Thu, Oct 24, 10:09 AM (70 days ago)
Allegion plc (NYSE: ALLE) reported its Q3 2024 results, showing a revenue increase of 5.4% to $967.1 million from $917.9 million in Q3 2023. Year-to-date, revenues rose 2.7% to $2.83 billion. The growth was attributed to improved pricing (2.9%), acquisitions (1.0%), and favorable currency effects, despite a slight volume decline. Operating income for Q3 2024 was $215.0 million, reflecting a margin improvement to 22.2%. Year-to-date operating income increased to $596.1 million, with a margin of 21.1% driven by pricing and productivity gains. Net earnings for Q3 reached $174.2 million, up from $156.4 million, with diluted EPS of $1.99, compared to $1.77. Cash flow from operations improved to $456.0 million, with cash used in investing activities rising due to acquisitions. Allegion's total debt increased to $2.40 billion, with a significant portion in fixed-rate instruments, mitigating interest rate risks. The company continues to focus on strategic acquisitions, having completed several in 2024, and expects ongoing revenue growth despite potential market uncertainties. Allegion remains compliant with all debt covenants and anticipates strong liquidity going forward.