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ASSALOY profit misses consensus by 15.3% in Q3

Assa Abloy AB said its normalized net income for the third quarter amounted to 1.57 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.85 kronor per share.

EPS increased 18.5% year over year from 1.33 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.75 billion kronor, a gain of 18.3% from 1.48 billion kronor in the prior-year period.

The normalized profit margin dropped to 10.0% from 10.0% in the year-earlier period.

Total revenue climbed 18.6% on an annual basis to 17.46 billion kronor from 14.73 billion kronor, and total operating expenses rose 18.6% from the prior-year period to 14.52 billion kronor from 12.25 billion kronor.

Reported net income rose 18.3% on an annual basis to 2.07 billion kronor, or 1.86 kronor per share, from 1.75 billion kronor, or 1.57 kronor per share.

As of Oct. 20, US$1 was equivalent to 8.31 Swedish kronor.