Swedish household appliance manufacturer Electrolux beat analysts' expectations with its first quarter results, although positive exchange rates were a large factor in that success. The company's profits however dropped.
Small yearly growth anticipated
While turnover grew 13.5 % to 29.1 billion krona (3.1 billion euro), without exchange rate fluctuations there would have been a 0.5 % turnover drop. Over the first three months of 2015, Electrolux managed a 339 million krona (36 million euro) net profit, down from 431 million krona (46 million euro) one year ago. Its operational profit dropped 29 % to 516 million krona (55 million euro), but Electrolux still managed to outperform analysts' expectations of a 336 million krona operational profit.
Electrolux expects a 2 % European turnover increase for the full year, while its North American turnover should grow some 3 %.