Allegion Raises Full-year Adj. EPS Outlook

(RTTNews) - Allegion plc (ALLE) said the company is raising revenue growth for full-year 2024, which is expected to be 2.5% to 3.5%, and tightening its organic revenue growth to be 1.5% to 2.5%. The company increased the outlook for full-year 2024 EPS and expects it to be in the range of $6.50 to $6.65, or $7.15 to $7.30 on an adjusted basis. Previously, the company projected: full-year revenues to rise 1.5% to 3.5% on a reported basis and increase 1% to 3% organically; and reported EPS in the range of $6.45 to $6.60, or $7.00 to $7.15 on an adjusted basis.

Second quarter earnings came in at $155.4 million, or $1.77 per share compared with $142.0 million, or $1.61 per share, a year ago. Adjusted EPS was $1.96, up 11.4% compared with $1.76. Analysts on average had expected the company to earn $1.84 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Revenue for the quarter rose 5.8% to $965.6 million from $912.5 million last year. Analysts on average had estimated $953.55 million in revenue.

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