(Reuters) - Home appliance maker Electrolux posted a better-than-expected operating profit for the final quarter of 2024 on Thursday, boosted by an improvement in its troubled U.S. operations. The
Electrolux Surpasses Profit Expectations Due to North American Growth
(Reuters) - Home appliance maker Electrolux posted a better-than-expected operating profit for the final quarter of 2024 on Thursday, boosted by an improvement in its troubled U.S. operations.
The Swedish group reported an operating profit excluding non-recurring items at 1.25 billion Swedish crowns ($113.6 million) for the fourth quarter, versus 1.22 billion crowns expected by analysts on average, an LSEG poll showed.
"In North America good momentum from our new products and improved productivity contributed to an improvement in operating income," CEO Yannick Fierling said in a statement.
However, Electrolux said it would not pay out a dividend for 2024, marking a third year in a row with no return to shareholders.
Intense competition from China's Midea and other lower-priced home appliance makers coupled with high inflation, which has left consumers cautious about spending, had squeezed Electrolux's earnings earlier in 2024.
($1 = 11.0038 Swedish crowns)
(Reporting by Boleslaw Lasocki in Gdansk; Editing by Milla Nissi)
