Connect with us

Technology

Electrolux Group Year-end report Q4 2024

Published

on

STOCKHOLM, Jan. 30, 2025 /PRNewswire/ — 

Highlights of the full-year of 2024

In full-year 2024, net sales increased to SEK 136,150m (134,451) and operating income excl. non-recurring items was SEK 1,666m (414). Higher sales volumes and positive mix contributed positively to earnings, driven by the attractive product offering. Cost reduction measures contributed to a SEK 4.0bn positive impact from cost efficiency.

Highlights of the fourth quarter of 2024

In the fourth quarter, net sales amounted to SEK 37,968m (35,636) and organic sales increased by 11.5% driven by higher volumes and positive mix. Operating income was SEK 1,052m (-3,215), corresponding to a margin of 2.8% (-9.0). Operating income included a non-recurring item of SEK -198m (-2,491) related to business area Europe, Asia-Pacific, Middle East and Africa, and the divestment of the water heater business in South Africa.Operating income excl. non-recurring items amounted to SEK 1,249m (-724), corresponding to a margin of 3.3% (-2.0). Higher volumes contributed positively to earnings and favorable mix offset negative price. The positive impact from cost efficiency was SEK 2.0bn. Currency headwinds had a significant negative impact.Operating margin excl. non-recurring items in business area Latin America was 8.0% (8.1). In business area Europe, Asia-Pacific, Middle East and Africa the operating margin excl. non-recurring items increased to 4.8% (1.9). Operating income improved in business area North America.In the fourth quarter, Electrolux Group divested all of its potential legacy asbestos exposure in the U.S. The transaction had a positive earnings impact of SEK 185m in business area North America in the quarter.Income for the period amounted to SEK 150m (-4,113) and earnings per share were SEK 0.56 (-15.23).Operating cash flow after investments was SEK 2,660m (3,871). Operating cash flow after investments for the full year was SEK 2,254m (3,064).The Board of Directors proposes that no payment of dividend will be made for 2024.

President and CEO Yannick Fierling’s comment

After having spent 3 months getting to know Electrolux Group and its stakeholders, I assumed the position as CEO on January 1, 2025. In the fourth quarter, we continued to make good progress on our cost reduction initiatives, and the Group’s attractive product offering contributed to an organic growth of 11.5%. Operating margin excluding non-recurring items improved to 3.3% with an operating cash flow after investments of SEK 2.7bn.

Enhanced consumer experiences, agility and speed

Key takeaways from my initial time with Electrolux Group are the strength of our product offering and the clear identity of our brands Electrolux, AEG and Frigidaire. We really know our consumer, evidenced by the high online consumer star ratings for our products. It is essential to truly nurture the local strengths and what differentiates us in the market, while further leveraging our global scale to drive innovation and mix – all in a cost-efficient manner. In addition to offering great products that help consumers make more sustainable choices at home, we need to move even further to experiences, by expanding our customized solutions throughout the consumer journey.

Electrolux Group has a unique culture and legacy that is important to safeguard, while at the same time further increasing speed and agility. A key element of the Group’s culture that I aim to support and develop is entrepreneurship. By promoting ownership and accountability, we can empower the entire team, enhance operational efficiency, and improve financial performance.

Sales growth and cost reductions drove earnings improvement

In the fourth quarter, operating income improved significantly supported by a SEK 2.0bn contribution from cost efficiency and organic growth of 11.5%.

Business area Europe, Asia-Pacific, Middle East and Africa reached an operating margin, excluding non-recurring items, of 4.8% (1.9) despite continued subdued discretionary consumer spending in Europe.

In North America good momentum from our new products and improved productivity contributed to an improvement in operating income. I am also very pleased that all of the Group’s potential legacy asbestos exposure in the U.S. was divested in the fourth quarter. This transaction provides improved long-term financial visibility for our investors and frees up operational resources. In Latin America performance remained strong in the quarter with an operating margin of 8.0%.

For the Group, the seasonal pattern of our earnings has started to normalize, with the fourth quarter being the strongest during the year. With that in mind, the first quarter is normally weaker than the other quarters.

Demand mainly driven by replacements

The market in Europe continued to be replacement driven and was relatively stable in the fourth quarter, with high promotional intensity. The built-in kitchen market in Europe stabilized at a low level. Promotional activity was high in North America, but Black Friday promotions did not continue throughout December as they did the year before. Despite weak housing markets and with some quarterly volatility, the market increased slightly in 2024, supported by the aggressive pricing environment. The main markets in Latin America grew in the quarter although growth in Brazil slowed somewhat as consumer demand started to accelerate in the fourth quarter 2023.

Outlook for 2025

Looking at 2025, there is an uncertainty stemming from potential impact on demand for home appliances from possible new trade policies in North America. In Europe demand has started to stabilize, but there is a time-lag before lower interest rates and potential improvements in disposable income support an increase in discretionary purchases. Following strong growth in Brazil during 2024 we expect market demand to stabilize in 2025.

