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Assa Abloy profit misses consensus by 15.4% in Q1

Assa Abloy AB said its normalized net income for the first quarter amounted to 1.46 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.72 kronor per share.

EPS increased 17.4% year over year from 1.24 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.62 billion kronor, an increase of 17.4% from 1.38 billion kronor in the year-earlier period.

The normalized profit margin climbed to 8.9% from 8.7% in the year-earlier period.

Total revenue climbed 14.2% on an annual basis to 18.14 billion kronor from 15.89 billion kronor, and total operating expenses increased 13.8% year over year to 15.38 billion kronor from 13.51 billion kronor.

Reported net income grew 17.4% from the prior-year period to 1.92 billion kronor, or 1.73 kronor per share, from 1.64 billion kronor, or 1.47 kronor per share.

As of April 26, US$1 was equivalent to 8.79 Swedish kronor.