Unexpected Profit at Electrolux & Assa Abloy
Electrolux posted an unexpected first quarter profit Wednesday. But, the world’s second biggest maker of home appliances says it expects demand for its products to continue to decline this year.
The company’s profit before interest and taxes was 4.36 million dollars, compared to a slightly larger loss during the same period last year.
There was also a surprise rise in operating income at Assa Abloy, the world’s biggest lock maker.
The company reported Wednesday that first quarter earnings rose to 156 million dollars, slightly up from a year ago, and exceeding expectations. Shares in Assa Abloy rose more than 11 percent on the news.