Lockmaker Assa Abloy's Q3 profit jumps on strong demand (updated)
26/10/2022 07:34
(Adds detail, background, CEO quote)
STOCKHOLM, Oct 26 (Reuters) - Assa Abloy ASSAb.ST , the
world's biggest lockmaker, on Wednesday reported third-quarter
earnings above expectations helped by strong demand and positive
currency translation effects.
The Swedish group's operating profit grew 47% from a year
earlier to 4.97 billion crowns ($453 million), against a mean
forecast of 4.65 billion in a Refinitiv poll of analysts.
Assa Abloy, whose products range from security doors and
automated entrance systems to electronic and mechanical locks
under brands such as Yale, said net sales were up 33% to 23.9
billion crowns. Exchange rates accounted for 16% and
acquisitions 3% of the growth.
"Momentum continued during the third quarter with
double-digit organic sales growth in most of our markets," Chief
Executive Nico Delvaux said in a statement.
Assa Abloy is since last year in the process of buying U.S
group Spectrum Brands' SPB.N home improvement and residential
door hardware division in a $4.3 billion deal.
It is working to sell its Emtek and smart residential
business in the United States to resolve U.S. antitrust issues
that are holding up the deal.
($1 = 10.9640 Swedish crowns)
(Reporting by Anna Ringstrom, editing by Stine Jacobsen)
((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74))