Third quarter, July – September 2020
- The COVID-19 pandemic continued to impact the business. Net sales amounted to SEK 1,748m (2,190). Sales decreased by 20.2%. Organically sales decreased by 16.1%.
- EBITA amounted to SEK 96m (144), corresponding to a margin of 5.5% (6.6). EBITA excluding items affecting comparability of SEK –77m (–122), amounted to SEK 173m (266), corresponding to a margin of 9.9% (12.1).
- Operating income amounted to SEK 81m (126), corresponding to a margin of 4.6% (5.7).
- Operating cash flow after investments amounted to SEK 63m (134).
- Income for the period amounted to SEK 77m (128), and earnings per share was SEK 0.27 (0.45).
- Cost reduction actions have compensated for half of the drop in sales due to the pandemic. The actions partially include the recently launched structural cost savings of SEK 130m.
Alberto Zanata, President and CEO:
“During the third quarter we have seen a recovery after the significant negative impact the pandemic had on commercial restaurants, hotels, pubs and staff canteens during the second quarter. The Laundry market has shown more resilience, driven by the increased need for cleaning and disinfection.
After a challenging second quarter with its break-even results, I am pleased that the sales recovery and continued cost actions improved the profit in the quarter compared to the second quarter. EBITA for the quarter, excluding items affecting comparability, was SEK 173m with a corresponding margin of 9.9% (12.1%).
Sales in the quarter declined organically by 16.1%. The decline in sales in July and August were in line with the levels reached in June, when the recovery began. In September, as well as in October, we have seen an improvement compared to the previous months.
Virtually every employee at Electrolux Professional has been affected by the pandemic. At the same time, our employees have continued to show commitment and flexibility in front of the challenges that this new reality brings forth. Combined with our measures, this brings confidence that we have a stronger organization that is well equipped to handle the continued uncertainty in the market going forward.“
This information is information that Electrolux Professional AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person detailed below, at 8:00 a.m. CET on October 30, 2020.
For further information, please contact Jacob Broberg, Senior Vice President Investor Relations and Communications +46 70 190 00 33