STOCKHOLM (Reuters) -Assa Abloy, 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 (OTC:), 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.
- Advertisement -
“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’ 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)