(RTTNews) - Swedish home appliances giant Electrolux AB (0MDT.L, 0GQ1.L, ELUXY.PK) reported Friday that its fourth-quarter income plunged to 596 million Swedish kronor from 1.86 billion kronor last year. Earnings per share were 2.09 kronor, down from 6.47 kronor a year ago.
Operating income fell to 882 million kronor from prior year's 2.50 billion kronor. Operating margin was 2.5 percent, lower than 7.4 percent a year ago.
In the fourth quarter, net sales amounted to 35.37 billion kronor, higher than prior year's 33.90 billion kronor.
Further, the Board proposed a dividend for 2021 of 9.20 kronor per share, higher than 8 kronor per share last year, to be paid in two equal installments.
The Board intends to initiate a new share buyback program after the AGM 2022 for an amount of approximately 2.5 billion kronor.
Looking ahead to fiscal 2022, the company said it assesses market demand in terms of value to increase in all regions. However, compared to strong 2021 levels the company does not expect demand growth in terms of units in all regions.
Meanwhile, Electrolux expects demand levels to be above pre-pandemic levels, as people are likely to continue to invest in their homes.
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