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ASSALOY profit misses consensus by 16.7% in Q2

Assa Abloy AB said its second-quarter normalized net income amounted to 1.44 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.72 kronor per share.

EPS increased 23.2% year over year from 1.17 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.59 billion kronor, a gain of 23.1% from 1.30 billion kronor in the prior-year period.

The normalized profit margin increased to 9.3% from 9.3% in the year-earlier period.

Total revenue increased 22.3% year over year to 17.08 billion kronor from 13.96 billion kronor, and total operating expenses climbed 21.9% from the prior-year period to 14.39 billion kronor from 11.80 billion kronor.

Reported net income increased 23.1% year over year to 1.89 billion kronor, or 1.70 kronor per share, from 1.53 billion kronor, or 1.38 kronor per share.

As of July 17, US$1 was equivalent to 8.63 Swedish kronor.