Electrolux Group Expects Lesser Sales For Q4

(RTTNews) - Appliance company, AB Electrolux (publ) (ELUXY.PK) announced on Friday that it expects fourth-quarter net sales to be lesser than last year, primarily due to weak demand, increased price pressure, and transitioning of a new Springfield factory in North America.

The company said that it expects the net sales to stand at SEK 35.6 billion, down 1% from last year.

Further, the company stated that earnings for the period will be negatively affected by a write-down of U.S. tax credits of approximately SEK 1.2 billion.

For the fourth quarter, the Sweden-based company projects an operating loss of around SEK 0.7 billion and an underlying loss of around SEK 1.4 billion in the North American region.

Currently, Electrolux's stock is sliding 4.94 percent, to $19.07 from previous close of $20.06 on the Other OTC.