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Mar 31, 2024
Allegion Q1 2024 Earnings Report
Allegion's Q1 performance set a solid foundation for the year, with strong execution and expanded margins.
Key Takeaways
Allegion reported a decrease in revenue by 3.2% to $893.9 million, with a net income of $123.8 million, or $1.41 per share. Adjusted EPS was $1.55, a decrease of 1.9%. The company affirms its full-year outlook.
Net earnings per share (EPS) of $1.41, up 0.7% compared with $1.40; Adjusted EPS of $1.55, down 1.9% compared with $1.58.
Revenues of $893.9 million, down 3.2% on a reported basis and down 3.6% on an organic basis.
Operating margin of 19.3%, compared with 18.5%; Adjusted operating margin of 21.2%, up 40 basis points compared with 20.8%.
Affirming full-year reported revenue growth, organic revenue growth, reported EPS, adjusted EPS and available cash flow.
Allegion
Allegion
Allegion Revenue by Segment
Allegion Revenue by Geographic Location
Revenue by Segment
Allegion Americas Revenue
CapyFin.comAllegion International Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The company affirms its previously disclosed full-year 2024 outlook. Full-year 2024 revenues are expected to increase 1.5% to 3.5% on a reported basis and increase 1% to 3% organically. Full-year 2024 reported EPS is expected to be in the range of $6.45 to $6.60, or $7.00 to $7.15 on an adjusted basis. The company expects full-year available cash flow of approximately $540 to $570 million.
Positive Outlook
- Full-year 2024 revenues are expected to increase 1.5% to 3.5% on a reported basis.
- Full-year 2024 revenues are expected to increase 1% to 3% organically.
- Full-year 2024 reported EPS is expected to be in the range of $6.45 to $6.60.
- Full-year 2024 adjusted EPS is expected to be in the range of $7.00 to $7.15.
- The company expects full-year available cash flow of approximately $540 to $570 million.
Challenges Ahead
- The outlook assumes a headwind of approximately $0.37 based on a full-year adjusted effective tax rate of 18% to 19%, inclusive of the estimated impacts of global minimum tax.
- Adjustments to 2024 EPS include estimated impacts of approximately $0.46 per share for acquisition-related amortization.
- Adjustments to 2024 EPS include estimated impacts of approximately $0.09 per share for restructuring and M&A.
- The outlook assumes an average diluted share count for the full year of approximately 88 million shares.
- Year-to-date available cash flow for 2024 was $23.9 million, a decrease of $22.8 million versus the prior-year period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income