Electrolux shares climbed on Friday and were poised for their best performance since 2007 after the Swedish group posted better-than-expected fourth-quarter results, driven by strong sales and cost reductions.

The appliance maker reported operating profit of 1.52 billion Swedish crowns ($144.19 million) for the fourth quarter, compared to analysts’ expectations of 1.18 billion crowns, according to a consensus provided by the company.

Its organic sales increased by 2% during the quarter, despite price pressure in the United States.

At 8:55 a.m. GMT, the stock was up 15.01% after climbing approximately 19% at the open, on track for its best day since 2007.

In recent years, Electrolux has restructured, cut costs, and focused on higher-end categories to boost profitability in the face of sluggish demand and competition from lower-priced rivals.

The group announced it aims to achieve additional savings of 3.5 billion to 4 billion kroner by 2026.