Allegion (NYSE: ALLE) Reports Q1-2024 Financial Results

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Allegion (NYSE: ALLE) reported Q1-2024 financial results, showing a net EPS increase of 0.7% to $1.41, adjusted EPS decrease of 1.9% to $1.55, and revenues of $893.9 million down 3.2%. Operating margin increased to 19.3%, with adjusted margin at 21.2%. The company affirms full-year revenue, EPS, and cash flow outlook.

Positive

• Net EPS increased by 0.7% to $1.41, while adjusted EPS decreased by 1.9% to $1.55 compared to Q1-2023.
• Revenues for Q1-2024 were reported at $893.9 million, down 3.2% on a reported basis and down 3.6% organically.
• Operating margin increased to 19.3%, with adjusted operating margin at 21.2%, up 40 basis points.
• Allegion acquired Boss Door Controls and Dorcas in Q1-2024, affirming full-year revenue growth, EPS, and cash flow outlook.
• The company earned a 2024 Gallup Exceptional Workplace Award for having one of the most engaged workforces globally.

Negative

• - Net revenues decreased by 3.6% organically, signaling a decline in core operating performance.
• - Adjusted operating income decreased by 1.6% in Q1-2024, impacting overall profitability.
• - Interest expense decreased slightly, but cash flow for 2024 decreased significantly compared to the prior-year period.

Financial Analyst

Allegion's financial performance in Q1-2024 showed a slight increase in EPS to $1.41, but a decline in adjusted EPS to $1.55. The company's revenues dropped by 3.2% compared to the same quarter the previous year. A notable factor for investors here is the operating margin improvement from 18.5% to 19.3%, which indicates improving operational efficiency. However, the decline in organic revenue needs to be monitored as it suggests the company's core business is losing momentum, excluding the impact of acquisitions and currency fluctuations. Allegion's affirmation of their full-year outlook suggests confidence in their strategy, but investors should consider the potential risks associated with the soft residential business and soft end markets affecting international segment revenues.

Market Research Analyst

From a market perspective, Allegion’s performance indicates resilience amidst challenging conditions. The Americas segment, which showed a decline, is concerning against the backdrop of a strong comparable quarter in the previous year, which was bolstered by supply chain recoveries. Despite this, the price increases have managed to offset the volume declines, which could indicate Allegion's pricing power in the market. The International segment, however, remains tepid with a slight revenue increase that does not fully counteract organic declines. Investors should be aware of the broader market trends impacting the security products and solutions industry, including housing market dynamics for residential segments and overall economic conditions which can influence institutional spending in non-residential markets.

M&A Financial Analyst

The company's strategic moves, including the acquisitions of Boss Door Controls and Dorcas, point to a deliberate capital allocation strategy aimed at growth and market consolidation. The fact that Allegion is still able to return cash to shareholders through dividends and share repurchases, even while making these acquisitions, speaks to strong financial discipline and a solid balance sheet. The decrease in available cash flow and net earnings warrants attention from investors, as it reflects the immediate financial impact of these acquisitions as well as ongoing operational investments. It will be important to track how these acquisitions contribute to the company's revenue streams and whether they can offset the current organic decline in the future.

First quarter marked by strong execution; Company affirms full-year outlook  

Quarterly Financial Highlights

(All comparisons against the first quarter of 2023, unless otherwise noted)

• Net earnings per share (EPS) of $1.41, up 0.7% compared with $1.40; Adjusted EPS of $1.55, down 1.9% compared with $1.58
• Revenues of $893.9 million, down 3.2% on a reported basis and down 3.6% on an organic basis
• Operating margin of 19.3%, compared with 18.5%; Adjusted operating margin of 21.2%, up 40 basis points compared with 20.8%

Full-Year Outlook Highlights

• Affirming full-year reported revenue growth, organic revenue growth, reported EPS, adjusted EPS and available cash flow

DUBLIN--(BUSINESS WIRE)-- Allegion plc (NYSE: ALLE), a leading global security products and solutions provider, today reported financial results for its first quarter (ended March 31, 2024).

“Allegion’s Q1 performance sets a solid foundation for the year,” said John H. Stone, Allegion President and CEO. “Our team is executing at a high level and expanded margins in the quarter. Additionally, we are very proud to have earned a 2024 Gallup Exceptional Workplace Award for having one of the most engaged workforces in the world.”

“Continuing Allegion’s history of balanced capital allocation, we acquired Boss Door Controls and Dorcas in the quarter, while also returning cash to our shareholders in dividends and share repurchases.”

