Electrolux AB (OTCPK:ELRXF)

$ 7.42 0 (0%) Market Cap: 2.37 Bil Enterprise Value: 4.92 Bil PE Ratio: 0 PB Ratio: 3.07 GF Score: 71/100

Q2 2022 Electrolux AB Earnings Call Transcript

Jul 21, 2022 / 07:00AM GMT

Release Date Price: $13.04

Transcript

Jonas Samuelson;publ;President

AB Electrolux;CEO & Director

()- -

Good morning, and a warm welcome to Electrolux Second Quarter 2022 Results Presentation. My name is Jonas Samuelson. And with me, I have our CFO, Therese Friberg; and our Head of Investor Relations, Sophie Arnius.

Before starting, I'd like to mention that this session is recorded and will be available on our website as an on-demand version.

Let's look at our performance in the second quarter of 2022. Organic sales were flat, with an operating income of SEK 0.6 billion or 1.7% of net sales. Like in the first quarter, we faced significant supply chain challenges in Q2. The irregular deliveries of multiple components, mainly electronics, continued to substantially lower our volumes, caused severe production inefficiencies and high costs for airfreight and spot buy. In North America, labor shortages and a faulty critical component issue further aggravated the situation, and the business area made a loss in the quarter. The decline in market demand, compared to a strong quarter last

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