Assa Abloy third-quarter earnings beat forecast, helped by pricing and cost control (updated)

Allegion

Tue 08:02

Adds details in lead, bullets.
Oct 27 (Reuters) - Sweden's Assa Abloy ASSAb.ST, the world's largest lock maker, on Tuesday reported stronger-than-expected third-quarter earnings, driven by price realization and cost efficiencies.
The group, which competes with Allegion ALLE.N and Dormakaba DOKA.S, said its restructuring was progressing as planned, with a new manufacturing optimization program due to launch in the fourth quarter.
Operating profit at the group level increased by 11% in the July-September period to 7.10 billion Swedish crowns ($713.39 million), beating the 6.94 billion crowns forecast by analysts polled by LSEG 
Its revenue grew 4% organically in the quarter from the year-ago period
Organic growth was strong in the Americas, partly driven by strong growth in the non-residential segment, and an improvement in the North America residential segment 
The group, which combines organic growth with an active acquisition strategy, expects that completed acquisitions and divestments will have an effect of 2% on sales in the fourth quarter versus the same period last year
Assa Abloy's new manufacturing footprint program will entail closure of factories, warehouses and offices taking place over a period of about two years

(Reporting by Alexander Klyve Gudbrandsen in Gdansk; editing by Izabela Niemiec)
((alexanderklyve.gudbrandsen@thomsonreuters.com))