Electrolux Pushed to Loss by Failed GE Deal Costs
January 28 2016 - 2:58AM
Dow Jones News
By Christina Zander
STOCKHOLM--Swedish household appliance maker Electrolux AB
(ELUX-B.SK) said Thursday that it swung to a fourth-quarter loss
after booking costs related to a failed attempt to buy General
Electric Co.'s (GE) appliance business.
Europe's largest appliance maker by sales posted a net loss for
the three months to Dec. 31 of 393 million Swedish kronor ($46.2
million), compared with a net profit of SEK970 million kronor in
the same period last year, due to charges of SEK1.66 billion
related to the failed GE Appliances acquisition. Analysts polled by
FactSet expected a net loss of SEK483 million.
Sales in the quarter were SEK31.79 billion, up from SEK31.40
billion, while it posted an operating loss of SEK202 million,
compared with a profit of SEK1.40 billion in the same period last
year.
The board proposed a dividend of SEK6.50 a share, unchanged from
2014.
The company's shares closed at SEK180 on Wednesday.
Write to Christina Zander at christina.zander@wsj.com
(END) Dow Jones Newswires
January 28, 2016 02:43 ET (07:43 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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