STOCKHOLM (Reuters) – Assa Abloy, the world’s biggest lockmaker, reported third-quarter operating earnings below market forecasts on Wednesday and said it expected growth in Europe and the Americas to recover to normal levels ahead.
The company – whose products range from security doors and automated entrance solutions to electronic and mechanical locks under such as Yale, said it expected recovery in the travel-related segments and in Asia to be slower.
Like-for-like sales growth came in at 7%, helped by the reopening of societies in most of Assa’s core markets during the quarter. However, sales in Asia Pacific declined 7% due to new lockdowns in some markets and a slowdown in China.
“We also assume material shortages, logistic challenges and cost inflation to continue to impact our markets during the rest of the year,” Chief Executive Nico Delvaux said in a statement.
The Swedish group’s adjusted operating profit was 3.39 billion crowns ($395.4 million) against 3.59 billion a year earlier and a mean forecast of 3.59 billion in a Refinitiv poll of analysts.
($1 = 8.5737 Swedish crowns)
(Reporting by Helena Soderpalm; editing by Niklas Pollard)