“Institutional markets remain healthy, our company is performing well, and we’re affirming our full-year 2024 guidance.”

Company Results

(All comparisons against the first quarter of 2023, unless otherwise noted)

Allegion reported first-quarter 2024 net revenues of $893.9 million and net earnings of $123.8 million, or $1.41 per share. Adjusted net earnings were $136.9 million, or $1.55 per share, down 1.9%, excluding charges related to restructuring, acquisition and integration costs, as well as amortization expense related to acquired intangible assets.

First-quarter 2024 net revenues decreased 3.2%. Net revenues decreased 3.6% on an organic basis, excluding impacts of acquisitions, divestitures and foreign currency movements. The reported revenue reflects a modest positive impact from foreign currency and acquisitions.

First-quarter 2024 operating income was $172.1 million, an increase of $1.1 million or 0.6%. Adjusted operating income in first-quarter 2024 was $189.3 million, a decrease of $3.1 million or 1.6%.

First-quarter 2024 operating margin was 19.3%, compared with 18.5%. The adjusted operating margin in first-quarter 2024 was 21.2%, compared with 20.8%. The 40-basis-point increase in adjusted operating margin is attributable to positive price and productivity net of inflation and investments. These increases were partially offset by lower volumes.

Segment Results

(All comparisons against the first quarter of 2023, unless otherwise noted)

The Americas segment revenues were down 4.3% (down 4.3% on an organic basis). Favorable price offset volume declines, against a tough prior-year comparison of 22.6% organic growth. 2023 had a seasonally stronger first quarter than normal due to previously experienced supply chain disruptions and recoveries. The Americas non-residential business was down mid-single digits and up more than 20% on a two-year stack. The residential business continues to be soft and experienced a low-single digit decline.

The International segment revenues increased 1.4% (down 0.8% on an organic basis). Positive price realization was more than offset by the impact of soft end markets. The reported revenue reflects a positive impact from foreign currency and acquisitions.

Additional Items

(All comparisons against the first quarter of 2023, unless otherwise noted)

Interest expense for first-quarter 2024 was $22.9 million, a decrease of $0.7 million.

Other income, net for first-quarter 2024 was $3.7 million, compared to other income, net of $0.3 million.

The company’s effective tax rate for first-quarter 2024 was 19.0%, compared with 16.3%. The company’s adjusted effective tax rate for first-quarter 2024 was 19.5%, compared with 17.4%.

Cash Flow and Liquidity

Year-to-date available cash flow for 2024 was $23.9 million, a decrease of $22.8 million versus the prior-year period. The company ended first-quarter 2024 with cash and cash equivalents of $391.8 million, as well as total debt of $2,013.3 million.

Share Repurchase and Dividends

In the first quarter of 2024, the company repurchased approximately 0.3 million shares for approximately $40 million and paid quarterly dividends of $0.48 per ordinary share or $42.1 million.

Affirmed Full-Year Outlook

(All comparisons against full-year 2023, unless otherwise noted)

The company affirms its previously disclosed full-year 2024 outlook: Full-year 2024 revenues are expected to increase 1.5% to 3.5% on a reported basis and increase 1% to 3% organically, after excluding the expected impacts of acquisitions, divestitures and foreign currency movements.

Full-year 2024 reported EPS is expected to be in the range of $6.45 to $6.60, or $7.00 to $7.15 on an adjusted basis. The outlook assumes a headwind of approximately $0.37 based on a full-year adjusted effective tax rate of 18% to 19%, inclusive of the estimated impacts of global minimum tax.

Adjustments to 2024 EPS include estimated impacts of approximately $0.46 per share for acquisition-related amortization, as well as $0.09 per share for restructuring and M&A.

The outlook assumes an average diluted share count for the full year of approximately 88 million shares.

The company expects full-year available cash flow of approximately $540 to $570 million.

Conference Call Information

On Thursday, April 25, 2024, President and CEO John H. Stone and Senior Vice President and Chief Financial Officer Mike Wagnes will conduct a conference call for analysts and investors, beginning at 8 a.m. ET, to review the company's results.

A real-time, listen-only webcast of the conference call will be broadcast live online. Individuals wishing to listen may access the call through the company's website at https://investor.allegion.com.

About Allegion

Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA^®, Interflex^®, LCN^®, Schlage^®, SimonsVoss^® and Von Duprin^®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and institutions. Allegion had $3.7 billion in revenue in 2023, and its security products are sold around the world.

For more, visit www.allegion.com.

