(RTTNews) – Swedish home appliances giant Electrolux AB (0MDT.L, 0GQ1.L, ELUXY.PK) reported Wednesday that its first-quarter income declined 38 percent to 1.56 billion Swedish kronor from last year’s 2.51 billion kronor. Earnings per share were 5.41 kronor, down from 8.73 kronor a year ago.
The prior year’s results included a settlement gain from the distribution of Electrolux Professional of 2.38 billion kronor.
On a continuing operations basis, the prior year’s loss was 86 million kronor or 0.30 krona per share.
Operating income climbed to 2.30 billion kronor from last year’s 122 million kronor. Operating margin was 7.9 percent, up from 0.5 percent last year. The organic sales growth contribution was the key driver.
The company reported significant sales and earnings improvements across all business areas.
Net sales increased to 29.03 billion kronor from 26.58 billion kronor from last year. Organic sales growth was 22.8 percent, driven by significant volume growth and higher prices as well as product mix improvements.
In general, market demand continued to be strong.