80 72
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