Connect with us

Technology

Electrolux Group Interim report Q2 2024

Published

on

STOCKHOLM, July 19, 2024 /PRNewswire/ — 

Highlights of the second quarter of 2024

Net sales amounted to SEK 33,819m (32,653). Organic sales increased by 6.8% driven by higher volumes in all business areas while price was negative. Despite challenging market conditions, mix improved supported by the new modularized platforms and attractive product offering.Operating income amounted to SEK 419m (-124), corresponding to a margin of 1.2% (-0.4). Excluding non-recurring items, earnings were SEK 519m in the second quarter 2023. Higher volumes and improved mix partly offset negative price. Cost efficiency contributed SEK 0.3bn to earnings.Group operating income improved by more than SEK 1bn compared to the first quarter 2024, with a significant reduction of the loss in North America.Latin America developed strongly with a high organic sales growth and a rolling 12-months operating margin of 7%.Continued weak market in Europe driven by built-in kitchen categories.Income for the period amounted to SEK -80m (-648) and earnings per share were SEK -0.30 (-2.40).Operating cash flow after investments was SEK 1,226m (3,137), with the second quarter 2024 reflecting a normal seasonal pattern.

President and CEO Jonas Samuelson’s comment

While consumer demand in our main markets remained mixed in the second quarter, our products were well received by consumers. We outperformed the market in Europe and North America and continued to drive a positive mix with quarterly sales growth of 7%, year-over-year. Operating profit improved sequentially by more than SEK 1bn in the second quarter and, with an EBIT of SEK 419m, we returned to profit for the Group. Operating cash flow was positive at SEK 1.2bn and liquidity remains strong.

Latin America continued to deliver strong results, with the rolling 12-month EBIT margin reaching 7% in the second quarter. Earnings in Europe, Asia-Pacific, Middle East and Africa declined with subdued consumer spending in Europe where market demand was predominantly replacement driven. The operating loss in North America was significantly reduced compared to the first quarter, and we are making good progress in our efforts to return to profitability. The ramp-up of production in the new cooking factory in Springfield continued as planned with improved production output and productivity in the quarter. I am very pleased with the reception of our products in the market. The cooking products produced in Springfield contributed to a record-high consumer star rating overall of 4.6 out of 5 in North America, with industry leading ratings in all key categories. Our ability to continue generating a positive mix, and stabilizing net price sequentially, in this challenging market environment shows that our focus to strengthen our position in the mid- and premium categories continues to be effective.

Market conditions in the second quarter remained similar to the most recent quarters, with the cumulative effect of high inflation and high interest rates continuing to weigh on consumer sentiment. The exception was Brazil, where the improved consumer sentiment supports demand. In general, inflation has been somewhat more sticky than anticipated, continuing to weigh on discretionary spend. This has slightly delayed the anticipated improvement in demand, particularly in Europe. Hence, we have revised the outlook for market demand in “Europe, Asia-Pacific” in full year 2024 from neutral to negative. In Europe, housing construction and kitchen remodeling remain at very subdued levels, while replacement market demand has stabilized, with high promotional intensity. Demand in North America has been stable year to date, supported by the aggressive pricing environment, despite weak housing markets.

Price was negative during the first half of 2024, with price pressure in North America reflecting the lower price levels established in late 2023, and high promotional activity in other markets. As previously communicated, we expect price to be negative for full year 2024, also impacting the second half negatively. However, we anticipate the promotional intensity in North America to continue to stabilize sequentially throughout the year.

We continue to execute on the cost-reduction activities with significant cost benefits expected to impact the second half of the year. Increased investments in marketing to capitalize on the momentum of our attractive product offering are yielding good returns and, as in the second quarter, we project to increase investments in Innovation and marketing in the second half of 2024. Ocean freight rates have increased recently, and taking this headwind from logistics costs into account, we are now targeting cost savings of approximately SEK 4bn in 2024, excluding investments in Innovation and marketing.