Non-GAAP Measures

This news release includes adjusted non-GAAP financial information which should be considered supplemental to, not a substitute for or superior to, the financial measure calculated in accordance with GAAP. The company presents operating income, operating margin, effective tax rate, net earnings and diluted earnings per share (EPS) on both a U.S. GAAP basis and on an adjusted (non-GAAP) basis, revenue growth on a U.S. GAAP basis and organic revenue growth on a non-GAAP basis, EBITDA, adjusted EBITDA and adjusted EBITDA margin (all non-GAAP measures) and Available Cash Flow (“ACF,” a non-GAAP measure), including in certain cases, on a segment basis. The company presents these non-GAAP measures because management believes these non-GAAP measures provide management and investors useful perspective of the company’s underlying business results and trends and a more comparable measure of period-over-period results. These measures are also used to evaluate senior management and are a factor in determining at-risk compensation. Investors should not consider non-GAAP measures as alternatives to the related U.S. GAAP measures. Further information about the adjusted non-GAAP financial tables is attached to this news release. The 2024 Full Year Outlook contains non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our U.S. GAAP financial statements. When we provide forward-looking outlooks for any of the various non-GAAP metrics described above, we do not provide reconciliations of the U.S. GAAP measures as we are unable to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items. By their very nature, non-GAAP adjustment items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures without unreasonable efforts.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements under the headings “Full-Year Outlook Highlights”, “Affirmed Full-Year Outlook” and statements regarding the company's 2024 and future financial performance, the company’s business plans and strategy, the company’s growth strategy, the company’s capital allocation strategy, the company’s ability to successfully complete and integrate acquisitions and achieve anticipated strategic and financial benefits and the performance of the markets in which the company operates. These forward-looking statements generally are identified by the words “believe,” “aim,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements. Forward-looking statements may relate to such matters as projections of revenue, margins, expenses, tax rate and provisions, earnings, cash flows, benefit obligations, dividends, share purchases or other financial items; any statements of the plans, strategies and objectives of management for future operations, including those relating to any statements concerning expected development, performance or market share relating to our products and services; any statements regarding future economic conditions or our performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Undue reliance should not be placed on any forward-looking statements, as these statements are based on the company's currently available information and our current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties - many of which are beyond the company’s control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Important factors and other risks that may affect the company's business or that could cause actual results to differ materially are included in filings the company makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and in its other SEC filings. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. The company undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

ALLEGION PLC
Condensed and Consolidated Income Statements
(In millions, except per share data)
UNAUDITED
	Three months ended March 31,
	2024				2023
Net revenues	$	893.9			$	923.0
Cost of goods sold		502.5				532.0
Gross profit		391.4				391.0
Selling and administrative expenses		219.3				220.0
Operating income		172.1				171.0
Interest expense		22.9				23.6
Other income, net		(3.7	)			(0.3	)
Earnings before income taxes		152.9				147.7
Provision for income taxes		29.1				24.1
Net earnings		123.8				123.6
Less: Net earnings attributable to noncontrolling interests		—				0.1
Net earnings attributable to Allegion plc	$	123.8			$	123.5
Basic earnings per ordinary share
attributable to Allegion plc shareholders:	$	1.41			$	1.40
Diluted earnings per ordinary share
attributable to Allegion plc shareholders:	$	1.41			$	1.40
Shares outstanding - basic		87.6				88.0
Shares outstanding - diluted		88.1				88.4

ALLEGION PLC
Condensed and Consolidated Balance Sheets
(In millions)
UNAUDITED
	March 31, 2024			December 31, 2023
ASSETS
Cash and cash equivalents	$	391.8		$	468.1
Accounts and notes receivables, net		448.0			412.8
Inventories		448.3			438.5
Other current assets		50.2			41.5
Total current assets		1,338.3			1,360.9
Property, plant and equipment, net		362.0			358.1
Goodwill		1,436.4			1,443.1
Intangible assets, net		565.8			572.8
Other noncurrent assets		584.4			576.6
Total assets	$	4,286.9		$	4,311.5
LIABILITIES AND EQUITY
Accounts payable	$	247.5		$	259.2
Accrued expenses and other current liabilities		364.7			407.9
Short-term borrowings and current maturities of long-term debt		413.2			412.6
Total current liabilities		1,025.4			1,079.7
Long-term debt		1,600.1			1,602.4
Other noncurrent liabilities		310.5			311.1
Equity		1,350.9			1,318.3
Total liabilities and equity	$	4,286.9		$	4,311.5

