Technology

Electrolux Group Interim report third quarter 2024

Published

6 hours ago

October 25, 2024

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

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:

https://mb.cision.com/Main/1853/4056516/3074542.pdf

Interim Report Q3 2024_FINAL

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

Technology

AAON Awarded Liquid Cooling Data Center Orders Totaling Approximately $174.5 Million

Published

57 mins ago

October 25, 2024

TULSA, Okla., Oct. 25, 2024 /PRNewswire/ — AAON, Inc. (NASDAQ: AAON) (including its affiliates, “AAON” or the “Company”), a leader in high-performing, energy-efficient HVAC solutions that bring long-term value to customers and owners, announces it was recently awarded orders from one data center customer that approximately totaled $174.5 million. Under these orders, AAON will provide a custom-designed thermal management system supporting a liquid cooling deployment for the customer’s data centers. The equipment will be manufactured under our BASX brand in our existing and newly constructed facilities at our Longview, Texas location and is expected to mostly be produced and delivered in the first half of 2025. The construction of the new facility is on schedule to be completed by the end of this year and the Company has already begun staffing, training and setting up the operations in preparation for production to commence in early 2025.

“These significant orders highlight AAON’s superior engineering and manufacturing capabilities, advanced technology, and expertise in the data center cooling market,” said Matt Tobolski, AAON President and COO, “Since BASX joined AAON in 2021, we have strengthened our collective position as leaders in this rapidly growing market. Capitalizing on this highly innovative liquid cooling solution reflects our leadership, engineering proficiencies and ability to provide customer-centric, industry-leading solutions for the market. It showcases the solution-minded approach of our team and the strong value we provide to crafting unique, efficient data center solutions.”

“Being awarded these orders is an exciting milestone for us,” said Gary Fields, AAON CEO, “Selecting AAON for this innovative solution over any of our peers is a testament to our superior, fully-custom engineering solutions that are unmatched in the industry. It also highlights our commitment towards investing in production capacity to supply this high-growth market. Within our current footprint, including the new facility in Texas, we have a considerable amount of excess capacity. At the same time, we are focused on investing in new incremental capacity. This underscores our confidence in our data center customer relationships as well as the underlying fundamentals in the data center market in what we view will be a multi-year growth cycle. We view these orders as a fraction of a much larger pipeline of opportunity in which we are committed to capitalizing on,” Mr. Fields concluded.

About AAON
Founded in 1988, AAON is a world leader in HVAC solutions for commercial and industrial indoor environments. The Company’s industry-leading approach to designing and manufacturing highly configurable equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance and long-term value. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allows AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.AAON.com.

About BASX
BASX, a wholly owned subsidiary of AAON, is an industry leader in the manufacturing of high efficiency data center cooling solutions, cleanroom systems, custom HVAC systems and modular solutions. For the past 40 years, the BASX team has been recognized as leaders in the development of industry-changing innovation such as changes in the way fans are applied in modern air handling systems. Our team has a steadfast commitment to customer service and delivering on our promises while providing the highest quality products throughout the world. BASX’ state-of-the-art manufacturing facility is located in Redmond, Oregon.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “should”, “will”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (4) general economic, market or business conditions.

Contact Information
Joseph Mondillo
Director of Investor Relations
Phone (617) 877-6346
Email: joseph.mondillo@aaon.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/aaon-awarded-liquid-cooling-data-center-orders-totaling-approximately-174-5-million-302286999.html

SOURCE AAON

Technology

Terry Bryant Accident & Injury Law’s Thanksgiving Giveaway 2024

Published

57 mins ago

October 25, 2024

Spread the Holiday Cheer with Terry Bryant!

HOUSTON, Oct. 25, 2024 /PRNewswire/ — In the spirit of Thanksgiving, Terry Bryant Accident & Injury Law is excited to announce its Thanksgiving Gift Card Giveaway. To show gratitude to the community that has supported the firm throughout the years, the firm will be giving away twenty $200 gift cards to residents across Texas.

The Thanksgiving Gift Card Giveaway aims to provide support to Texas residents during the holiday season. As the cost of living rises and many families face financial challenges, Terry Bryant Accident & Injury Law hopes this gesture will ease some of the burden and allow recipients to enjoy a memorable Thanksgiving meal with their loved ones. The firm recognizes the importance of community and is committed to giving back in meaningful ways.

“At Terry Bryant Accident & Injury Law, we are grateful for our clients, our families, and the vibrant communities we serve,” said lead attorney Terry Bryant. “Thanksgiving is the perfect time to give back and help families enjoy a special holiday meal.”

How to Enter:

Simply fill out the entry form on this page by 10 a.m. CST on Nov. 19, 2024, for your chance to win.Winners will be randomly selected and announced by Nov. 22, 2024, just in time to purchase everything you need for the perfect Thanksgiving feast.

Giveaway Details:

You must be at least 18 years old to enter.One entry per person; one winner per household.A valid email address and phone number are required.Winners will be notified directly by the firm using the contact information provided upon entry.

Whether you’re debating between pumpkin and apple pie or stocking up on Thanksgiving essentials, Terry Bryant Accident & Injury Law wants to make your holiday special.

