Dormakaba's annual sales beat estimates aided by price hikes (updated)

Dormakaba Holding AG

31/08/2023 06:35

(Adds background, outlook, EBITDA margin and dividend from
paragraph 3)
       Aug 31 (Reuters) - Dormakaba  DOKA.S  slightly beat
full-year sales expectations on Thursday, as price increases
helped the security device maker improve its performance in the
second half of the fiscal year.
    The Swiss company, whose products range from entrance
systems to safe locks, reported net sales of 2.85 billion Swiss
francs ($3.24 billion) for the year ended on June 30, up 8.4%
organically and above analysts' average forecast of 2.82 billion
in a company-provided poll.
    Dormakaba's results mirror wider market trends, after
Swedish lock maker Assa Abloy  ASSAb.ST  and Dublin-based
electric security device maker Allegion  ALLE.N  also reported
higher quarterly revenues aided by solid demand.
    This was supported by the easing of global supply chain
disruptions that has allowed locking device makers to get raw
materials and key electronic components such as chips on time.
    For the 2023/24 financial year, Dormakaba expects its
profitability to improve from the prior year helped by pricing
and cost management. It sees organic sales growth in line with
its mid-term target of 3-5%.
    Its annual margin on adjusted earnings before interests,
taxes, depreciation and amortization (EBITDA) was in line with
last year at 13.5%, beating the 13.2% anticipated by analysts.
    The company said it would to propose a dividend of 9.50
Swiss francs per share for the year, below the 11.50 francs per
share it paid for fiscal 2021/22.
($1 = 0.8783 Swiss francs)

 (Reporting by Tristan Veyet and Paolo Laudani in Gdansk; 
Edited by Milla Nissi)
 ((Tristan.Chabba@thomsonreuters.com;))