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Sweedish home appliance manufacturer Electrolux has proposed reinstating dividends after a recovery in earnings and cash flows during the third quarter. In a statement, Electrolux linked the recovery to increased demand and government stimulus programs which affected consumer spending patterns.
The company made losses early this year in the wake of the coronavirus pandemic. In the Friday proposal, Electrolux is forwarding 7 crowns per share dividend. The final decision on the proposal will be made during an extraordinary general meeting set for November 3rd.
With the pandemic’s impact, the electronic maker had to withdraw the 8.50 crown per share payout for 2019.
During the meeting, the Electrolux board will further propose that a performance-based long-term share program for 2020 is implemented as part of its original proposal for the AGM 2020.
The company cautioned that visibility into the fourth quarter remained limited. However, it anticipates financial performance to return to normal soon. According to the statement:
“Looking into the fourth quarter, visibility remains limited as demand may be impacted by several factors – both positive and negative – but at present, Electrolux anticipates financial performance to gradually normalize.”
Electrolux estimates that the negative impact due to the pandemic will largely be recovered. It expects a positive operating profit for the nine months ending September 30.