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Assa Abloy profit misses consensus by 20.0% in Q2

Assa Abloy AB said its second-quarter normalized net income amounted to 1.65 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 2.07 kronor per share.

EPS rose 8.0% year over year from 1.53 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.84 billion kronor, a gain of 7.9% from 1.71 billion kronor in the prior-year period.

The normalized profit margin declined to 9.5% from 9.5% in the year-earlier period.

Total revenue increased 8.3% year over year to 19.39 billion kronor from 17.89 billion kronor, and total operating expenses grew 8.6% on an annual basis to 16.30 billion kronor from 15.02 billion kronor.

Reported net income increased 7.9% year over year to 2.18 billion kronor, or 1.96 kronor per share, from 2.02 billion kronor, or 1.81 kronor per share.

As of July 19, US$1 was equivalent to 8.28 Swedish kronor.