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Electrolux Group Interim report Q2 2024

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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

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KNEX Technology CTO Gustavo Gonzalez Elected 2025 President-Elect of OATUG

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Gustavo Gonzalez, KNEX Technology’s CTO, has been elected 2025 President-Elect of OATUG, emphasizing his dedication to Oracle innovation, collaboration, and leadership, including Ascend 2025’s strategic initiatives.

IRVINE, Calif., Jan. 10, 2025 /PRNewswire-PRWeb/ — KNEX Technology, a leading Oracle Cloud solutions provider, is proud to announce that its Chief Technology Officer, Gustavo Gonzalez, has been elected as the 2025 President-Elect of the Oracle Applications & Technology Users Group (OATUG). This esteemed appointment highlights Gonzalez’s longstanding commitment to advancing innovation and collaboration within the Oracle community.

OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career. As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.

In his new role, Gonzalez will work closely with the OATUG leadership team throughout 2025, preparing to serve as OATUG President in 2026. He will focus on empowering Oracle professionals worldwide by fostering knowledge-sharing, community engagement, and professional development. OATUG, a globally recognized organization, supports its members in overcoming challenges, enhancing the value of Oracle solutions, and driving organizational success.

“OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career,” said Gustavo Gonzalez. “As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.”

Gonzalez’s election underscores his dedication to giving back to the Oracle ecosystem. A key focus of his role will include shaping OATUG’s strategic initiatives, such as the annual Ascend Conference, which unites Oracle users, thought leaders, and technology innovators for unparalleled learning and networking opportunities.

The upcoming Ascend 2025 Conference, scheduled for June 8–11 in Orlando, Florida, promises to build on the success of the 2024 event, which attracted more than 1,800 attendees. With early bird registration now open, Gonzalez aims to ensure the conference continues to deliver transformative insights and experiences for the Oracle community.

About OATUG

The Oracle Applications & Technology Users Group (OATUG) is the premier global organization for Oracle users, providing year-round education, networking, and advocacy. OATUG empowers its members to unlock the full potential of Oracle solutions, fostering innovation and collaboration across industries.

About KNEX Technology

KNEX Technology is a trusted leader in Oracle Cloud solutions, delivering cutting-edge products and services to help businesses achieve their objectives. Through its innovative approach and customer-focused strategies, KNEX enables organizations to navigate the complexities of today’s technology landscape. For more information, visit www.knextech.com.

Media Contact

Husna Gyasi, KNEX Technology, 1 (949) 232-0786, husna.ghayaisi@knextech.com, https://knextech.com/

Twitter, LinkedIn

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SOURCE KNEX Technology

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Dr. Gerard van Belle Appointed Director of Science at Lowell Observatory, Charting a Bold Future for Research

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Dr. van Belle to guide scientific exploration and foster innovation in the next era of astronomical research

FLAGSTAFF, Ariz., Jan. 10, 2025 /PRNewswire/ — Lowell Observatory is pleased to announce the appointment of Dr. Gerard van Belle as the new Director of Science. Van Belle, who has been an astronomer at the observatory since 2011, has been serving as the interim Director of Science.

In his new role, van Belle will lead a diverse team of astronomers and planetary scientists. He will spearhead the observatory’s new Science Vision, which focuses on advancing research capabilities and implementing cutting-edge technological improvements supporting Lowell’s leadership in astronomical research.

Under his leadership, the science department will continue to advance Lowell Observatory’s mission to pursue the study of astronomy, including the study of our solar system and its evolution, and to conduct pure research in astrophysical phenomena.

Van Belle’s own research focuses on fundamental stellar parameters, including the sizes, shapes, masses, distances, and temperatures of various types of stars. He is also renowned for his expertise in optical and near-infrared astronomical interferometry.

He earned his bachelor’s degree in physics from Whitman College in 1990, followed by a master’s degree from The Johns Hopkins University in 1993, and a Ph.D. in physics from the University of Wyoming in 1996.

Throughout his career, van Belle has been instrumental in the development and commissioning of major optical interferometers worldwide, including the Palomar Testbed Interferometer, the Keck Interferometer, and the Very Large Telescope Interferometer. His pioneering work in stellar surface imaging earned him the inaugural Edward Stone Award for Outstanding Research Publication at NASA’s Jet Propulsion Laboratory in 2002.

