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Allegion
🇮🇪 NYSE:ALLE
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•
Mar 31, 2021

Allegion Q1 2021 Earnings Report

Delivered solid top-line growth and margin expansion. Raised outlook for 2021 full-year revenue growth and EPS.

Key Takeaways

Allegion reported Q1 2021 revenues of $694.3 million, a 2.9% increase compared to 2020. Net earnings per share (EPS) was $1.18, and adjusted EPS was $1.20, up 15.4% compared to 2020. The company raised its full-year 2021 outlook for revenue growth and EPS.

First-quarter 2021 net earnings per share (EPS) of $1.18, compared with 2020 EPS of $0.00

First-quarter 2021 adjusted EPS of $1.20, up 15.4 percent compared with 2020 adjusted EPS of $1.04

First-quarter 2021 revenues of $694.3 million, up 2.9 percent compared to 2020 and up 0.5 percent on an organic basis

First-quarter 2021 operating margin of 18.9 percent, compared with 2020 operating margin of 4.3 percent; Adjusted operating margin of 19.3 percent, up 30 basis points compared with 2020 adjusted operation margin of 19 percent

Total Revenue
$694M
Previous year: $675M
+2.9%
EPS
$1.2
Previous year: $1.04
+15.4%
Operating Margin
18.9%
Previous year: 4.3%
+339.5%
Adjusted Operating Margin
19.3%
Previous year: 19%
+1.6%
Interest Expense
$12.3M
Previous year: $12.9M
-4.7%
Gross Profit
$297M
Previous year: $293M
+1.5%
Cash and Equivalents
$394M
Previous year: $245M
+60.7%
Free Cash Flow
$106M
Total Assets
$2.95B
Previous year: $2.76B
+6.9%

Allegion

Allegion

Allegion Revenue by Segment

Forward Guidance

The company is raising its full-year 2021 revenue outlook and now expects reported revenue to increase 3 to 4 percent and organic revenue to be up 2 to 3 percent, when compared with 2020, after excluding the expected impacts of acquisitions, divestitures and foreign currency movements. The company is raising its full-year 2021 outlook for reported EPS to a range of $4.85 to $5.05 and raising adjusted EPS to a range of $5.00 to $5.15.

Positive Outlook

  • Global macroeconomic indicators and construction indices continue to improve
  • Fundamentals of the business are strong
  • Demand improving throughout the quarter
  • Strategic investments are serving the company well
  • Company will position itself to emerge strong as the market migrates to seamless access solutions and as commercial and institutional projects move forward

Challenges Ahead

  • Expect ongoing supply chain pressures
  • Expect ongoing inflationary pressures
  • Organic growth offset by continued headwinds in Americas non-residential
  • Adjustments to 2021 EPS include estimated impacts of $0.10 to $0.15 per share for restructuring costs
  • Outlook includes incremental investment of approximately $0.10 to $0.15 per share

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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