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Electrolux Group Interim report third quarter 2024

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STOCKHOLM, Oct. 25, 2024 /PRNewswire/ — Highlights of the third quarter of 2024

Net sales amounted to SEK 33,286m (33,427). Organic sales increased by 6.2% driven by strong growth in Latin America and higher sales in Europe, Asia-Pacific, Middle East and Africa, supported by the innovative and attractive product offering.Operating income amounted to SEK 349m (608), corresponding to a margin of 1.0% (1.8). Operating income included a previously announced non-recurring item of SEK -368m (294) related to the divestment of the water heater business in South Africa. Excluding non-recurring items, operating income amounted to SEK 717m (314), corresponding to a margin of 2.2% (0.9).In Europe, Asia-Pacific, Middle East and Africa, operating margin excluding non-recurring items improved to 4.2% (3.0).In North America, the gradual operating loss reduction continued to SEK -249m (-440) and in Latin America operating income increased to SEK 490m (405).Cost efficiency contributed approximately SEK 1.2bn to earnings.Income for the period amounted to SEK -235m (123) and earnings per share were SEK -0.87 (0.46).Operating cash flow after investments was SEK 1,053m (1,147).During the preparations to divest non-core assets, it has been assessed that the value of the Zanussi brand will be better monetized as part of the Group’s licensing business. The total potential divestment value of non-core assets is thereby currently expected to be below the previously communicated SEK 10bn.

President and CEO Jonas Samuelson’s comment

After 16 years with Electrolux Group and nearly 9 years serving as CEO, effective January 1, 2025, I will hand over the role of CEO to Yannick Fierling. I wish him all the best in leading this great company. Looking at the third quarter, while market conditions remained challenging in Europe and North America, we continued to make progress on our cost initiatives. Operating income excluding non-recurring items improved to SEK 717m in the quarter with an operating cashflow of SEK 1.1 bn and a strong liquidity position.

Gradual improvements in challenging markets

Earnings in Europe, Asia-Pacific, Middle East and Africa improved despite continued subdued consumer spending in Europe. Excluding non-recurring items, operating margin in the business area reached 4.2% (3.0%), helped by our efforts to reduce cost and by a continued positive mix. Our new products are well received, and in the quarter a new premium kitchen range from AEG was launched. Latin America delivered another good quarter with the improvement in operating income driven by volume growth and cost efficiency. In North America, the operating loss continued to narrow. We are making progress in our work to improve productivity and reduce cost, but market conditions remain challenging. Productivity in our new cooking plant in Springfield is gradually improving as planned.

Regional variations in market demand

The market in Europe continued to be predominantly replacement driven and was relatively stable, with high promotional intensity. Interest rates have started to come down but housing construction and kitchen remodeling, impacting the built-in kitchen market in Europe, remained at very subdued levels. The markets in Latin America grew in the quarter, driven by Brazil where growth rates started to accelerate in the fourth quarter 2023. 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 nine months of 2024, with price pressure in North America reflecting the lower price levels established in late 2023, and high promotional activity in most other markets. However, the promotional intensity in North America has stabilized sequentially throughout the year. As previously communicated, we expect price to be negative for full year 2024, also impacting the fourth quarter negatively.

Good execution on our cost-reduction efforts

We continue to execute well on the cost-reduction activities, and our efforts are yielding increasing benefits across all business areas. Earnings contribution from cost efficiency in the third quarter reached SEK 1.2bn, and the target of around SEK4bn in cost savings for full year 2024 remains.

Headwinds from currencies have increased during the course of 2024 and coupled with a reduction in raw material costs during the fourth quarter 2023 comparison period, we expect External factors to be negative in the fourth quarter 2024. For full year 2024, we have revised the outlook for External factors’ impact on operating income from positive to neutral.

Update on divestments of non-core assets

Our strategic divestment initiatives of non-core assets are progressing at different speeds, with the pace being adapted to the geopolitical situation and market environment. We have during the preparation phase assessed that the value of the Zanussi brand will be better monetized as part of the Group’s licensing business, and is therefore presently not being divested. The total potential divestment value is consequently currently expected to be below the previously communicated SEK 10bn. Closing of the divestment of the water heater business in South Africa is anticipated during the fourth quarter 2024.

