Indesit Company has reported its preliminary full-year 2013 results that appears to show that the whole year experienced a downward trend in quarterly shipment volumes.
Indesit said that, compared to the same period of the previous year:
- 1Q 2013 shipment volumes were down 1.3%
- 2Q 2013 shipment volumes were down 4.3%
- 3Q 2013 shipment volumes were down 6.4%
- 2Q 2013 shipment volumes were down 8.1%
Volume shipments ended the year down 5.3%.
By comparison, Indesit estimated that industry-wide appliance shipments in Greater Europe were down 0.7%.
Indesit’s full-year 2013 sales in its preliminary reporting were €2,671 million, down 7.7% from €2,894 million in 2012.
Sales were down 4.6% at constant exchange rates.
Net group income for the year was €3 million, down 94.7% from €62 million in 2012.
Earnings before interest and taxes (EBIT) was EUR 84 million, down 25.9% from EUR 113 million in 2012.
The company blames the decrease in sales volume on unfavorable trends in its main markets as well as price enhancement activity. It saw a significant negative impact from Euro appreciation.
Profitability benefited from a cost reduction plan on products and on selling, general & administrative expenses. Profitability was negatively impacted by volume loss and exchange rates.
Competitors such as Electrolux have also faced a tough year in 2013 however so it is probably not fair to think that this trend is one faced by Indesit alone but more one faced by the industry at large.