STOCKHOLM (Reuters) – Electrolux on Friday reported a smaller-than-expected decline in first-quarter operating profit, but said limited visibility for the rest of the year due to geopolitical tensions, the inflation, supply chain issues and the pandemic.
The operating profit of Europe’s largest home appliance maker was 1.58 billion Swedish crowns (153.19 million euros) compared to 2.30 billion last year.
Analysts polled by Refinitiv on average expected an operating profit of 962 million crowns.
Electrolux downgraded its outlook for Europe to “negative” from “neutral” due to declining consumer confidence, and for North America to “neutral” from “positive” due to constraints on its supply chain.
The group said it resumed limited sales and production in Ukraine in the second half of April, after suspending operations in Russia, Belarus and Ukraine at the start of Moscow’s invasion of the latter.
(Reporting by Anna Ringstrom; French version Dina Kartit, editing by Kate Entringer)
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