Electrolux Jumps as Cost Cuts Support Earnings; CEO to Depart [BNN Bloomberg (Canada)]
Whirlpool Corporation (WHR)
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Source: BNN Bloomberg
and said its chief executive officer will depart after overseeing a cost-cutting plan. The shares advanced as much as 7%, or 6.3 kronor, to 95.92 kronor, the most since mid-December. Electrolux reported an operating loss of 720 million kronor ($66 million) in the first quarter, beating analyst estimates in a Bloomberg survey, which had predicted an 809 million-krona deficit. Sales also beat expectations. CEO Jonas Samuelson had led the Stockholm-based company for more than eight years. He will leave his post at the start of next year, according to a statement. The company cautioned that pricing pressure persists, and that weak residential construction and restrained demand to remodel houses is weighing on built-in kitchen demand in Europe. Price pressure in North America continued, and the company has maintained “high promotional activity” in other markets that continued into the first quarter, it said. On Samuelson's watch, Electrolux implemented steep cost reductions, includ
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