* Q4 core EBIT 1.22 bln SEK vs forecast 1.33 bln
* Core profit boosted by 133 mln SEK one-off gain
* Sees demand growing in Europe in 2014
* Would be first annual growth in Europe since 2010
STOCKHOLM, Jan 31 Electrolux expects
its European market to rack up a year of growing demand for the
first time in three years in 2014, the company said on Friday
after posting a bigger than expected fall in quarterly earnings.
The Swedish home appliances maker, second only to market
leader Whirlpool in size, also stuck by a forecast for
demand in North America to grow 4 percent in the coming
quarters, while it suffers a slump in a Brazilian market hit by
recent currency turmoil.
Electrolux, which also sells under brands such as AEG,
Frigidaire and Zanussi, has cut costs and shifted production to
emerging markets in recent years in the face of lacklustre
European demand and fierce price competition in Asia.
In the face of fierce currency headwinds, fourth-quarter
operating earnings excluding one-off charges fell to 1.22
billion crowns ($187 million) from 1.59 billion crowns last
year, short of a concensus forecast of 1.33 billion crowns in a
Reuters poll of analysts.
The outcome was also boosted by a 133 million crown
accounting gain in its North American business, which had not
been included in analysts' forecasts.
While European demand may now look set to move out of the
doldrums, sales in the United States are gathering pace, with
shipments there of the main categories of white goods rising
nearly 10 percent last year across the industry.
"We foresee lower demand in Brazil over the next few
quarters, although our fundamental view of the market is
unchanged and we expect demand to pick up again," ," Chief
Executive Keith McLoughlin said.