The Swedish home appliances maker, second only to market leader Whirlpool in size, also stuck by a forecast for demand in North America to grow 4 percent in the coming quarters, while it suffers a slump in a Brazilian market hit by recent currency turmoil. Electrolux, which also sells under brands such as AEG, Frigidaire and Zanussi, has cut costs and shifted production to emerging markets in recent years in the face of lacklustre European demand and fierce price competition in Asia. In the face of fierce currency headwinds, fourth-quarter operating earnings excluding one-off charges fell to 1.22 billion crowns ($187 million) from 1.59 billion crowns last year, short of a concensus forecast of 1.33 billion crowns in a Reuters poll of analysts. The outcome was also boosted by a 133 million crown accounting gain in its North American business, which had not been included in analysts' forecasts.