On the back of this we expect market demand for core appliances to be relatively neutral in all regions in 2025 compared to 2024.

Organic earnings contribution from volume, price and mix combined for the Group is expected to be relatively neutral in full-year 2025. We anticipate that a high degree of demand will continue to be driven by replacement purchases, which are more price sensitive. Negative price is anticipated to be offset by growth in our focus categories such as premium laundry and kitchen products. Similar to 2024, investments in Innovation and marketing are projected to increase in full year 2025. The intent is to capitalize on the product and services leadership, supported by brand-building, to create value long term.

External factors are expected to be negative for the year, with significant headwinds from currencies. The impact from raw material costs is expected to be essentially neutral.

With reduced product cost across the value chain as the main driver, we anticipate SEK 3.5-4.0bn earnings contribution from cost efficiency in 2025.

Profitability and cash flow in focus

With a robust cash flow in the fourth quarter, a strong liquidity, and a well-balanced maturity profile, the Group’s financial situation is stable. Improving earnings and cash flow are top priorities. In North America focus is to improve productivity and reduce cost further while continuing to support the strong product offering.

We will continue to develop and strengthen Electrolux Group for the years to come. Our attractive offering and strong brands together with effectively executed cost-reductions and high-performing organizational set-up, position us well for the future.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, January 30. Yannick Fierling, 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/t5j746u2

OR

To both listen to the telephone conference and ask questions, use the link:
https://register.vevent.com/register/BIf2eec702a54847a6abf57e788d2c218c

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). The information was submitted for publication, through the agency of the contact person, on 30-01-2025 08:00 CET.

For more information:
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-year-end-report-q4-2024,c4098064

The following files are available for download:

 

View original content:https://www.prnewswire.com/apac/news-releases/electrolux-group-year-end-report-q4-2024-302364235.html

SOURCE Electrolux Group

Continue Reading
Click to comment

Leave a Reply

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

Technology

Pillsbury Notice of Data Breach

Published

on

By

NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html

View original content to download multimedia:https://www.prnewswire.com/news-releases/pillsbury-notice-of-data-breach-302828892.html

SOURCE Pillsbury Winthrop Shaw Pittman LLP

Continue Reading

Technology

From Remote Racing to Embodied AI: Fibocom and Intedigo Bring 5G Bidirectional Data Transmission into Real-World Applications

Published

on

By

SHANGHAI, July 18, 2026 /PRNewswire/ — From July 17 to 20, Fibocom and Intedigo will jointly present a cross-regional, beyond-visual-line-of-sight (BVLOS) teleoperation demonstration at Booth H3-C408 during the World Artificial Intelligence Conference (WAIC) 2026. Visitors will be able to enter a remote driving cockpit and control a real race car located at HURA PARK in Jiading, Shanghai, steering, accelerating, and braking in real time while experiencing how 5G connectivity enables remote operation.

More than an immersive driving experience, the demonstration provides a live validation of 5G bidirectional data transmission for embodied AI teleoperation. The vehicle continuously sends live track video, vehicle status, and operating data to the remote cockpit, while control commands are transmitted back to the vehicle, creating a closed-loop teleoperation system. Stable, low-latency, and highly reliable connectivity is essential for high-dynamic maneuvers such as high-speed cornering, precision braking, and continuous lane changes.

Developed by Intedigo, the remote driving system connects a real race car with an immersive remote driving cockpit. It supports 1080p@60Hz video transmission, glass-to-glass (G2G) video latency of less than 80 ms, and control latency of less than 10 ms. The demanding racing environment magnifies differences in video continuity and control responsiveness, making communications performance directly perceptible, measurable, and verifiable.

At the joint demonstration, Fibocom’s FM160 5G module provides cellular connectivity for the system. Powered by the Qualcomm Snapdragon™ X62 5G Modem-RF System, the FM160 supports SA and NSA network architectures as well as 3GPP Release 16. On the downlink, it supports NR Carrier Aggregation (NR CA) with bandwidth of up to 120 MHz, delivering peak speeds of up to 3.5 Gbps in NSA mode and 2.5 Gbps in SA mode. On the uplink, it supports UL MIMO and delivers peak speeds of up to 900 Mbps in SA mode. These capabilities support the continuous transmission of HD video and vehicle status data, along with reliable delivery of control commands.

As embodied AI moves into factories, data centers, logistics operations, and industrial parks, robots are becoming increasingly capable of performing tasks autonomously. Yet complex environments, unexpected events, and edge cases still require Human-in-the-Loop (HITL) remote intervention to help ensure safe and reliable operation.

Daniel Liu, CEO of Intedigo, said:

“5G represents the pinnacle of human communications and the starting point of machine communications. In the past, communications connected people to people; in the future, they will connect people to robots and robots to robots. Remote racing is simply the easiest entry point for people to understand this concept. What we are truly validating is a communications system capable of supporting remote collaboration for embodied AI. HURA makes low-latency remote driving a tangible experience, while RoBOX extends this capability to robots and a broader range of intelligent terminals. Together with Fibocom, we hope to enable more machines to receive remote assistance whenever needed while remaining continuously connected and operating reliably.”

