By Christina Zander

STOCKHOLM--Electrolux Chief Executive Officer Keith McLoughlin said falling raw material prices will not prevent the company from hiking prices to compensate for currency movements in 2015.

Electrolux said Wednesday it expects lower raw material costs to add 500 million Swedish kronor ($60.6 million) to the company's profits in 2015, up from a previous estimate of SEK250 million in November.

Mr. McLoughlin said that while falling oil and steel prices, might make it more difficult to raise prices in markets that are not affected by currency swings, he does not expect this to be the case in Latin America and Russia where a strong dollar and a rapidly depreciating ruble have put pressure on prices.

"They will not like it, but they will understand," he said in an interview with The Wall Street Journal.

The company, which exports goods from the U.S to Latin America and from Europe to Russia, said Wednesday that changes in exchange rates shaved SEK128 million from its fourth quarter profit as the dollar strengthened against several local currencies in Latin America. This was lower than the SEK150 million to SEK300 million that Electrolux had guided for as the company managed to raise prices in Latin America despite falling demand in the region.

Electrolux Wednesday reported a net profit for the three months ended Dec. 31, 2014 of SEK970 million, compared with a net loss of SEK987 million in the same period a year earlier. Sales rose 9% to SEK31.4 billion. Operating profit was SEK1.40 billion, compared with an operating loss of SEK1.2 billion in the fourth quarter of 2013.

Write to Christina Zander at christina.zander@wsj.com