Electrolux AB (FRA:ELXC)

€ 8.732 -0.026 (-0.3%) Market Cap: 2.36 Bil Enterprise Value: 4.95 Bil PE Ratio: 0 PB Ratio: 2.88 GF Score: 69/100

Q2 2020 Electrolux AB Earnings Call Transcript

Jul 17, 2020 / 07:00AM GMT

Release Date Price: €16.42 (-5.39%)

Transcript

Jonas Samuelson;publ;President

AB Electrolux;CEO & Director

()- -

Good morning, and a warm welcome to Electrolux Second Quarter 2020 Results Presentation. With me today, I have our CFO, Therese Friberg; and our Head of Investor Relations, Sophie Arnius. I'd also like to mention that this session is recorded, and will be available on our website as an on-demand version.

Let me begin by updating you on the Q2 impact of the coronavirus pandemic. During April and May, we experienced significant volume drops across most of our regions due to the strict countermeasures initiated by local authorities. As restrictions were eased or removed, demand picked up in June, even if the pace of recovery varies directly between regions. In some markets such as most of Europe, the recovery pace in the latter part of the quarter has been faster than predicted. It was, therefore, encouraging that the whole group had an organic growth of 3% in June compared to the 30% decline we experienced in April. All in all, the organic sales in the quarter declined by 17%.

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