Assa Abloy posts higher-than-expected net profit in the 4th quarter and increases its dividend
By Dominic Chopping
STOCKHOLM — Sweden’s Assa Abloy AB on Friday posted a better-than-expected rise in fourth-quarter net profit and raised its dividend.
The lock maker said net profit for the period rose to 3.04 billion Swedish kronor ($334.2 million), from SEK 1.47 billion for the year-ago period.
Sales for the quarter increased by 10% to SEK 25.62 billion.
A FactSet consensus forecast a quarterly profit of SEK 2.73 billion on sales of SEK 25.0 billion.
The operating margin fell from 14.9% to 15.7%, the company said.
“Despite ongoing supply chain challenges and reintroduced restrictions, during the fourth quarter our organic sales growth was very strong at 10%,” said Chief Executive Nico Delvaux.
“This was also supported by strong price realization and good operational execution.”
The company said its previously announced acquisition of the hardware and home improvement division of Spectrum Brands is now expected to be finalized in 2022. The regulatory process was originally expected to be finalized in the fourth quarter of 2021, but is still ongoing, a- he added.
Assa Abloy declared a dividend of SEK 4.20 compared to SEK 3.90 last year.
Write to Dominic Chopping at [email protected]
(END) Dow Jones Newswire
February 04, 2022 03:18 ET (08:18 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.