Electrolux Net Plummets 50 Percent in First Quarter
April 27, 2011,
STOCKHOLM-First quarter net income for Electrolux totaled $70.4 million, about 50 percent down from the company's net from last year's first quarter, according to a preliminary statement on the period.
Net sales for the quarter, which ended on March 31, declined 7 percent to $3.6 billion. Keith McLoughlin, president and CEO, said Electrolux's profitability in North America was hurt by rising raw materials costs and pressure on prices. "Our ambition is to gradually compensate for the increase in costs through price increases, improvements in product mix and cost savings," McLoughlin said.
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