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%.
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.