Allegion Revenues Ease Earnings Up In Q1 2024.
Allegion Revenues Ease Earnings Up – Allegion said a healthy institutional market helped the company beat earnings estimates in Q1 2024.
“Allegion is off to a solid start in 2024, and I’m very proud of our entire team,” Allegion CEO John Stone said. “Institutional markets remain healthy as we expected, our team continues to leverage our capabilities in spec writing, made-to-order manufacturing and strong distribution partnerships to best serve our end user customers. We’re executing at a high level, expanding margins in the quarter and delivering balanced capital allocation.”
The company posted net earnings per share of $US1.41, up 0.7 per cent compared with $1.40 in the first quarter 2023; adjusted EPS of $1.55, down 1.9 per cent compared with $1.58; and revenues of $893.9 million, down 3.2 per cent on a reported basis and down 3.6 per cent on an organic basis. It attributed the results to a modest positive impact from foreign currency and acquisitions.
Stone highlighted notable acquisitions for the quarter, including Boss Door Controls in the U.K. and Dorcas in Spain. The company credits Boss Door Controls with bringing a strong architectural channel and a flexible supply chain and Dorcas for bringing a strong electro-mechanical access control solutions presence in several European markets in verticals like health care and education.
“Our team believes in Allegion’s responsibility to keep our employees safe, operate sustainably, live up to high ethical standards and serve our local communities,” Stone said.
You can learn more about Allegion Australia here or read more SEN news here.
“Allegion Revenues Ease Earnings Up In Q1 2024.”
