Swedish home appliances giant Electrolux AB (0MDT.L,0GQ1.L,ELUXY.PK) reported Friday that its first-quarter income declined 39 percent to 950 million Swedish kronor from last year's 1.56 billion kronor.
Earnings per share were 3.40 kronor, 37 percent lower than 5.41 kronor a year ago.
Operating income declined 31 percent to 1.58 billion kronor, and operating margin fell to 5.2% from 7.9% in the prior year.
Net sales, however, increased to 30.12 billion kronor from last year's 29.03 billion kronor. Organic sales declined 3.4% due to lower volumes compared to a strong last year, partially offset by strong price execution.
Looking ahead for the full year, the company said it remains confident that price will fully offset cost inflation, as it has done for the past four years.
Further, the company revised regional market demand outlook for the 2022 full year in North America, mainly driven by supply constraints, and in Europe, due to lower consumer confidence. However, the company still expects demand in these regions to be above pre-pandemic levels.
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