Supply Chain Woes Hit Electrolux Profits, Worse To Come

Swedish home appliances maker Electrolux on Wednesday reported a drop in third-quarter earnings on Wednesday, warning that persistent supply chain woes would get worse by the end of the year

Stockholm, (UrduPoint / Pakistan Point News - 27th Oct, 2021 ) :Swedish home appliances maker Electrolux on Wednesday reported a drop in third-quarter earnings on Wednesday, warning that persistent supply chain woes would get worse by the end of the year.

The company, like many other manufacturers, has seen production hobbled by supply chain problems, including a global shortage of semiconductors that are key elements in a range of electronics and appliances.

Electrolux reported a net profit of 1.14 billion kronor ($114 million) between July and September, down from 2.36 billion kronor during the same period last year. The profit figure was in line with analyst expectations.

Third-quarter sales were nearly 31 billion kronor, down 3.4 percent from last year, Electrolux said in a statement.

And operating profit fell year-on-year to 1.6 billion kronor.