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Assa Abloy profit misses consensus by 19.5% in Q4

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Assa Abloy profit misses consensus by 19.5% in Q4

Assa Abloy AB said its normalized net income for the fourth quarter was 1.74 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 2.16 kronor per share.

EPS climbed 10.1% year over year from 1.58 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.93 billion kronor, an increase of 10.1% from 1.75 billion kronor in the prior-year period.

The normalized profit margin increased to 9.9% from 9.6% in the year-earlier period.

Total revenue rose 6.5% on an annual basis to 19.48 billion kronor from 18.30 billion kronor, and total operating expenses increased 6.1% on an annual basis to 16.25 billion kronor from 15.31 billion kronor.

Reported net income fell 59.3% on an annual basis to 862.9 million kronor, or 78 öre per share, from 2.12 billion kronor, or 1.91 kronor per share.

For the year, the company's normalized net income totaled 6.12 kronor per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 7.30 kronor.

EPS rose from 5.81 kronor in the prior year.

Normalized net income was 6.79 billion kronor, a rise from 6.46 billion kronor in the prior year.

Full-year total revenue grew from the prior-year period to 71.29 billion kronor from 68.10 billion kronor, and total operating expenses rose year over year to 59.81 billion kronor from 57.17 billion kronor.

The company said reported net income fell year over year to 6.62 billion kronor, or 5.96 kronor per share, in the full year, from 7.70 billion kronor, or 6.93 kronor per share.

As of March 22, US$1 was equivalent to 8.80 Swedish kronor.