Electrolux Q4 hit by Europe weakness, eyes U.S. growth this year
STOCKHOLM Feb 1 (Reuters) - Home appliances maker Electrolux reported a smaller-than-expected rise in core operating profit for the fourth quarter after being hit by falling European sales and hoped North America and emerging markets would help it this year.
The Swedish company, second only to U.S. rival Whirlpool in size, reported core operating earnings, stripping out one-off items, of 1.6 billion Swedish crowns. That was up from the comparable 1.4 billion in the same period of 2011 but just below the average forecast in a Reuters poll of 1.7 billion.
"We expect that the weak market in Europe will probably be offset by growth in North America and the emerging markets (in 2013)," chief executive Keith McLoughlin said in a statement.
Whirlpool on Thursday reported a higher-than-expected quarterly profit and gave a strong outlook for 2013.
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