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STOCKHOLM (AP) — Sweden-based Electrolux's fourth-quarter earnings rose by a third compared to a year earlier and full-year income in 2012 was up by 25 percent despite sluggish sales in core markets in Western Europe, the company announced Friday.

The world's second-largest maker of appliances said fourth-quarter income amounted to 292 million kronor ($46 million), while sales rose a record 7.5 percent to reach 29.1 billion kronor thanks to a strong performance in North and South America, which now account for one-half of group revenues.

Electrolux said that net revenues last year rose 8.3 percent to nearly 110 billion kronor ($17.4 billion) and weak sales in core West European markets were recovered by price increases and new product lines in North and South America.

CEO Keith McLoughlin said the trends were expected to continue. "In 2013, we believe that the weak market in Europe will be offset by growth in North America and the emerging markets," he said. He said the company would continue cutting expenditures, "partly related to our own cost-saving initiatives but also to a slight tailwind from some raw-material costs."

McLoughlin was satisfied with the 2012 result and said there was "good potential for us to continue to deliver a high return to our shareholders through a consistent and steady profitable expansion of our global operations."

Share prices dropped more than 6.5 percent to 156 kronor ($24) in Stockholm trading. Other than the Electrolux brand, the Stockholm-based company also sells under the Zanussi, AEG, Frigidaire and Eureka trademarks.

The world's biggest home appliance maker is Benton Harbor, Michigan-based Whirlpool Corp.