On the product side we are currently introducing a new smart laundry range aimed at improving clothing longevity and reducing the use of resources, where selected models have an energy rating above A – the highest energy class in the EU. This is one example of our actions toward meeting our new science-based targets for 2030, where an important part is to reduce scope 3 emissions by 42% between 2021 and 2030.

We are making progress on our strategic divestment initiatives of non-core assets, and as announced after closing of the second quarter, on July 18, 2024, we have agreed to divest the water heater business in South Africa for an enterprise value of approximately SEK 1.4bn. This is in line with our sharpened strategic focus on the mid- and premium segments, primarily under our main brands Electrolux, AEG and Frigidaire.

Looking ahead we aim to leverage further on the leaner and more simplified organization, continue to execute on our ambitious cost-reduction targets, and focus on our main brands to strengthen our position in selected mid- and premium categories as consumer demand in our main markets starts to recover. These are our key priorities to continue restoring margins and return to profitable growth.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, July 19. Jonas Samuelson, President and CEO, and Therese Friberg, CFO, will comment on the report.

To only listen to the telephone conference, use the link:

https://edge.media-server.com/mmc/p/qsfvkkvv

OR

To both listen to the telephone conference and ask questions, use the link:

https://register.vevent.com/register/BI519ec9bc3310495e962284e36dfe9e9f

Presentation material available for download

www.electroluxgroup.com/ir

This disclosure contains information that Electrolux Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 19-07-2024 08:00 CET.

For more information, please contact:
Maria Åkerhielm, Investor Relations, +46 70 796 3856
Electrolux Group Press Hotline, +46 8 657 65 07

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/electrolux-group/r/electrolux-group-interim-report-q2-2024,c4016708

The following files are available for download:

 

View original content:https://www.prnewswire.co.uk/news-releases/electrolux-group-interim-report-q2-2024-302201510.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Solid Joins Snowflake and Industry Leaders to Advance Open Standards for AI-Ready Semantic Context

Published

on

By

The Open Semantic Interchange (OSI) creates a universal semantic framework that enables AI agents, analytics platforms, and data systems to share trusted business context across the modern data ecosystem.

NEW YORK, July 13, 2026 /PRNewswire/ — Solid today announced it is joining the Open Semantic Interchange (OSI), an open source initiative that creates a universal specification for all companies to standardize their fragmented data definitions with an open, vendor-neutral semantic model specification. OSI aims to enhance interoperability across various tools and platforms, offering enterprises a vendor-neutral specification that provides consistent metrics and definitions across dashboards, notebooks, and machine learning models.

OSI is an open source initiative led by Snowflake, the AI Data Cloud company, and ecosystem partners across multiple domains and industries including business intelligence (BI), data governance, data engineering, AI, financial services, and manufacturing. Its goal is to create a common, vendor-agnostic specification that defines semantic metadata in a standard, open format. By facilitating seamless semantic metadata exchange, the initiative will accelerate the adoption of AI and BI tools to streamline operations and reduce complexity. This in turn allows organizations to unify their data definitions, leading to more comprehensive and accurate data analysis and data product sharing to fuel AI innovation.

By joining the Open Semantic Interchange, Solid is committed to the creation of a universal standard that simplifies data operations and accelerates innovation for the broader ecosystem,” said Yoni Leitersdorf, CEO & Co-Founder, Solid. “Our participation ensures that semantic context can automatically move seamlessly across AI agents, data warehouses, BI tools, and analytics platforms – enabling organizations to build reliable AI systems on top of a shared, interoperable understanding of their business, without vendor lock-in.”

As a member of OSI, Solid is helping to build a transparent and community-driven standard for semantic model sharing, ensuring that business metrics and definitions remain consistent and interoperable.

“Unlocking the full potential of data and AI requires a common foundation, and the Open Semantic Interchange is the critical step in building that bedrock,” said Josh Klahr, Director of Analytics Product Management at Snowflake. “Our collaboration with partners like Solid establishes a unified, vendor-neutral standard for semantic data, ensuring clarity and consistency across the entire ecosystem. This initiative is essential for simplifying data operations, fostering innovation, and preparing organizations to build the next generation of AI applications.”

