February 8, 2023

eatcilantrothaikitchen

Home living innovation

UPDATE 3-Electrolux sees enhance from stay-at-home pattern via very first 50 percent of 2021

* Q4 operating revenue 2.5 bln SEK vs consensus 2.3 bln

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

* Expects to go on larger raw material prices to consumers

* Sees greater complete expenditures in 2021

* Sees larger revenue in 2021 vs 2020 (Provides information, track record, CEO comment, shares)

STOCKHOLM, Feb 2 (Reuters) – Europe’s greatest home appliances maker Electrolux expects unusually solid need to continue in the coming months right after the stay-at-dwelling craze all through the pandemic boosted sales in the 2nd 50 percent of 2020.

The Swedish team described on Tuesday a larger than anticipated increase in fourth-quarter financial gain and proposed lifting its dividend.

“Sales ongoing to reward from shoppers allocating additional of their family budgets to house advancement and we also executed properly on cost and combine,” Chief Govt Jonas Samuelson mentioned in a assertion.

Working gain landed at 2.50 billion crowns ($297 million) against a year-previously 960 million and a forecast 2.34 billion in Refinitiv poll of analysts.

“For the first 50 percent of 2021 we foresee that the potent shopper need from increased residence-advancement shelling out skilled through the next half of 2020 will remain to some extent,” the enterprise stated.

That, mixed with lower inventories at suppliers, meant demand would be better than in the initial 50 percent of 2020, Electrolux mentioned, adding on the other hand that potential and component availability would probable stay constraining variables.

Samuelson mentioned that whilst desire may perhaps normalise in the next 50 percent of the year, group product sales have been probable to increase from 2020. “We count on progress in the whole 12 months 2021 in conditions of quantity, selling price and products blend,” he explained to Reuters.

U.S. rival Whirlpool final 7 days also forecast bigger revenue this yr.

Electrolux stated it anticipated to pass on mounting steel selling prices to customers in 2021 – but larger charges for logistics, ongoing plant performance enhancements and advertising would likely imply larger internet costs in the yr.

The group’s shares, which have risen 10% in the past 12 months, ended up very little modified on the day by 1130 GMT.

The group, which in March spun off its device Electrolux Qualified, 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