Simon Tao, VP of Wireless Solutions Business Group and General Manager of MBB BU at Fibocom, said:

“As embodied AI enters real-world industrial environments, reliable connectivity will become the foundation for telemetry feedback, remote control and operational management. Fibocom’s 5G solutions, represented by FM160, provide the cellular connectivity required for continuous on-site data transmission and reliable control command delivery. Fibocom will continue collaborating with ecosystem partners such as Intedigo to bring cellular connectivity to more robots, autonomous machines and mobile intelligent terminals, enabling embodied AI systems to stay continuously connected and respond reliably in real-world applications.”

From remote race cars to robots, unmanned equipment, and mobile intelligent terminals, 5G is evolving from connecting people to connecting machines. This joint demonstration makes the capabilities of 5G bidirectional data transmission directly perceptible, experiential, and verifiable, helping pave the way for embodied AI to scale across real-world applications.
 

About Fibocom

Fibocom, founded in 1999, is China’s first wireless communication module company listed on both the A-share and H-share markets (300638.SZ, 0638.HK). As a global leading provider of wireless communication modules and AI solutions, Fibocom leverages wireless communication and artificial intelligence as its core technologies to provide integrated hardware and software solutions that empower industry applications. These solutions accelerate the transformation from “Connect Everything” to “Intelligent Connectivity” across diverse industries.

Fibocom’s one-stop solutions encompass cellular communication, AI, automotive, and GNSS modules, as well as AI toolchains, supporting industry-side and mainstream large model integration, and providing AI Agent, global connectivity, and cloud services, driving the digital intelligence upgrades in industries such as robotics, consumer electronics, low-altitude economy, intelligent transportation, smart retail, and smart energy.

View original content to download multimedia:https://www.prnewswire.com/news-releases/from-remote-racing-to-embodied-ai-fibocom-and-intedigo-bring-5g-bidirectional-data-transmission-into-real-world-applications-302828996.html

SOURCE Fibocom Wireless Inc.

Continue Reading

Technology

DR. PHONE FIX ANNOUNCES SECOND TRANCHE CLOSING OF NON-BROKERED CONVERTIBLE DEBENTURE UNIT FINANCING

Published

on

By

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

EDMONTON, AB, July 18, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) is pleased to announce that, further to its news release dated May 19, 2026 and June 24, 2026 (the “Prior News Releases”), it has closed the second tranche of its non-brokered private placement (the “Offering”) of convertible debenture units of the Company (each, a “Unit”). The Company issued 726 Units, at a price of $1,000 per Unit, for aggregate gross proceeds of $726,000. Each Unit is comprised of (i) one $1,000 principal amount unsecured convertible debenture of the Company (a “Convertible Debenture”) and (ii) 3,125 common share (“Common Share”) purchase warrants of the Company (each, a “Warrant”). Additional detail on the Offering, including terms of the Convertible Debentures and Warrants, is set out in the Prior News Releases.

In connection with the Offering, the Company paid a finder’s fee consisting of an aggregate cash fee of $50,820 and issued an aggregate of 317,625 common share purchase warrants of the Company (each, a “Finder’s Warrant”) to certain qualified arm’s length parties. Each Finder’s Warrant is exercisable to acquire one Common Share of the Company at an exercise price of $0.22 prior to the date that is 24 months from the date of issuance.

All securities issued pursuant to the Offering, including any Common Shares issuable upon conversion of the Convertible Debentures or exercise of the Warrants and Finder’s Warrants, are subject to a statutory hold period of four months and one day from the closing of the Offering, in accordance with applicable securities laws and TSX Venture Exchange (the “TSXV”) policies. 

The Offering remains subject to final acceptance of the TSXV.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Dr. Phone Fix

Dr. Phone Fix is a national, award-winning, eco-friendly, and customer-centric leader in Canada’s cell phone and electronics repair and certified pre-owned device industry. Founded in 2019, the Company now operates 44 retail locations nationwide through a standardized and scalable operating platform designed to support consistent execution across multiple markets, delivering fast, reliable, and environmentally conscious repair services alongside a curated selection of certified pre-owned devices and premium accessories. Dr. Phone Fix maintains strong partnerships with OEMs and certified suppliers, ensuring consistently high-quality standards across its national footprint. With a focus on responsible device lifecycle management, customer service, and operational discipline, Dr. Phone Fix continues to set the benchmark for device care and resale in Canada.

www.docphonefix.com

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Forward-Looking Information and Cautionary Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the final acceptance of the Offering by the TSXV; and the expected use of proceeds following the closing of the Offering. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; the TSXV will provide its final acceptance of the Offering; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV final acceptance for the Offering; the potential failure to complete the balance of the Offering or to raise the full anticipated gross proceeds; market conditions and investor demand for the Company’s securities; the Company’s inability to deploy the proceeds as currently intended; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

 

SOURCE Dr. Phone Fix

Continue Reading

Trending