April 25, 2013 / 6:05 AM / 5 years ago

Electrolux Q1 falls more than expected, sees tough Europe

STOCKHOLM, April 25 (Reuters) - Home appliances maker Electrolux reported a fall in core operating profit for the first quarter that was bigger than expected and said conditions in the crisis-hit European market would remain tough.

The Swedish company, second only to U.S. rival Whirlpool in size, reported core operating earnings, stripping out one-off items, of 720 million Swedish crowns ($108.60 million). That was down from the comparable 907 million in the same period of 2012, and below the average forecast in a Reuters poll of 873 million.

“ ... we believe that 2013 will continue to be a challenging year for all our operations in Europe, due to the negative macro environment resulting in falling demand of domestic and professional appliances,” chief executive Keith McLoughlin said in a statement.

He was more upbeat about the North American market, seeing demand for appliances rising 3 to 5 percent in 2013.

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