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, 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’ 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)
