Allegion Plc Raises 2023 Revenue Growth Outlook

(RTTNews) - Allegion plc (ALLE) said the company is raising its full-year 2023 revenue growth outlook and expects it to be 11.5% to 13.5%, while also increasing its organic revenue growth outlook and expects it to be 5.5% to 7.5%. The company noted that the increase in the organic outlook is driven primarily by strength in the Americas segment. Also, the company revised its full-year 2023 reported EPS outlook and expects it to be in the $5.95 to $6.15 range, with adjusted EPS expected to be between $6.55 to $6.75. The company increased expectations for full-year 2023 available cash flow to approximately $480 to $500 million.

First-quarter net earnings attributable to Allegion plc increased to $123.5 million from $93.0 million, last year. Net earnings per share was $1.40, compared with $1.05, prior year. Adjusted EPS was $1.58, up 39.8% compared with $1.13. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $1.35, for the quarter. Analysts' estimates typically exclude special items.

First-quarter revenues were $923.0 million, up 27.6% on a reported basis and up 15.0% on an organic basis. Analysts on average had estimated $844.8 million in revenue.

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