Launch of new resource-efficient products

In September, our premium brand AEG launched a new, resource-efficient, kitchen range in Europe offering several enhanced consumer benefits, including AI-assisted cooking. This new cutting-edge feature helps users make the most of their oven when trying new online recipes by automatically analyzing the recipe and choosing the optimal cooking settings for the best result. The new kitchen range from AEG further strengthens our position in premium built-in appliance categories, enabling us to continue driving a positive mix.

Reflecting on nearly a decade as CEO

I am proud of the work the entire team has done to fundamentally transform the company, especially while navigating the challenging market conditions in recent years. Electrolux Group has sharpened the strategic focus, among other by distributing Electrolux Professional to our shareholders, and streamlining the organization. We have successfully delivered sustainable, consumer experience driven innovation, leveraging our focus on our three main brands, Electrolux, AEG and Frigidaire, leading to industry-leading consumer star ratings, and continuous sales mix improvements. Our focus on consumer lifetime experiences has increased, and the aftermarket revenue share been raised. We have executed on the significant re-engineering investment program, focused on increased modularization, automation and resource efficiency. The new modularized product architectures enable us to significantly leverage our global scale with shorter, and more cost-efficient, time to market of new products, features and digital solutions. These initiatives have enabled cumulative expected cost reductions over 2023-24 of close to SEK 9bn.

Once consumer demand in our main markets recovers, we are well situated to fully benefit from our position in selected mid- and premium categories with our competitive product and service offering. Our key priorities are to continue to execute on, and further accelerate, our ambitious product cost-reduction efforts and consumer-focused innovation, leveraging our more simplified organization, to continue restoring margins and return to profitable growth.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, October 25. 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/prqn9ckh

OR

To both listen to the telephone conference and ask questions, use the link:

https://register.vevent.com/register/BIe1cf399b7d004ba3a2a97fc79b5153d4

Presentation material available for download

www.electroluxgroup.com/ir

This is information that AB Electrolux 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 set out below, on 25-10-2024 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-interim-report-third-quarter-2024,c4056516

The following files are available for download:

 

View original content:https://www.prnewswire.co.uk/news-releases/electrolux-group-interim-report-third-quarter-2024-302287042.html

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Quarterhill Awarded High-Speed Weigh-In-Motion Prescreening Contract in Belgium

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The new WIM station will assist Brussels Mobility in achieving its goals of improving road safety and creating a fair regulatory environment by reducing the number of overloaded vehicles on the roads of the Brussels region.Traffic data provided by the system will support Brussels Mobility’s mission to foster economic growth and improve quality of life through the development of transport infrastructure.

TORONTO, Jan. 10, 2025 /PRNewswire/ – Quarterhill Inc. (“Quarterhill” or the “Company”) (TSX: QTRH) (OTCQX: QTRHF), announced today a contract to provide weigh-in-motion (“WIM”) technology to Brussels Mobility through a joint project with Belgium-based technology integrator Jacops NV (“Jacops”). Quarterhill will be responsible for the design and supply of the WIM subsystem, technical support, and training. Quarterhill will also provide Jacops with the software necessary for commercial vehicle monitoring and enforcement.

Quarterhill will supply the WIM system for the Brussels-Capital Region weigh station, which will be used to pre-select overloaded vehicles for enforcement. The dynamic weighing station will promote and improve the efficiency of inspections by screening vehicles at highway speeds in advance of the law enforcement inspection site. In addition, the weigh station will generate data that provides an accurate, real-time picture of the vehicles on the E19 highway.

The system’s goal is to reduce the number of overloaded vehicles on the Brussels Region’s roads. Overloading causes many problems, such as rapid road deterioration, more serious accidents, and unfair competition between transport companies. Quarterhill’s technology mitigates these issues by screening for overweight vehicles while optimizing the use of enforcement resources.

“We are excited at the prospect of introducing our advanced enforcement technology to Brussels Mobility and expanding our presence in Europe,” said Chuck Myers, CEO of Quarterhill. “Together with Jacops, we will deploy a state-of-the-art high-speed WIM system that will make Belgian roads safer and more sustainable. We have a longstanding relationship with Jacops as a customer for our microwave sensor products, and this project demonstrates how having a broad portfolio of traffic technologies and established relationships with traffic system integrators leads to further opportunities.”

