Allegion Raises FY23 EPS Guidance

(RTTNews) - Allegion plc (ALLE) increased its full-year 2023 reported EPS outlook and expects it to be in the $6.10 to $6.20 range, with adjusted EPS expected to be between $6.70 to $6.80. The company tightened its full-year 2023 revenue growth outlook and expects it to be 11.5% to 12.5%, while also updating its organic revenue growth outlook and expects it to be 5.5% to 6.5%. The company increased expectations for full-year 2023 available cash flow to approximately $500 to $520 million.

Second quarter earnings totaled $142.0 million, or $1.61 per share compared with $115.1 million, or $1.30 per share, in last year's second quarter. Excluding items, Allegion reported adjusted earnings of $155.4 million or $1.76 per share for the period. Analysts on average had expected the company to earn $1.72 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 18.0% to $912.5 million from $773.1 million last year.

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