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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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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