The weigh station will monitor four lanes of one-way traffic on the highway and record data on vehicle classification and vehicle tax without impeding traffic. An overview camera provides images to help enforcement personnel clearly identify vehicles flagged by the system. An Automated Number Plate Reader system will photograph, recognize, store, process, and transmit the number plates of vehicles approaching the dynamic weighing station.

Quarterhill’s iSINC WIM controller was selected for the project as it offers preselection of overweight vehicles, creates comprehensive vehicle records, classifies vehicles, and meets the desired standards for continual uptime monitoring and ease of service. iSINC’s versatility allows it to control a wide array of sensors, cameras, dimensioning systems, communication systems, and custom equipment.

WIM sensors that comply with the accuracies outlined in the Nmi International WIM standard Specification and test procedures for WIM Systems will be installed at the site. The WIM sensors meet the lane width specifications and provide high durability, stable output over time, and IP68 water resistance.

Quarterhill will advise Jacops on the design and placement of the WIM system components to ensure optimal operation, including onsite technical support for installation, testing, and initial calibration. Quarterhill will also provide Jacops with thorough training on the WIM components and system calibration. Over the 2-year warranty period, Quarterhill will provide remote diagnostics and technical support to ensure continuous uptime and optimal performance.

“This project shows that Quarterhill’s technology is well suited to the precise needs of European agencies. We are set to elevate road safety and integrity in the region, reinforcing our expanding footprint in this important market,” stated Heimo Haub, Managing Director, Quarterhill Europe.

About Quarterhill
Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry. Our goal is technology-driven global leadership in ITS, via organic growth of our tolling and enforcement businesses, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information: www.quarterhill.com.

Forward-looking Information
This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Such forward-looking statements relate to future events, conditions or future financial performance of ‎Quarterhill based on future economic conditions and courses of action. All statements other ‎than statements of historical fact may be forward-looking statements. Such forward-looking statements ‎are often, but not always, identified by the use of any words such as “seek”, “anticipate”, “budget”, ‎‎”plan”, “goal”, “expect” and similar expressions.

Forward-looking statements involve known and unknown risks, assumptions, ‎uncertainties and other factors that may cause actual results or events to differ materially from those ‎anticipated in such forward-looking statements. Material risk factors that could cause actual results to differ materially from the forward-looking statements contained in this news release include, among others, demand for Quarterhill’s products and services; general economic and market conditions; competition; risks relating to technological advances and cyber-security; and other risks set forth in the Company’s most recent annual information form available on SEDAR+ at www.sedarplus.ca. The Company believes the expectations reflected in ‎the forward-looking statements are reasonable, but no assurance can be given that these expectations ‎will prove to be correct and such forward-looking statements included in this news release should not be ‎unduly relied upon.‎ Material factors and assumptions used to develop the forward-looking statements contained in this news release include, among others: Quarterhill’s ability to execute on its business plan; demand for Quarterhill’s products and services; operating assumptions; and financial projections and cost estimates. Quarterhill has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View original content:https://www.prnewswire.com/news-releases/quarterhill-awarded-high-speed-weigh-in-motion-prescreening-contract-in-belgium-302347610.html

SOURCE Quarterhill

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ez1099 2024 Edition Tax Preparation Software for 2025 Tax Season Is Available for Electronic Filing

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REDMOND, Wash., Jan. 10, 2025 /PRNewswire/ — Designed for US business owners, tax professionals and entrepreneurs, the latest ez1099 tax form software from Halfpricesoft.com is easy to navigate and streamline processing unlimited forms for multiple companies for one flat rate.  The latest edition of ez1099 supports paper form printing, pdf printing and efile feature. It also comes with a recipient data import feature from the spreadsheet and QuickBooks IIF file.

 

“ez1099 2024 software is now available for business owners and tax professionals to print and file 1098’s and 1099’s, seamlessly.” Dr. Ge, Founder of Halfpricesoft.com, says.

ez1099 software streamlines the preparation, printing, and e-filing of essential IRS forms, including W2G, 1097BTC, various 1098 forms (1098, 1098C, 1098E, 1098F, 1098Q, 1098T), numerous 1099 forms (1099A, 1099B, 1099C, 1099CAP, 1099DIV, 1099G, 1099INT, 1099K, 1099LTC, 1099MISC, 1099NEC, 1099OID, 1099PATR, 1099Q, 1099QA, 1099R, 1099S, 1099SB, 1099SA), 5498 forms (5498, 5498ESA, 5498QA, 5498SA), as well as 8935, 3921, 3922, and 1096 forms.

