ASSA ABLOY delivers positive Q1 results in midst of trial proceedings

WASHINGTON, D.C. – All signs pointed to a positive first quarter for lock maker and access solutions provider ASSA ABLOY despite a lawsuit looming over proceedings.

On April 26 the company held its quarterly earnings call for investors where it presented some strong numbers for growth including net sales increase of 22 percent to SEK 32,391 M (26,591), with organic growth of 8 percent (14) and acquired net growth of 5 percent. President and CEO Nico Delvaux attributed success to a strong quarter for the Americas division and Global Technologies, with some familiar sounding maladies affecting residential sales growth.

“You see, you have seen in Q1 definitely an important slowdown of new build residential, affecting our garage door business in North America, affecting our perimeter security residential part of the fencing business and definitely also affecting our window hardware business that we sell to OEMs in that part of the world,” Delvaux said. “We have also seen a bit of a deceleration of the R&R side on residential. But despite that, Americas has continued to both high single-digit organic growth for mechanical residential. And then on the commercial side, we continue to see good, strong momentum also with our specification business still up double digit.”

Other highlights made during the meeting include an increase in prices to offset inflationary pressure following the strong quarter, and the four acquisitions made by ASSA ABLOY during Q1 of 2023. What you will not hear about in a review of the call is its acquisition of Spectrum Brands’ Holdings HHI division, which was bogged down in a legal challenge since late last year before ASSA ABLOY reached a settlement with the U.S. Department of Justice on May 5. 

The full results of ASSA ABLOY's Q1 results can be found online at www.assaabloy.com.