Allegion Lifts Q4 Revenues 4.2 Per Cent Expects Market Stability.
Allegion Lifts Q4 Revenues 4.2 Per Cent – Allegion has lifted Q4 net revenues by 4.2 per cent after reporting net revenues of $US897.4 million and net earnings of $118.6 million, or $1.34 per share for the period.
Adjusted net earnings were $148.5 million, or $1.68 per share, down 0.6 per cent, excluding charges related to restructuring, acquisition and integration costs and other non-cash impairment charges, as well as amortization expense related to acquired intangible assets.
Net revenues increased 2.6 per cent organic, excluding impacts of acquisitions, divestitures and foreign currency movements. Allegion reported that solid growth in the company’s non-residential Americas business was partially offset by declines in its residential and Allegion International businesses.
Allegion reported full-year net revenues of $3.651 billion and net earnings of $540.4 million, or $6.12 per share. Adjusted net earnings were $614.9 million, up 16.2 per cent. Full-year 2023 net revenues increased 11.6 per cent. Net revenues increased 5.2 per cent on an organic basis.
“Allegion’s fourth quarter reflected strong execution, margin expansion and cash generation by our team,” said Allegion’s president and CEO, John H. Stone. “Celebrating our 10th anniversary as a standalone company in December, we are proud to have closed the year with record revenue, adjusted operating income and adjusted EPS.
“As we look ahead to 2024, we are focused on consistent execution of our strategy and balanced capital deployment, against what we expect to be a stable market backdrop…we’ll deliver yet another year of growth.”
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“Allegion Lifts Q4 Revenues 4.2 Per Cent Expects Market Stability.”