OSI is poised to revolutionize interoperability within the data and AI ecosystem by providing a transparent, community-driven standard. This collaborative effort simplifies data operations, unlocks new possibilities for innovation, and gives organizations the flexibility and efficiency they need to build a future-ready data infrastructure.

To learn more about the Open Semantic Interchange visit Snowflake’s blog here.

About Solid

Solid is the AI-native context layer for enterprise AI, automatically creating, evaluating, and maintaining the semantic context AI agents need to understand and act on business data reliably. Unlike legacy semantic layers built for dashboards and manual modeling, Solid continuously benchmarks accuracy, detects data changes, and keeps AI systems aligned as the business evolves. The result is faster deployment of trusted AI agents, workflows, and analytics across any data warehouse or AI platform.

To learn more about Solid, visit getsolid.ai

Media Contact: Blair Bader, blairb@getsolid.ai

View original content to download multimedia:https://www.prnewswire.com/news-releases/solid-joins-snowflake-and-industry-leaders-to-advance-open-standards-for-ai-ready-semantic-context-302834217.html

SOURCE Solid Data, Inc

Continue Reading

Technology

Orbis Marks 30 Years of Advancing Eye Health in Vietnam Through Long-Term Partnership and Training

Published

on

By

Flying Eye Hospital project in Da Nang, supported by FedEx, advances locally led eye care and expands access across Central Vietnam and the Central Highlands.

DA NANG, Vietnam, July 24, 2026 /PRNewswire/ — Global eye care nonprofit Orbis International is marking three decades of collaboration with Vietnam’s eye health community, a long-term partnership that has helped build local expertise, strengthen institutions, expand access to care, and support Vietnam’s growing leadership in eye health across the Asia-Pacific region.

The arrival of the Orbis Flying Eye Hospital in Da Nang represents the next chapter in that partnership. At the invitation of Da Nang Eye Hospital and with approval from the People’s Committee of Da Nang City, and support from Da Nang Department of Health, and other relevant departments and local authorities, the project will serve as a platform for hands-on training, innovation, and knowledge exchange. Through clinical training and mentorship across key specialties, the project will help approximately 230 eye care professionals build skills that will benefit communities for years to come, while supporting access to specialized services for nearly 9 million people in Central Vietnam and the Central Highlands.

Cybersight, Orbis’s telemedicine and e-learning platform, is an integral part of every Flying Eye Hospital project—connecting in-person training with continuous learning before and after the aircraft is on site. Through Cybersight, participants can prepare in advance, consult with global experts, access ongoing education, and continue building skills long after the project concludes, extending the impact of the Flying Eye Hospital far beyond the aircraft itself.

“This project is not a standalone intervention; it is the latest chapter in a long-term partnership to advance Vietnam’s eye health system,” said Ngoc Pham, Orbis Vietnam Country Director. “The most important outcome is not what Orbis has done in Vietnam, but what Vietnamese institutions and eye care professionals now lead themselves. Our role at Orbis is increasingly to support, convene, innovate, and accelerate that local leadership so progress continues long after the Flying Eye Hospital departs.”

“Around the world, Orbis is focused on creating lasting change by investing in people, institutions, technology, and local leadership,” said Kathleen Sherwin, President and CEO of Orbis International. “The Flying Eye Hospital is one part of that larger model—bringing intensive, hands-on training together with tools like Cybersight, artificial intelligence (AI), and research so local teams can continue improving care long after a project ends. Vietnam shows what is possible when long-term partnership helps proven solutions take root and scale.”

Building on decades of progress, Vietnam is emerging as a regional leader in eye health, with particular strengths in pediatric care, diabetic retinopathy, retinopathy of prematurity, workforce development, and technology-enabled care. Its growing experience in AI-supported screening, implementation, research, and evidence generation can help inform eye health progress across the Asia-Pacific region.

