Electrolux CEO points to recovery, despite losses

Electrolux president and CEO Keith McLoughlin reflected on the company's progress during the second fiscal quarter, pointing to prospects for growth.

However, net sales decreased by about 4.9% year-over-year, totaling $26.3 billion for the three-month period. That decrease was slightly smaller for the six-month period -- 2.0%.

Meanwhile, the company posted a net loss of $92 million for the quarter. For the first six months, the company's net income of $339 million compares to net income of $1.003 billion for the same six-month period last year. 

"We will continue to launch new, innovative products in parallel with optimizing global production with a strong focus on cost efficiency," said McLoughlin. "This will enable us to continue to generate a solid cash flow and shareholder value."

McLoughlin pointed to specific cost-reduction initiatives that Electrolux is conducting in its various market segments, including one in Europe overall and a review of its manufacturing facilities in Italy.

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