About Terry Bryant Accident & Injury Law
Terry Bryant Accident & Injury Law started in 1985 with Terry Bryant, a former judge who knows the Texas legal system. He had one goal: to help people who have been seriously injured; he and his team have been there for many victims through the years. As the firm grew, so did the number of attorneys and support staff. We offer our clients free initial consultations so they can discuss their cases freely without the burden of legal fees. Our friendly staff is always ready to assist you with any inquiries, so contact us at (713) 973-8888 to get the help you need.

This press release was issued through 24-7PressRelease.com. For further information, visit http://www.24-7pressrelease.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/terry-bryant-accident–injury-laws-thanksgiving-giveaway-2024-302286731.html

SOURCE Terry Bryant Accident & Injury Law

Technology

Fibocom Recognized as the Winner of 2024 Mobile Breakthrough Awards for Innovation in 5G RedCap

Published

57 mins ago

October 25, 2024

SHENZHEN, China, Oct. 25, 2024 /PRNewswire/ — Fibocom (Stock code: 300638), a global leading provider of IoT (Internet of Things) wireless solutions and wireless communication modules, today announces that the 5G RedCap module FG132 has been awarded as the “Embedded Wireless Solution of the Year” in 2024 Mobile Breakthrough Award. The prestigious international awards program honors top mobile and wireless companies and solutions around the globe, Fibocom’s innovative, high-performance 5G RedCap (Reduced Capability) module equipped with the latest antenna design and power utilization technologies is honored to be selected as the winner through thousands of nominations from over 15 countries, marking the third consecutive win in this program.

“The FG132 module is a perfect fit for applications requiring reliable and efficient data transmission. Traditional 5G solutions often exceed the requirements of many mobile broadband applications, leading to complexity and expense. On the other hand, existing low-power IoT technologies may not perform sufficiently for certain use cases. 5G RedCap offers a middle ground, providing a tailored solution for mid-tier applications,” stated Steve Johansson, managing director, Mobile Breakthrough. “It’s an honor to recognize Fibocom’s FG132 solution as ‘Embedded Wireless Solution of the Year!’ Fibocom has consistently demonstrated its leadership in the wireless communication market by leading the way in 5G innovation.”

“The Cellular Connectivity industry faces several critical challenges, including the need for efficient solutions that balance performance, cost, and power consumption. Customers need flexible solutions that ensure long-term connectivity and performance, whether they are looking to support 5G early or planning for long-term use,” said Simon Tao, VP of Product Management Dept., Head of MBB BU at Fibocom. “Thank you to Mobile Breakthrough for this important award – a milestone in our journey. Going forward, we will continue, through continuous innovation and strategic advancements, to deliver the most advanced and reliable connectivity solutions available.”

The FG132 module series is compliant with 3GPP Release 17 RedCap technology, offering a maximum downlink speed of 223Mbps and uplink speed of 123Mbps and supports LTE fallback. The FG132 module is designed for mid-rate connectivity scenarios such as Industrial IoT, smart city, Fixed Wireless Access (FWA), mobile hotspots and more. The compact LGA packaging and compatibility with Fibocom’s LTE modules facilitate seamless 5G/4G product compatibility design. Fibocom’s FG132 module helps to leverage the benefits of 5G technology, including enhanced speed, low latency, power consumption and reliable connectivity. Fibocom offers multiple 5G RedCap series including FG332, FG131, and FG132 in different form factors to support various use cases. Up-to-date, FG132 has successfully been deployed in the 5G AIoT camera for smart city real-time monitoring and USB dongles for enabling high-speed internet access to laptops and other portable devices. Its high data throughput and low latency make it ideal for reliable, continuous wireless connectivity, enhancing responsiveness and decision-making.

About Fibocom

Fibocom is a global leading provider of wireless communication modules and solutions as well as the first wireless communication module provider listed on China A-shares stock market (stock code: 300638). Fibocom offers a one-stop solution for industry customers by integrating wireless communication modules and IoT solutions. With over two decades of engagement in M2M and IoT communication technology and extensive expertise, we are capable of bringing reliable, convenient, secure and intelligent connectivity service to every industry, enriching smart life with a perfect wireless experience. Fibocom’s product portfolio ranges from cellular modules (5G/4G/3G/2G/LPWA), automotive-grade modules, AI modules, android-smart modules, GNSS modules and antenna service. Together, we aim to empower digital transformation across industries such as ACPC (Always Connected PC), mobile broadband, smart retail, C-V2X, robotics, smart energy, IIoT, smart cities, smart agriculture, smart home, telemedicine, etc.

Find out the latest news at www.fibocom.com, and follow us on LinkedIn /X /Facebook /Youtube.

Media Contact: pr@fibocom.com

About Mobile Breakthrough

Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the Mobile Breakthrough Awards program is devoted to honoring excellence in mobile and wireless technology companies, products and people. The Mobile Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough mobile companies and products in categories including Cloud Computing, Mobile Management and Security, Wireless and Broadband, Mobile Analytics, IoT and Smart City technology, WLAN, WiFi and more. For more information visit MobileBreakthroughAwards.com.

Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fibocom-recognized-as-the-winner-of-2024-mobile-breakthrough-awards-for-innovation-in-5g-redcap-302287028.html

SOURCE Fibocom Wireless Inc.