Wed, Jul 24, 10:06 AM (45 days ago)
Allegion plc's Q2 2024 financial performance showed a 5.8% increase in net revenues to $965.6 million, driven by favorable pricing, volume growth, and acquisitions, partially offset by unfavorable currency exchange rates. Operating income rose by 13.2% to $209.0 million, resulting in an improved operating margin of 21.6%. Interest expense increased slightly due to higher debt levels, while other income benefited from higher interest income. The effective tax rate increased to 17.8% due to global minimum tax enactment and changes in the income mix. For the first half of 2024, net revenues grew by 1.3% to $1,859.5 million, with operating income up by 7.2% to $381.1 million. Cash flow from operations was $224.1 million, with significant investments in acquisitions and capital expenditures. The company issued $400 million in 5.600% Senior Notes and repurchased $80 million in shares. Future growth is expected from continued favorable pricing and volume increases.