In 2011, van Belle joined Lowell Observatory’s science staff, where he applied high-resolution astronomical techniques to detect nearby exoplanets and map stellar surfaces. He served as the Director of the Navy Precision Optical Interferometer (NPOI) in Flagstaff, Arizona, from 2017 to 2018, and subsequently as its Chief Scientist until 2022.

Notably, van Belle was among the astronomers who voted against the definition of ‘planet’ advanced during the 2006 International Astronomical Union (IAU) conference in Prague, which relegated Pluto to being a ‘dwarf planet’ (which according to the IAU resolution is not a planet).

His extensive experience and dedication to advancing astronomical research make him a valuable leader for Lowell Observatory’s scientific endeavors.

“I am honored to take on this role at such a pivotal time for Lowell Observatory,” said van Belle. “Our Science Vision will guide us in exploring new frontiers in astronomy while strengthening our commitment to public engagement and education.”

Executive Director Dr. Amanda Bosh expressed her confidence in van Belle’s leadership: “Gerard’s extensive experience and dedication to our mission make him the ideal person to lead our scientific endeavors. I look forward to working closely with him as we embark on this exciting new chapter for Lowell Observatory.”

For more information about Lowell Observatory’s research and public programs, visit lowell.edu.

About Lowell Observatory
Founded in 1894, Lowell Observatory in Flagstaff, Arizona, is a renowned nonprofit research institution. It is the site of historic and groundbreaking discoveries, including the first evidence of the expanding universe and the discovery of Pluto. Today, Lowell’s astronomers utilize global ground-based and space telescopes, along with NASA spacecraft, for diverse astronomical and planetary science research. The observatory hosts more than 100,000 visitors annually for educational tours, presentations, and telescope viewing through a suite of world-class public telescopes.

View original content to download multimedia:https://www.prnewswire.com/news-releases/dr-gerard-van-belle-appointed-director-of-science-at-lowell-observatory-charting-a-bold-future-for-research-302348440.html

SOURCE Lowell Observatory

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ALTICE USA IS ABANDONING LOCAL SPORTS FANS AND IS KEEPING MSG NETWORKS AND ITS KNICKS, RANGERS, ISLANDERS AND DEVILS COVERAGE OFF THE AIR

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NEW YORK, Jan. 10, 2025 /PRNewswire/ — MSG Networks released the following statement about their dispute with Altice USA:

“Altice USA has pulled their last proposal and walked away from negotiations to bring MSG Networks back to its Optimum subscribers. They also just dropped WPIX Channel 11 in New York and other local stations around the country. If you have been waiting, like we have, for them to do right by their customers – don’t wait any longer. Now is the time to switch to Verizon Fios who has a special offer for Optimum subscribers. Meanwhile, Optimum has been charging their over 1 million customers for local sports programming they have not been receiving and EVERY subscriber should be credited at least $10 a month.

Verizon Fios is ready to take your business. If you are not in Verizon Fios area, you can get games through these other providers DirecTV, DirecTV Stream, Fubo and The Gotham Sports App. For more options on how to switch providers, visit www.keepMSG.com.”

About MSG Networks

MSG Networks, a pioneer in sports media, owns and operates two award-winning regional sports and entertainment networks (MSG and MSG Sportsnet) and MSG+, a direct-to-consumer and authenticated streaming offering (included in the Gotham Sports App), that serve the nation’s number one media market, the New York DMA, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania. The networks feature a wide range of compelling sports content, including exclusive live local games and other programming of the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils and Buffalo Sabres, as well as significant coverage of the New York Giants and Buffalo Bills. This content, in addition to a diverse array of other sporting events and critically acclaimed original programming, has established MSG Networks as the gold standard in regional sports. MSG Networks is part of the Sphere Entertainment Co. (NYSE: SPHR).

Contact:

Dan Schoenberg (dan.schoenberg@msg.com)

View original content to download multimedia:https://www.prnewswire.com/news-releases/altice-usa-is-abandoning-local-sports-fans-and-is-keeping-msg-networks-and-its-knicks-rangers-islanders-and-devils-coverage-off-the-air-302348428.html

SOURCE Sphere Entertainment Co.

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