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Jun 30, 2024
Allegion Q2 2024 Earnings Report
Strong execution drove record Q2 revenue and adjusted EPS, with raised full-year outlook.
Key Takeaways
Allegion reported a strong second quarter with a 5.8% increase in revenue to $965.6 million and a net earnings per share of $1.77. The company raised its full-year guidance for reported revenue and adjusted EPS, affirming its available cash flow outlook.
Net earnings per share (EPS) of $1.77, up 9.9% compared with $1.61; Adjusted EPS of $1.96, up 11.4% compared with $1.76.
Revenues of $965.6 million, up 5.8% on a reported basis and up 5.2% on an organic basis.
Operating margin of 21.6%, compared with 20.2%; Adjusted operating margin of 23.7%, up 150 basis points compared with 22.2%.
Raising full-year reported revenue growth to a range of 2.5% to 3.5%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company is raising its revenue growth for full-year 2024, which is expected to be 2.5% to 3.5%, and tightening its organic revenue growth to be 1.5% to 2.5%, excluding the impacts of acquisition, divestitures and foreign currency movements. The company is raising the outlook for full-year 2024 EPS and expects it to be in the range of $6.50 to $6.65, or $7.15 to $7.30 on an adjusted basis. The company affirms expected full-year available cash flow of approximately $540 to $570 million.
Positive Outlook
- Raising full-year reported revenue growth to a range of 2.5% to 3.5%.
- Tightening its organic revenue growth to be 1.5% to 2.5%, excluding the impacts of acquisition, divestitures and foreign currency movements.
- Raising the outlook for full-year 2024 EPS and expects it to be in the range of $6.50 to $6.65, or $7.15 to $7.30 on an adjusted basis.
- The outlook assumes a headwind of approximately $0.37 based on a full-year adjusted effective tax rate of 18.0% to 19.0%, inclusive of the estimated impacts of global minimum tax.
- The company affirms expected 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 18.0% to 19.0%, inclusive of the estimated impacts of global minimum tax.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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