Electrolux, whirlpool reach end of the duty cycle,news by Hebei Longsheng
| Electrolux, Whirlpool reach end of the duty cycle The worst of the financial impact of U.S. tariffs on appliance manufacturers may have passed. Both Whirlpool and Electrolux reported improved profitability in 1Q 2019 as a consequence of increased prices. Electrolux CFO Therese Friberg has stated that the price rises has "fully offset" tariffs while the firm has also cut its assessment of the drag to profits in 2019 by nearly a quarter. The higher prices have come at the cost of "somewhat weaker demand" in North America. U.S. imports of washers in the first three months of 2019 may already have reached 1.35 million for all washing machine types compared to a 1.2 million quota limit for large residential machines. Among the major U.S. importers Haier, Samsung Electronics and LG Electronics have aggressively increased their seaborne shipments in the first quarter. LG increased them by 89.2% year over year. Electrolux meanwhile only increased shipments by 4.5%, perhaps to protect its newly-stabilized profitability. |
