STOCKHOLM - Electrolux Group has reported a challenging fourth quarter, with operating losses reaching SEK -0.7 billion, and its North America division experiencing a significant downturn, posting a loss of SEK -1.4 billion ($1 = SEK10.29). The company's net sales for the quarter stood at approximately SEK 35.6 billion, marking an organic decrease of roughly -1%. The total operating income for the period was negative, at SEK -3.2 billion, which includes substantial non-recurring charges close to SEK -2.5 billion. Despite these difficulties, Electrolux anticipates that efficiency and volume outputs at the Springfield plant will return to normal by the end of 2024. Looking ahead, Electrolux is optimistic about its financial health, forecasting an operating cash flow after investments of around SEK 3 billion for the full year.

Source: The North Africa Journal January 13, 2024 05:35 UTC