Assa Abloy AB said its first-quarter normalized net income was 1.23 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.47 kronor per share.

EPS rose 27.9% year over year from 96 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.36 billion kronor, an increase of 27.9% from 1.07 billion kronor in the year-earlier period.

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

Total revenue climbed 23.9% on an annual basis to 15.25 billion kronor from 12.30 billion kronor, and total operating expenses rose 23.7% on an annual basis to 12.95 billion kronor from 10.47 billion kronor.

Reported net income increased 27.9% on an annual basis to 1.61 billion kronor, or 1.45 kronor per share, from 1.26 billion kronor, or 1.14 kronor per share.

As of April 28, US$1 was equivalent to 8.53 Swedish kronor.