Electrolux Falls After U.S. Appliance Figures: Stockholm Mover
Electrolux AB (ELUXB), the world’s second- largest appliance maker, fell the most in four months in Stockholm trading after U.S. shipments of refrigerators, freezers and washers rose less than expected last month.
The Swedish manufacturer of Frigidaire appliances declined as much as 8.1 kronor, or 4.7 percent, to 166 kronor, and was trading at 167.50 kronor as of 10:40 a.m. local time, valuing the Stockholm-based company at 51.8 billion kronor ($7.9 billion.)
August deliveries of major home appliances rose 0.8 percent from a year earlier in North America as measured by the key AHAM-6 indicator, according to the Association of Home Appliance Manufacturers. The figure covers shipments of washers, dryers, dishwashers, refrigerators, freezers and cooking appliances. Swedbank AB (SWEDA) had estimated shipments to rise 6 percent after an increase of 1.1 percent in July.
Electrolux, whose biggest competitor is Benton Harbor, Michigan-based Whirlpool Corp. (WHR), has gained 53 percent this year after pushing through price increases in North America and Europe, making it the best-performing stock in the period on the OMX Stockholm 30 Index (OMX), which is up 12 percent.
Electrolux Chief Executive Officer Keith McLoughlin yesterday reiterated July forecasts that Europe’s wider appliance market may shrink by as much as 2 percent this year and that demand in North America is set to be somewhere between unchanged and 2 percent growth.
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