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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
Allegion
Allegion
Allegion Revenue by Segment
Revenue by Segment
Allegion Americas Revenue
CapyFin.comAllegion International Revenue
CapyFin.com 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