Welcome to our dedicated page for Aktiebolaget Electrolux news (Ticker: ELUXY), a resource for investors and traders seeking the latest updates and insights on Aktiebolaget Electrolux stock.
AB Electrolux B S/ADR (ELUXY) is tied to Electrolux Group, a global appliance company whose activities and announcements generate a steady flow of company news. This news page aggregates press releases and updates related to Electrolux Group and its brands, including Electrolux, AEG and Frigidaire, giving investors and followers a single place to review official communications.
Recent news highlights include product-focused announcements from Frigidaire, a home appliance brand under Electrolux Group. These releases describe the launch of the Frigidaire Gallery Range with Stone-Baked Pizza Mode, presented as a first-of-its-kind home oven function in North America capable of reaching high temperatures for specific pizza styles, integrated into a multifunctional range with more than 15 cooking modes. Other communications showcase marketing partnerships around this product, including collaborations with public figures to promote new cooking experiences at home.
Beyond product launches, Electrolux Group news covers strategic and operational decisions, such as the decision to retain its profitable business in Egypt, which includes sales and production of major appliances and water heaters. The company has explained that, after evaluating alternatives, it concluded that keeping this business within the group would create higher value, and it has stated objectives to grow market share in Egypt and expand exports from the country.
Investors can also find governance and capital markets updates in the news flow, including information on share conversions between Series A and Series B shares, timetables for automatic redemption procedures, and the appointment of the Nomination Committee ahead of Annual General Meetings. In addition, Electrolux publishes invitations to quarterly result presentations and interim reports that discuss market conditions, demand for its products and its approach to shareholder returns. Bookmark this page to access the latest official releases and historical announcements connected to ELUXY.
The Nomination Committee for Electrolux's Annual General Meeting 2022 has been appointed, consisting of six members. The committee includes representatives from the company's four largest shareholders and additional Board members. Johan Forssell from Investor AB chairs the committee, which also features members from Alecta, AMF Försäkring och Fonder, and Swedbank Robur Funds. The committee will propose candidates and discuss remuneration for Board members and auditors for the meeting scheduled on March 30, 2022, in Stockholm, Sweden.
Electrolux reported a strong Q2 2021, with net sales rising to SEK 30,303m, reflecting an organic sales growth of 39.1%. Operating income surged to SEK 1,983m, yielding a margin of 6.5%. The net income for the period was SEK 1,383m, translating to earnings per share of SEK 4.81. The company has introduced a new dividend policy targeting around 50% of annual income and proposed a SEK 17 redemption per share. However, challenges persist in meeting market demands due to global supply shortages, particularly in electronic components.
Electrolux announced a revised dividend policy to distribute approximately 50% of annual income and proposed an automatic share redemption of SEK 17 per share, totaling around SEK 4.9bn. This decision stems from a strong financial position and aims to enhance shareholder returns. The Extraordinary General Meeting to approve the share redemption is set for August 27, 2021, with record day on October 5, 2021, and payment expected around October 28, 2021. A share buyback program is also planned to further benefit shareholders.
On July 8, 2021, Electrolux announced its acquisition of La Compagnie du SAV (CSAV), a leading independent service provider in France focusing on domestic appliance repairs. This strategic move aims to enhance Electrolux's service network in France and aligns with its commitment to promote circularity and repairability. CSAV, with around EUR 25 million in net sales for 2020 and nearly two million appliances serviced, will continue operating independently. The acquisition supports Electrolux's sustainability goals and addresses the growing demand for after-sales service.
Electrolux invites participants to its Q2 2021 results presentation scheduled for July 6, 2021, at 09:00 CET. CEO Jonas Samuelson and CFO Therese Friberg will discuss the results. The presentation slides will be accessible on the company's website. Listeners can access the presentation via provided links, and telephone participation details are available for Sweden, the UK, Europe, and the US. For further inquiries, investors can contact Sophie Arnius, Head of Investor Relations. This press release serves to inform stakeholders about the upcoming financial disclosure.
Electrolux has issued an open letter inviting youth aged 15-20 to collaborate with influential change-makers to explore sustainable living solutions for 2030. The initiative aims to gather insights from the younger generation regarding their future home aspirations, thereby aligning Electrolux's innovation efforts with their needs. A global survey will solicit responses from almost 14,000 participants, focusing on creating tailored products in areas like garment care. This initiative underscores Electrolux's commitment to sustainability and innovation as part of their 2030 targets.
Electrolux reported a strong Q1 2021, with net sales rising to SEK 29,026m from SEK 26,578m, marking a 22.8% organic growth. Operating income also surged to SEK 2,297m, representing a margin of 7.9%. The company achieved earnings of SEK 1,556m with an EPS of SEK 5.41. Demand for appliances remained robust, largely driven by increased home improvement spending. However, supply chain issues persist, particularly in electronic components, impacting production efficiency.
Electrolux will release its Q1 2021 results on April 28, 2021, at 08.00 CET. A conference call will follow at 09.00 CET, featuring comments from CEO Jonas Samuelson and CFO Therese Friberg. Interested parties can access presentation slides on the Electrolux website. For telephonic participation, attendees in Sweden can call +46 8 566 426 51, while those in the UK/Europe can dial +44 3333 000 804, and participants in the US should call +1 631 9131 422. The pin code for access is 87590350#.
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