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Investing.com -- Shares in ASSA ABLOY (ST:ASSAb) jumped more than 4% Wednesday after the Swedish lockmaker reported a rise in first-quarter operating earnings and voiced confidence in its ability to navigate shifting market dynamics.
The company said it remains focused on pursuing growth opportunities, while also being prepared to implement cost-saving measures if necessary.
Operating profit for the quarter, excluding items impacting comparability, climbed 4% to 5.65 billion Swedish crowns ($591.1 million).
Despite ongoing challenges tied to China’s sluggish property sector, which has affected the company for several quarters, Assa Abloy’s organic sales in the Asia Pacific region declined 5%. Demand in China remained particularly weak, continuing to pressure performance in that area.
Group-wide organic sales grew 2% in the quarter, while reported sales rose 8%, reflecting the impact of acquisitions.
Assa Abloy (OTC:ASAZY) highlighted solid organic growth in its Global Technologies division and steady performance in Entrance Systems. Among regional operations, the Americas posted healthy gains, whereas the EMEIA region—which includes Europe, the Middle East, India, and Africa—saw flat organic sales overall.
Within EMEIA, sales strength in Central Europe and the Nordic countries was balanced out by softer results in Southern Europe and the Middle East.