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Lockmaker Assa Abloy's quarterly results beat expectations

Published 07/19/2022, 02:13 AM
Updated 07/19/2022, 02:25 AM
© Reuters. FILE PHOTO: Assa Abloy locks are displayed in a shop in Riga, Latvia September 19, 2013. REUTERS/Ints Kalnins

STOCKHOLM (Reuters) -Assa Abloy, the world's biggest lockmaker, on Tuesday reported second-quarter operating earnings above expectations, helped by sales growth in Europe and the Americas.

The Swedish group's operating profit grew to 4.41 billion Swedish crowns ($424.57 million) from a year-earlier 3.59 billion, against a mean forecast of 4.27 billion in a Refinitiv poll of analysts.

Assa Abloy (OTC:ASAZY), whose products range from security doors and automated entrance systems to electronic and mechanical locks under brands such as Yale, said sales excluding acquisitions rose 13% to 4.26 billion crowns.

The company, which competes with Allegion (NYSE:ALLE) and Stanley Black & Decker (NYSE:SWK), recorded 20% growth in the Americas, offsetting a decline in sales in Asia, partly due to lockdowns in China.

"While we are continuing to see good demand for our products and solutions, it is crucial in turbulent and uncertain times that we remain vigilant and alert to potential signs of changes in the demand," Chief Executive Nico Delvaux said in a statement.

© Reuters. FILE PHOTO: Assa Abloy locks are displayed in a shop in Riga, Latvia September 19, 2013. REUTERS/Ints Kalnins

Net sales rose 25% to 29.47 billion crowns, beating estimates for 28.26 billion.

($1 = 10.3869 Swedish crowns)

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