Electrolux profit just lags forecast, sees more supply chain pain

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Europe’s biggest home appliances maker said in a statement it expected limited availability of certain product categories throughout the year, with regional variances, while underlying consumer demand normalised to pre-pandemic levels.

“We continue to have a tight collaboration with suppliers to mitigate global supply shortages, but we estimate that the fourth quarter will be even more challenging than the third quarter,” the rival to Whirlpool (NYSE:WHR) said in a statement.

“Although we anticipate sequential improvements in 2022, we expect challenging conditions to remain in meeting continued strong demand.”

Operating profit at Electrolux fell to 1.64 billion Swedish crowns ($191.3 million) from a year-ago 3.22 billion. Analysts polled by Refinitiv had on average forecast a 1.66 billion crown profit.

In the third quarter of 2019, it generated a profit of 1.19 billion crowns.

($1 = 8.5737 Swedish crowns)