Cost is only $79 per installation for the basic version of ez1099 Software or $139 per installation for the advanced version with bulk printing feature, import feature, PDF file creation and electronic filing capability. Also offered in a network version for two or more installations starting at $199 to enable sharing data between computers or offices.

ez1099 is compatible with Windows 11, 10, and 8.  It can also run on Windows Vista system, 7, and MAC machines (Mac can run the system only if installed with Bootcamp).

The features in the latest version ez1099 software include but are not limited to:

electronically file unlimited forms to the IRS with one flat rateez1099 blank paper prints out recipient copiesPrint in bulk for faster processingQuick data importing featureCustomers can save even more time by compiling and saving form data for later use and modificationSupport unlimited accounts and unlimited recipients at no additional chargeGo green with optional PDF document converting and e-file (electronic filing) featuresFeature to process correction forms included

Starting at $79.00 for the print and mail version and $139.00 to electronically file. Halfpricesoft.com welcomes all clients to begin the no obligation thirty-day test drive today at https://www.halfpricesoft.com/1099_software.asp#purchase

About halfpricesoft.com

Halfpricesoft.com is a leading provider of small to midsize business software, including online and desktop payroll software, online employee attendance tracking software, accounting software, in-house business and personal check printing software, W2, software, 1099 software, 1095 ACA form software and ezACH direct deposit software. Software from halfpricesoft.com is trusted by thousands of customers for over 20 years and will assist business owners simplify payroll processing and streamline business management.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ez1099-2024-edition-tax-preparation-software-for-2025-tax-season-is-available-for-electronic-filing-302340859.html

SOURCE Halfpricesoft.com

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The New York Stem Cell Foundation Research Institute Enters Agreement to Accelerate Precision Drug Discovery for Neurodegenerative Disease

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Partnership Will Harness NYSCF’s Automated Cell Culture Systems and Artificial Intelligence Capabilities to Study Disease at an Unprecedented Cellular Level

NEW YORK, Jan. 10, 2025 /PRNewswire/ — The New York Stem Cell Foundation (NYSCF) Research Institute today announced they have entered into an agreement with Janssen Research & Development, LLC, a Johnson & Johnson company, to use NYSCF’s AI-powered platform for drug discovery to target neurodegenerative disease. This initiative brings together NYSCF’s advanced robotic systems for stem cell research and J&J’s expertise in drug discovery and data science to unlock novel disease insights and accelerate the development of more effective and tailored treatments.

NYSCF has developed proprietary automation technology that enables large-scale, reproducible disease modeling and drug screening using patient-derived stem cells. By combining high-content cell imaging with machine learning-driven analysis, NYSCF’s platform can reveal previously undiscovered disease phenotypes and therapeutic targets leading to the development of novel therapeutic approaches. This versatile platform is adaptable to a wide range of cell types and diseases, making it uniquely positioned to advance precision medicine for patients.

“This work with Johnson & Johnson allows us to integrate our cutting-edge stem cell automation and AI platform with their deep expertise in therapeutic development,” said Jennifer J. Raab, President and CEO of NYSCF. “Together, we look forward to accelerating the discovery of innovative treatments for patients affected by devastating neurodegenerative disease.”

About The New York Stem Cell Foundation Research Institute
The New York Stem Cell Foundation (NYSCF) Research Institute is an independent non-profit organization accelerating cures and better treatments for patients through stem cell research. The NYSCF Research Institute is an acknowledged world leader in stem cell research and in the development of pioneering stem cell technologies, including the NYSCF Global Stem Cell Array®, which is used to create cell lines for laboratories around the globe. NYSCF focuses on translational research in an accelerator model designed to overcome barriers that slow discovery and replace silos with collaboration. For more information, visit nyscf.org.

CONTACTS:
David McKeon
212-365-7440
dmckeon@nyscf.org

Chris Taylor
chris@christaylorpr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-new-york-stem-cell-foundation-research-institute-enters-agreement-to-accelerate-precision-drug-discovery-for-neurodegenerative-disease-302347569.html

SOURCE The New York Stem Cell Foundation

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