17231 Mon, 10/26/2009 - 12:43pm
STOCKHOLM, Sweden–Net income for Electrolux in the third quarter reached $223.9 million, up 93 percent from the third quarter of 2008.
“Cost savings, maintained prices and lower costs for raw materials contributed strongly to the improvement in income,” the company said in a statement. Net sales dropped 3 percent in the quarter to $3.8 billion. However, Electrolux did benefit from previous price increases, lower costs for raw materials and “low levels of marketing investments,” the company said.
In the United States, Electrolux posted a 5.8 percent boost in net sales in the quarter, to $1.2 billion, and reported a 130 percent jump in operating income, which reached $96.8 million. Hans Stråberg, president and chief executive officer, cited the “very successful” launch of the Electrolux brand of premium appliances and the relaunch of Frigidaire in the medium-price segment as key to the strong performance in the U.S.