Allegion off to 'solid start’

DUBLIN – A healthy institutional market helped Allegion plc beat earnings estimates in the first quarter (Q1) of 2024, the fourth quarter in a row. 

“Allegion is off to a solid start in 2024, and I'm very proud of our entire team,” Allegion CEO John Stone told investors. “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 (EPS) of $1.41, up 0.7% compared with $1.40 in the first quarter 2023; adjusted EPS of $1.55, down 1.9% compared with $1.58; and revenues of $893.9 million, down 3.2% on a reported basis and down 3.6% 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 truly believes in Allegion's responsibility to keep our employees safe, operate sustainably, live up to high ethical standards and serve our local communities,” he said. “By living our values and increasing employee engagement, we accelerate Allegion's success and advance our vision of enabling seamless access in a safer world for you.” 

The full report is available online at investor.allegion.com.