Electrolux & Saab First Quarter Results
Stockholm based Electrolux , the world’s biggest maker of household appliances, said earnings dropped 5.5 percent in the first quarter, partly due to a six week strike by workers at a plant in Germany.
It also announced it was closing another plant in Sweden as it continues to move production to low-cost countries. Sales grew 14%, slightly higher than analysts forecasts.
Meanwhile, Swedish defense and aerospace company Saab’s first-quarter net profit nearly doubled, boosted by the sale of measurement technology subsidiary Saab Metech. Sales rose 13%.
Saab said the Austrian army ordered mobile training systems and equipment for training in urban environments, while the Swedish military ordered equipment to modernise the command and control systems on two of its submarines.
Saab is also participating as a risk-sharing partner with the Boeing 787 airliner, which the company said led to significant orders for its aeronautics business during the quarter.