FedEx, a long-time supporter of Orbis, and a title sponsor for this Flying Eye Hospital project in Vietnam, donated the MD-10 aircraft that serves as the Flying Eye Hospital and continues to provide essential logistical, financial, and operational support. Volunteer pilots from FedEx fly the aircraft to its destinations around the globe. FedEx is represented on the Orbis International Board of Directors.

“At FedEx, we believe that connecting people goes beyond delivering packages – it is about creating opportunities and helping communities thrive,” said Ee-Hui Tan, managing director of FedEx Vietnam and Cambodia. “We are proud to support the return of the Orbis Flying Eye Hospital to Vietnam. Together with Orbis, we are investing in the knowledge and skills of healthcare professionals, helping strengthen Vietnam’s eye care system so more patients can access quality care closer to home.”

Underscoring Orbis’s commitment to high-quality training and patient care, QUAD A, a nonprofit accreditation organization, works with Orbis to ensure that the Flying Eye Hospital meets rigorous standards that prioritize patient safety.

Over the past 30 years, Orbis has supported the training of more than 40,000 eye care professionals and helped expand access to care for millions of people across Vietnam. Today, Vietnamese institutions and professionals are increasingly leading innovation and delivering high-quality care independently, demonstrating the impact of sustained investment in local capacity, technology, and systems change.

Looking ahead, Orbis will continue working with partners across Vietnam to scale proven solutions through workforce development, technology, Cybersight, AI-supported screening, research, and stronger health systems—so that more people can receive quality eye care closer to home.

Orbis in Vietnam

Since beginning work in Vietnam in 1996, Orbis has worked alongside government partners, hospitals, and training institutions to expand access to quality eye care and build sustainable local capacity. Cumulative impact includes:

More than 40,000 eye care professionals trained.More than 5.2 million people reached with eye care services.More than 139,000 sight-saving surgeries supported.17 retinopathy of prematurity centers supported.12 vision centers strengthened to bring care closer to communities.National clinical guidelines supported across priority eye health areas.Cybersight and AI-supported screening deployed to expand training, consultation, and early detection.

This work has supported national clinical guidelines, stronger referral pathways, improved treatment outcomes, and new models of care in areas including retinopathy of prematurity, pediatric eye care, school eye health, cataract, diabetic retinopathy, and glaucoma.

As the partnership continues, Orbis and its partners are focused on scaling proven solutions through workforce development, technology, Cybersight, AI, research, and stronger health systems—so that everyone can access quality eye care closer to home.

About Orbis International

Orbis International works around the world to prevent blindness and restore sight for children and adults in places where eye care is out of reach—so vision problems don’t make it harder to learn, earn a living, or enjoy life. Around 1.1 billion people live with vision loss, but with the right care, 90% of it is completely avoidable. That is why Orbis trains doctors, nurses, and other eye care professionals to provide care in their own communities—and works to make sure people of all ages can access the eye exams, glasses, medicine, and surgeries they need to protect and restore their sight. Orbis began this work more than 40 years ago with the Flying Eye Hospital, a teaching hospital on a plane that brings expert training and care where they’re needed most. Today, we also work with local hospitals and clinics across Africa, Asia, and Latin America to make eye care available to more people, and we use and develop technology—like our award-winning Cybersight e-learning and telehealth platform, artificial intelligence screening, and virtual reality training—to help eye care teams treat patients more effectively. Orbis ranks in the top 3% of U.S. charities, having earned top marks for transparency and accountability from Charity Navigator, GuideStar, and the Better Business Bureau. To learn more, please visit orbis.org

About FedEx Corp.

FedEx Corp. provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce, and business services. With annual revenue of $92 billion, the company offers integrated business solutions utilizing its flexible, efficient, and intelligent global network. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 500,000 employees to remain focused on safety, the highest ethical and professional standards, and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.

