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Assa Abloy profit misses, sees recovery in Europe, Americas -Breaking

by Mike Robinson

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© Reuters.

STOCKHOLM, (Reuters) – Assa Abloy (OTC), the largest lockmaker in the world, announced third quarter operating earnings that were below the market’s forecasts. It said that it expects growth in Europe as well as the Americas to return to normal soon.

Company, whose products include security doors and electronic entrance solutions as well mechanical locks such Yale, stated that it anticipates slower recovery in Asia-related sectors and Asia.

Like-for–like sales growth reached 7% thanks to the reopening society in most Assa core markets. Due to China’s slowdown and new market lockdowns, Asia Pacific sales declined by 7%.

Nico Delvaux, chief executive of the company said that he also expects material shortages, logistic problems and inflation to continue to have an impact on the markets over the course of the year.

Adjusted operating profits for the Swedish company were 3.39 billion crowns, or $395 million. This compares to 3.59 billion last year and 3.59 trillion in forecasts according to Refinitiv.

($1 = 8.53737 Swedish Crowns).

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