Assa Abloy Lifts Dividend After 4Q Net Profit Beat Forecasts
03 February 2023 - 07:08PM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Assa Abloy AB on Friday raised its dividend by 14%
after posting a forecast-beating rise in fourth-quarter net profit
as strong demand across most markets offset weakness in Asia.
The Swedish lock maker said net profit for the period rose to
3.73 billion Swedish kronor ($359.2 million) from SEK3.04 billion a
year earlier as sales rose 28% to SEK32.92 billion.
A FactSet consensus had forecast quarterly profit of SEK3.61
billion on sales of SEK32.4 billion.
The earnings before interest and tax margin was unchanged on the
year at 15.7%.
The company said it will launch a new manufacturing footprint
program at the end of the first quarter of 2023, with closures of
factories and offices expected to take place over a period of
around two years.
The expected cost for the new program is around SEK1.2 billion,
with savings of about SEK700 million expected over a two-year
The company said its proposed acquisition of the HHI division of
Spectrum Brands Holdings Inc. is proceeding and it is confident
that its previous plan to sell certain businesses will eliminate
competitive concerns alleged by the U.S. Justice Department.
Assa Abloy increased its dividend to SEK4.80 from SEK4.20 last
Write to Dominic Chopping at email@example.com
(END) Dow Jones Newswires
February 03, 2023 02:53 ET (07:53 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.