Electrolux Q2 raises U.S. outlook after Q2 meets forecasts
STOCKHOLM, July 19
STOCKHOLM, July 19 (Reuters) - Home appliances maker Electrolux raised its outlook for demand for appliances in the United States for 2013 as it reported a core operating profit for the second quarter right in line with expectations.
The Swedish company, second only to U.S. rival Whirlpool in size, reported core operating earnings, stripping out one-off items, of 1.04 billion Swedish crowns ($158 million). That was down from the comparable 1.11 billion in the same period of 2012 and in line with an average forecast in a Reuters poll.
"Rising appliance consumption in North America is largely due to the strengthening of the housing market and this development is expected to continue," Chief Executive Keith McLoughlin said in a statement.
"As a result, we now believe that demand for appliances in the U.S. will increase by 5-7% in 2013."
He added that while 2013 would remain a challenging year for crisis-hit Europe, he expected the situation to gradually improve in the second half of the year. ($1 = 6.5988 Swedish crowns) (Reporting by Mia Shanley)