Allegion shares rise 4% on earnings beat, strong guidance

DUBLIN - Allegion plc (NYSE:ALLE ) reported third-quarter earnings that surpassed analyst expectations and raised its full-year outlook, sending shares up 4% in early trading Thursday.

The security products maker posted adjusted earnings per share of $2.16, beating the consensus estimate of $1.98. Revenue came in at $967.1 million, slightly below analysts' projections of $970.63 million but up 5.4% YoY.

Allegion's organic revenue grew 3.3% in the quarter, driven by price realization and volume growth. The company's adjusted operating margin expanded 100 basis points to 24.2%.

"Q3 marks another quarter of strong results for Allegion. Our team continued to perform at a high level, driving revenue growth and margin expansion that demonstrate the resilience of our business model," said Allegion President and CEO John H. Stone.

Looking ahead, Allegion raised its full-year 2024 adjusted EPS guidance to a range of $7.35 to $7.45, above the consensus of $7.25. The company affirmed its full-year revenue growth outlook of 2.5% to 3.5%.

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Source: Investing.com