Electrolux sees improving environment
Electrolux reported that sales in North America were $1.2 billion, a 12% increase from the first quarter of last year.
“We are seeing evidence that the recovery in the housing market is finally generating increased consumption of appliances,” said president and CEO Keith McLoughlin. “As such, our view is that demand for appliances could increase with 3% to 5% in 2013.”
The company had previously forecast a 1% to 2% increase for the year.
Profit increased 3.6 times to $71 million, or an increase of 262%, over the prior year.
The company’s performance was primarily driven by higher sales volume of core appliances, room air conditioners and consumable products. Additionally, consumers are now purchasing more high-end products yielding a positive product mix.