Media Contacts

Orbis Vietnam
Nhung Nguyen
Communications Officer
Nhung.nguyen@orbis.org
+84 0904562983

Orbis International
Jenna Montgomery
Interim Lead, Global Communications and Marketing
Jenna.montgomery@orbis.org

FedEx
Heather Harshbarger
Communications Advisor
+1 901-690-9869

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/orbis-marks-30-years-of-advancing-eye-health-in-vietnam-through-long-term-partnership-and-training-302834196.html

SOURCE Orbis International

Continue Reading

Technology

In HelloNation, Property Management Expert Karen Nolan Explains What Property Managers Do for Landlords

Published

on

By

The article outlines how property management services support landlords through tenant screening, maintenance, and lease enforcement.

MENIFEE, Calif., July 24, 2026 /PRNewswire/ — What do property managers actually do for landlords in Menifee, CA? HelloNation has published an article that provides clear answers and practical insight into the full scope of property management services.

 

The HelloNation article explains that a property manager handles far more than rent collection. Property management services begin with marketing vacancies and attracting qualified renters in Menifee, CA. The article explains how tenant screening plays a central role in protecting landlords by carefully evaluating applicants and reducing the risk of future issues.

According to the article, tenant screening helps ensure that each tenant meets financial and behavioral expectations. This step supports stable occupancy and reduces turnover, which is critical for any landlord managing property in Menifee, CA. Property Management Experts note that consistent tenant screening also helps maintain the long-term value of rental properties.

Once tenants are placed, the article outlines how a property manager becomes the main point of contact. Property management services include responding to tenant concerns, handling communication, and enforcing leases. By managing these responsibilities, the property manager allows the landlord to avoid direct disputes and maintain professional distance.

The article emphasizes that lease enforcement is essential to protecting both the property and the agreement. Property managers monitor compliance with lease terms and address violations when necessary. This structured approach helps landlords in Menifee, CA, maintain order and consistency across their rental properties.

Maintenance is another major focus of property management services. The article explains that property managers coordinate maintenance and oversee property repairs to keep homes safe and functional. While they may not perform repairs themselves, they manage vendors, schedule work, and respond to urgent issues quickly.

The article notes that timely maintenance and property repairs prevent small issues from becoming larger and more expensive problems. This proactive approach supports tenant satisfaction while preserving the property’s condition. Property Management Experts highlight that consistent maintenance planning is a key benefit for any landlord.

Beyond daily operations, the HelloNation article describes the administrative side of property management services. A property manager prepares leases, maintains records, and ensures compliance with local and state regulations in Menifee, CA. This includes staying informed about legal requirements that affect landlords and rental properties.

Financial oversight is also part of the role. The article explains that property managers handle rent collection, manage deposits, and provide regular financial reporting. These services give landlords a clear understanding of property performance without requiring constant involvement.

For landlords who own multiple properties or live outside Menifee, CA, the article highlights the value of professional property management services. A property manager helps streamline operations, coordinate maintenance, and ensure that lease enforcement and tenant screening are handled consistently. This reduces stress while improving efficiency.

The article concludes that understanding the full role of a property manager helps landlords make informed decisions about their level of involvement. With responsibilities that include tenant screening, maintenance, lease enforcement, and property repairs, property management services offer a comprehensive solution for effectively managing rental properties.

What Do Property Managers Actually Do for Landlords in Menifee features insights from Karen Nolan, Property Management Experts of Menifee, California, in HelloNation.

About HelloNation
HelloNation is a premier media platform that connects readers with trusted professionals and businesses across various industries. Through its innovative “edvertising” approach that blends educational content with storytelling, HelloNation delivers expert-driven, good-news articles that inform, inspire, and empower. Covering topics from home improvement and health to business strategy and lifestyle, HelloNation highlights leaders making a meaningful impact in their communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/in-hellonation-property-management-expert-karen-nolan-explains-what-property-managers-do-for-landlords-302753105.html

SOURCE HelloNation

Continue Reading

Trending