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Assa Abloy: stock slips despite solid results

( - The Assa Abloy stock slipped on Thursday morning, despite first-quarter results showing that the Swedish lockmaker remains on a solid footing.

The share was down 2.7% today, while the OMX 30 index is up 0.7%.

The Stockholm-based company said that it has had a "good start" to 2019, with first-quarter sales up 16% at 21.5 billion Swedish kronor, based on strong organic growth of 5%, driven by the Americas region.

It operating income (EBIT) increased by 15% to 3.25 billion Swedish kronor in the past quarter, although the corresponding operating margin fell slightly to 15.1% from 15.3%.

This is due to a weaker performance in Asia Pacific, the group said, which prompted a round of profit taking on the stock.

The shares are still up 27% year-to-date.

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