ELRXF - AB Electrolux (publ) (ELUXY) Q2 2024 Earnings Call Transcript
2024-07-19 07:40:25 ET
AB Electrolux (publ) (ELUXY)
Q2 2024 Earnings Conference Call
July 19, 2024, 03:00 AM ET
Company Participants
Oscar Stjerngren - IR
Jonas Samuelson - President and CEO
Therese Friberg - CFO, Head of Finance, Legal and IT
Conference Call Participants
Bjorn Enarson - Danske
Martin Wilkie - Citi
Gustav Hageus - SEB
Alexander Virgo - Bank of America
Johan Eliason - Kepler Cheuvreux
Presentation
Jonas Samuelson
Good morning, and a warm welcome to the Second Quarter 2024 Results Presentation. My name is Jonas Samuelson and with me today I have Therese Friberg, our CFO, and Oscar Stjerngren from Investor Relations. Before I continue, I'd like to mention that this session is recorded and will be available on our website as an on-demand version.
In the second quarter, sales grew 7% organically with volume growth in all business areas. Market demand was mixed with strong growth in Brazil. Some catch up in North America from the weak sell in in Q1 and continued negative development in Europe.
Mix continued to be positive, supported by our strong product offering in mid and premium segments. Despite the negative market demand mix pressure, pricing continues to be quite negative year-over-year, but was sequentially relatively stable in most markets. We're happy to report that EBIT improved sequentially by more than SEK 1 billion to SEK 419 million, mainly driven by significantly reduced losses in North America and a strong result in Latin America.
The strong Latin results mean that we're now at 7% EBIT margin for the last twelve months, reflecting our strong and updated product offer combined with market recovery from the previously depressed levels in Latin America market. The organic contribution year-on-year was negative due to the significantly lower net prices, but was to a substantial degree offset by the positive product mix and volume development. This was accelerated by increased go to market investment in the quarter....
AB Electrolux (publ) (ELUXY) Q2 2024 Earnings Call Transcript