April 26, 2019 / 6:11 AM / a month ago

Electrolux lowers 2019 cost guidance after Q1 profit beat

STOCKHOLM, April 26 (Reuters) - Swedish home appliance maker Electrolux cut its full-year cost guidance after reporting first-quarter earnings above market expectations as price hikes and improved product mix helped mitigate tariff and currency headwinds.

Operating earnings at the owner of brands such as Electrolux, Frigidaire, AEG and Anova fell to 1.30 billion crowns ($136.42 million) from 1.36 billion a year ago, but came in ahead of the 1.24 billion forecast in a poll of analysts.

The group estimated the negative impact from raw materials, tariffs and currency would be 1.7 billion to 1.9 billion in 2019, a smaller hit compared to a previous estimate of a 2 billion to 2.4 billion. ($1 = 9.5297 Swedish crowns) (Reporting by Esha Vaish; editing by Niklas Pollard)

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