Assa Abloy Adr Stock Price, News & Analysis

The Annual General Meeting of ASSA ABLOY AB was held on April 26, 2023, in Stockholm, Sweden. The meeting adopted income statements and balance sheets for 2022 and discharged the Board and CEO from liability. A dividend of SEK 4.80 per share was approved, to be paid in two installments on May 4 and November 16, 2023. The meeting saw the re-election of several Board members, including Johan Hjertonsson as Chairman and Victoria Van Camp as a new member. It also re-elected Ernst & Young AB as auditor until the 2024 AGM. A total remuneration of SEK 9,455,000 for the Board was resolved, alongside a long-term incentive program for key executives. Additionally, the Board was authorized to repurchase up to 10% of Series B shares until the next AGM.

ASSA ABLOY reported strong financial results for the first quarter of 2023, with net sales increasing 22% to SEK 32,391 million. Organic growth was at 8%, and acquisitions contributed an additional 5%. The company signed four acquisitions with a combined annual sales of approximately SEK 440 million.

Operating income rose 30% to SEK 5,186 million, yielding an operating margin of 16.0%. Net income also saw a significant increase, reaching SEK 3,692 million, and earnings per share were reported at SEK 3.32. The strong cash flow of SEK 4,069 million sets a record for the first quarter.

However, the company has launched a new Manufacturing Footprint Program, involving a restructuring cost of SEK 1,225 million, expected to enhance operational efficiency.

ASSA ABLOY AB has scheduled its Annual General Meeting (AGM) for April 26, 2023, at Stockholm Waterfront Congress Centre. Shareholders must be recorded in the share register by April 18, 2023, and notify their attendance by April 20, 2023. The agenda includes adoption of the Annual Report and dividend proposal of SEK 4.80 per share, payable in two installments. Key leadership changes are proposed, including Johan Hjertonsson as new Chairman of the Board. The company also aims to implement a long-term incentive program for up to 150 senior executives, contingent on share ownership. The meeting will address financial approvals and governance matters.

ASSA ABLOY, a leader in access solutions, has released its Annual Report for 2022, showcasing its global operations with 52,000 employees and sales of SEK 121 billion. The report highlights the Group's strengths in effective door openings, trusted identities, and entrance automation. It signifies the company's commitment to innovation and enhancing safety in accessing physical and digital spaces. More details are available on the company’s investor relations webpage.

ASSA ABLOY has acquired Janam Technologies, a US-based provider of handheld mobile computers and readers, enhancing its event access portfolio with advanced scanning technology. The acquisition, announced on December 27, 2022, is expected to contribute to earnings per share (EPS) immediately. Janam reported sales of approximately MUSD 21 in 2021 and operates within HID's Identification Technologies Business Area. This strategic move aims to leverage Janam's technology to improve the event experience for users worldwide.