August 15, 2022

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UPDATE 3-Electrolux sees increase from stay-at-property pattern by 1st 50 % of 2021

2 min read

* Q4 functioning profit 2.5 bln SEK vs consensus 2.3 bln

* Sees increased demand from customers yr/yr across marketplaces in H1 2021

* Expects to pass on higher uncooked content costs to prospects

* Sees increased total costs in 2021

* Sees bigger revenue in 2021 vs 2020 (Provides information, background, CEO comment, shares)

STOCKHOLM, Feb 2 (Reuters) – Europe’s greatest house appliances maker Electrolux expects unusually solid demand from customers to go on in the coming months right after the continue to be-at-household development through the pandemic boosted revenue in the second fifty percent of 2020.

The Swedish team noted on Tuesday a bigger than envisioned increase in fourth-quarter earnings and proposed lifting its dividend.

“Sales ongoing to advantage from customers allocating a lot more of their household budgets to house improvement and we also executed well on price tag and combine,” Chief Govt Jonas Samuelson reported in a assertion.

Operating income landed at 2.50 billion crowns ($297 million) towards a year-earlier 960 million and a forecast 2.34 billion in Refinitiv poll of analysts.

“For the first 50 % of 2021 we foresee that the strong customer demand from customers from increased home-advancement investing skilled all through the second 50 percent of 2020 will continue to be to some extent,” the organization mentioned.

That, put together with small inventories at stores, meant desire would be bigger than in the to start with 50 % of 2020, Electrolux mentioned, incorporating even so that ability and element availability would likely continue to be constraining factors.

Samuelson stated that though desire could normalise in the 2nd 50 percent of the yr, group profits were possible to rise from 2020. “We expect development in the total calendar year 2021 in phrases of quantity, cost and product or service blend,” he advised Reuters.

U.S. rival Whirlpool past 7 days also forecast larger sales this yr.

Electrolux stated it anticipated to pass on climbing metallic costs to shoppers in 2021 – but better prices for logistics, ongoing plant efficiency enhancements and internet marketing would in all probability imply better internet costs in the year.

The group’s shares, which have risen 10% in the previous 12 months, were minimal changed on the day by 1130 GMT.

The team, which in March spun off its unit Electrolux Professional, proposed a dividend of 8 crowns for each share for 2020, up from 7 crowns for 2019 and in line with anticipations.

$1 = 8.4174 Swedish crowns Reporting by Anna Ringstrom editing by Johannes Hellstrom, Simon Johnson and Susan Fenton

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