Latest news with #operatingprofit
Reuters
2 days ago
- Business
- Reuters
Swedish miner Boliden lags earnings forecasts in 2nd quarter
July 18 (Reuters) - Boliden's ( opens new tab operating earnings fell more than analysts had expected in the second quarter, the Swedish miner reported on Friday, while reiterating its investment plans for 2025. Boliden's quarterly operating profit fell to 1.09 billion Swedish crowns ($112.11 million) on a reported basis, from 4.81 billion a year earlier. That missed the average forecast of 1.48 billion crowns from analysts polled by LSEG. The result was mainly hampered by the weaker U.S. dollar and stops for major planned maintenance at its smelters, the company said in the earnings statement. Metals sold by Boliden are priced in U.S. dollars, which means that at times of weak dollar, the sales value of its products falls when converted back into Swedish crowns, Boliden's reporting currency. ($1 = 9.7228 Swedish crowns)
Reuters
2 days ago
- Business
- Reuters
Electrolux Q2 profit rises more than expected as it outperforms market in North America
STOCKHOLM, July 18 (Reuters) - Swedish home appliances maker Electrolux ( opens new tab reported a bigger-than-expected operating profit for the second quarter on Friday and said price hikes offset increased costs related to U.S. tariffs in the quarter. Operating profit at the group, whose brands include Frigidaire, AEG, Zanussi and Volta as well as Electrolux, rose to 797 million crowns ($81.9 million) from a year-earlier 419 million Analysts had on average forecast an operating profit of 710 million crowns, according to a poll provided by Electrolux. The company said overall market demand in North America and Europe had declined slightly in the quarter, but maintained its market outlooks from April for all regions. It said it however outperformed the wider market in North America, where it swung to profit. Electrolux said in April U.S. President Trump's tariff plans had hit consumer sentiment, and lowered its North America market outlook. It said at the time it was extremely difficult to predict tariffs, and that it aimed to offset any further tariff increases with more price hikes. "We reiterate our aim to offset tariff-related cost increases in North America through price increases," CEO Yannick Fierling said in a statement on Friday. ($1 = 9.7272 Swedish crowns)
Yahoo
2 days ago
- Business
- Yahoo
Electrolux Q2 profit rises more than expected as it outperforms market in North America
STOCKHOLM (Reuters) -Swedish home appliances maker Electrolux reported a bigger-than-expected operating profit for the second quarter on Friday and said price hikes offset increased costs related to U.S. tariffs in the quarter. Operating profit at the group, whose brands include Frigidaire, AEG, Zanussi and Volta as well as Electrolux, rose to 797 million crowns ($81.9 million) from a year-earlier 419 million Analysts had on average forecast an operating profit of 710 million crowns, according to a poll provided by Electrolux. The company said overall market demand in North America and Europe had declined slightly in the quarter, but maintained its market outlooks from April for all regions. It said it however outperformed the wider market in North America, where it swung to profit. Electrolux said in April U.S. President Trump's tariff plans had hit consumer sentiment, and lowered its North America market outlook. It said at the time it was extremely difficult to predict tariffs, and that it aimed to offset any further tariff increases with more price hikes. "We reiterate our aim to offset tariff-related cost increases in North America through price increases," CEO Yannick Fierling said in a statement on Friday. ($1 = 9.7272 Swedish crowns) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Automotive
- Reuters
Volvo Cars quarterly operating profit beats expectations despite tariff hit
STOCKHOLM, July 17 (Reuters) - Volvo Cars ( opens new tab reported a sharp decline in second-quarter operating profit on Thursday that nonetheless exceeded analyst expectations, sending shares up, though the company continues to face headwinds from tariffs and softening demand. Sweden-based Volvo Cars is the first European carmaker to release results in what analysts expect to be a challenging earnings season, as subdued demand for electric vehicles and intensifying competition from Chinese manufacturers coincide with trade tensions. But much of the fall had already been priced in to analyst and investor estimates as the prospect of tariffs and lower sales was largely expected. Shares were up nearly 8% at 0712 GMT. "Demand remains soft and volatile, impacted by weakening consumer confidence and the introduction of additional tariffs, which continue to pose challenges for the automotive sector," the carmaker said in its earnings report. In addition to a 27.5% tariff imposed on European-made Volvo cars entering the U.S., it has also been hit by a 25% tariff on auto parts as well as on steel and aluminium. Despite the gloomy environment, second-quarter numbers came in better than feared, analysts at Bernstein said in a research note. "Given how weak stock positioning is here it should be enough for a positive market reaction," they said. The company, owned by China's Geely Holding, posted an adjusted operating profit of 2.9 billion Swedish crowns ($297.89 million), down from 8.0 billion crowns a year earlier. Its gross margin, a key metric for assessing the tariff impact, dropped to 13.5% from 18.2% in the first quarter, though, adjusted for one-offs, it stood at 17.7%. Volvo Cars announced a $1.2 billion impairment charge related to model launch delays and tariffs on Monday, resulting in an operating loss of 10 billion crowns, compared to a profit of 8 billion crowns in the same quarter last year. Earlier in the year, former CEO Hakan Samuelsson was brought back for two years to help revive a record-low share price. Samuelsson quickly launched a cost-cutting programme, pulled earnings guidance, slashed 3,000 jobs, and slowed down investments. ($1 = 9.7352 Swedish crowns)
Reuters
3 days ago
- Business
- Reuters
Assa Abloy's Q2 operating profit beats expectations
STOCKHOLM, July 17 (Reuters) - Assa Abloy ( opens new tab, the world's largest lockmaker, posted on Thursday a slightly bigger second-quarter operating profit than expected and said demand for upgrades to electromechanical and digital solutions was strong despite softer market environment. Operating profit at the Swedish group fell to 5.96 billion crowns ($611.7 million) from 6.07 billion a year earlier. Analysts polled by LSEG had on average expected a profit of 5.85 billion crowns. ($1 = 9.7436 Swedish crowns)
