Electrolux Shares Rise on U.S. Shipments Data: Stockholm MoverKatarina Gustafsson
Electrolux AB, the world’s second-largest maker of home appliances, reached its highest level in more than two years in Stockholm trading after U.S. shipments of refrigerators, freezers and washers surged last month.
The Swedish maker of Frigidaire appliances advanced as much as 3.5 percent to 185.90 kronor, its highest intraday price since Jan. 31, 2011. The shares were up 3.1 percent at 185.20 kronor as of 11:35 a.m.
April deliveries of major home appliances in the U.S. rose 9.2 percent from a year earlier, according to the Association of Home Appliance Manufacturers. The data covers washers, dryers, dishwashers, refrigerators, freezers, ranges and ovens. JP Morgan Chase & Co. said in a note that the figure surprised on the upside.
In April, Electrolux raised its 2013 demand forecast for North America, which last year generated 28 percent of its revenue. “The outcome is good and supports Electrolux’s guidance for 2013 volume growth in North America of 3-5%,” Nordea Bank AB said in a note.