July 18, 2019 / 6:27 AM / 5 months ago

Electrolux sees lower hit from raw materials and trade tariffs this year

STOCKHOLM, July 18 (Reuters) - Swedish home appliance maker Electrolux on Thursday said that it had been able to offset headwinds from raw materials, trade tariffs and currency with price hikes as it reported quarterly operating earnings in line with market expectations.

The company also said it expected a smaller than earlier expected hit from raw materials, trade tariffs and currency this year, forecasting a negative impact of 1.4-1.6 billion crowns compared to its previous forecast for 1.7-1.9 billion.

Operating earnings at the owner of brands such as Electrolux, Frigidaire, AEG and Anova, rose to 1.62 billion Swedish crowns from 827 million a year earlier, roughly matching the mean forecast of 1.60 billion crowns ($171.08 million) in a poll of analysts based on Refinitiv data.

Earnings in the year-ago quarter were 1.65 billion when adjusting for non-recurring items. ($1 = 9.3525 Swedish crowns) (Reporting by Johannes Hellstrom, editing by Helena Soderpalm)

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