Assa Abloy Q3 operating profit beats market expectations
Adds share move in paragraph 3
Oct 23 (Reuters) -Sweden's Assa Abloy ASSAb.ST, the world's biggest lockmaker, reported on Wednesday a bigger-than-expected third quarter operating profit helped by cost cuts and savings resulting from acquisitions.
The Swedish group's operating profit, excluding items affecting comparability, grew to 6.26 billion Swedish crowns ($593.7 million) from 5.78 billion in the same period a year ago. Analysts polled by LSEG had on average expected a profit of 6.14 billion crowns for the quarter.
Assa Abloy shares were up 1.15% at 0705 GMT.
The company, a rival to U.S.-based AllegionALLE.N and Stanley Black & Decker SWK.N, said it acquired seven companies with combined annual sales of about 4 billion crowns during the quarter.
In a statement, CEO Nico Delvaux cited growth in Central Europe and the Nordic region, but said Asia Pacific was affected by a worsening Chinese real estate market.
($1 = 10.5448 Swedish crowns)
Reporting by Elviira Luoma; editing by Matt Scuffham
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