Electrolux Below Expectations

Swedish white goods maker Electrolux reported earnings below expectations Tuesday, but stuck to its full-year outlook.

The world’s second largest manufacturer of home appliances says its strong balance sheet will allow it to pay dividends to shareholders. Electrolux reported a pretax profit of just under 104 million dollars.

The group says its European results were lower in the first half due to a clearance of inventory related to new EU rules on hazardous materials. North American sales are up, and margins stable.

Japan’s Sharp Corporation announced on Tuesday it will co-develop small and medium-sized refrigerators with Electrolux, as part of their business alliance.