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It's it's been a strong cycle for appliance maker -- lacks the company's earnings surged 22% in the first quarter outperforming its main competitor Whirlpool.
Which saw a 46%.
Drop in earnings.
Joining us now Fox Business exclusive -- Keith McLaughlin the CEO and president of elect to lax.
Keep -- how do you wanna -- I mean -- -- for electoral lacks the winning story really came from the emerging markets didn't it for you.
It did we had good strong growth in the quarter of 10%.
And the majority of that organically came from the emerging markets of Latin America.
Eastern Europe and Asia.
And then a good portion of it also came from acquired units that we made -- 2011.
The problem the challenge here though is in North America obviously -- we got they.
GDP number which was disappointing and Europe's dealing with a double dip recession now so how are you facing this challenges.
Certainly to your point and -- mature markets of North America Austral Asia and Western Europe.
The market demand is down.
Of course I have to address that -- you've got to keep your cost slow.
You gotta keep investing in the future and effervescent for us that -- new products so we just I just came back from Milan Italy.
The largest appliance show in the world where -- election looks launched -- brand new range of appliances across all categories span Europe.
Very high design modern contemporary and exciting products.
The house like -- is dying to hear more about that what is the latest technology dishwashers and washing machines.
Actually probably one of the coolest thing in -- machines and dishwashers primarily around capacity.
Lower noise and more flexibility.
Of one of the interesting thing is in the -- technology where we're bringing professional level cooking technology.
Specifically around steam cooking.
Up from professional into the domestic appliance market.
Yeah I do cooking so well so I'll take your word that -- What about your plans for spending you mentioned that you had some benefit there because the acquisition any more plans on that front.
I work keeping our eyes open obviously in a very volatile and uncertain global marketplace and economy you have to keep strengthen -- balance sheet which were doing.
Both for the uncertainty but also to your point for opportunities so.
Would we have a profitable growth strategy which includes.
The opportunities to accelerate that growth with bolt on acquisitions.
And you got success raising prices -- -- raise prices this last year -- you hold steady now or do you think that your customers.
Will accept further price -- increases if needed whats it gonna take tape.
Maintain its edge over your chief competitor Whirlpool.
Ultimately what we're we're gonna get paid for is is bringing consumer relevance innovation into the marketplace -- we serve at a faster rate ultimately that's going to be.
Or source of advantage.
Of course we've got to do that with low cost.
Of course you have to do that with strong brands and marketing but ultimately we've got to bring -- innovation and so that's where focuses.
All right Keith McLaughlin is the CEO of -- lacks.
Thank you so much.
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