ALLEGION PLC
Condensed and Consolidated Statements of Cash Flows
(In millions)
UNAUDITED
	Three months ended March 31,
	2024				2023
Operating Activities
Net earnings	$	123.8			$	123.6
Depreciation and amortization		28.8				28.3
Changes in assets and liabilities and other non-cash items		(101.5	)			(82.9	)
Net cash provided by operating activities		51.1				69.0
Investing Activities
Capital expenditures		(27.2	)			(22.3	)
Acquisition of businesses, net of cash acquired		(19.3	)			(36.6	)
Other investing activities, net		3.1				7.5
Net cash used in investing activities		(43.4	)			(51.4	)
Financing Activities
Net (repayments of) proceeds from debt		(3.2	)			26.9
Dividends paid to ordinary shareholders		(42.1	)			(39.4	)
Repurchase of ordinary shares		(40.0	)			—
Other financing activities, net		5.3				(2.9	)
Net cash used in financing activities		(80.0	)			(15.4	)
Effect of exchange rate changes on cash and cash equivalents		(4.0	)			2.6
Net (decrease) increase in cash and cash equivalents		(76.3	)			4.8
Cash and cash equivalents - beginning of period		468.1				288.0
Cash and cash equivalents - end of period	$	391.8			$	292.8

SUPPLEMENTAL SCHEDULES
ALLEGION PLC	SCHEDULE 1

SELECTED OPERATING SEGMENT INFORMATION
(In millions)
	Three months ended March 31,
	2024				2023
Net revenues
Allegion Americas	$	709.3			$	740.9
Allegion International		184.6				182.1
Total net revenues	$	893.9			$	923.0
Operating income (loss)
Allegion Americas	$	187.0			$	186.6
Allegion International		13.0				10.6
Corporate unallocated		(27.9	)			(26.2	)
Total operating income	$	172.1			$	171.0

ALLEGION PLC						SCHEDULE 2
The Company presents operating income, operating margin, net earnings and diluted earnings per share (EPS) on both a U.S. GAAP basis and on an adjusted (non-GAAP) basis, revenue growth on a U.S. GAAP basis and organic revenue growth on a non-GAAP basis, EBITDA, adjusted EBITDA and adjusted EBITDA margin (all non-GAAP measures), and available cash flow ("ACF", a non-GAAP measure). The Company presents these non-GAAP measures because management believes they provide useful perspective of the Company’s underlying business results and trends and a more comparable measure of period-over-period results. These measures are also used to evaluate senior management and are a factor in determining at-risk compensation. Investors should not consider non-GAAP measures as alternatives to the related U.S. GAAP measures.
The Company defines the presented non-GAAP measures as follows:
Adjustments to operating income, operating margin, net earnings, EPS and EBITDA include items such as goodwill, indefinite-lived trade name and other asset impairment charges, restructuring charges, acquisition and integration costs, amortization of acquired intangible assets, debt financing costs, gains or losses related to the divestiture of businesses or equity method investments and non-operating investment gains or losses; Organic revenue growth is defined as U.S. GAAP revenue growth excluding the impact of divestitures, acquisitions and currency effects; and ACF is defined as U.S. GAAP net cash from operating activities less capital expenditures.
These non-GAAP measures may not be defined and calculated the same as similar measures used by other companies.
RECONCILIATION OF GAAP TO NON-GAAP NET EARNINGS
(In millions, except per share data)
	Three months ended March 31, 2024											Three months ended March 31, 2023
	Reported				Adjustments			Adjusted (non-GAAP)				Reported				Adjustments			Adjusted (non-GAAP)
Net revenues	$	893.9			$	—		$	893.9			$	923.0			$	—		$	923.0
Operating income		172.1				17.2	(1)		189.3				171.0				21.4	(1)		192.4
Operating margin		19.3	%						21.2	%			18.5	%						20.8	%
Earnings before income taxes		152.9				17.2	(2)		170.1				147.7				21.4	(2)		169.1
Provision for income taxes		29.1				4.1	(3)		33.2				24.1				5.4	(3)		29.5
Effective income tax rate		19.0	%						19.5	%			16.3	%						17.4	%
Net earnings		123.8				13.1			136.9				123.6				16.0			139.6
Noncontrolling interests		—				—			—				0.1				—			0.1
Net earnings attributable to Allegion plc	$	123.8			$	13.1		$	136.9			$	123.5			$	16.0		$	139.5
Diluted earnings per ordinary share attributable to
Allegion plc shareholders:	$	1.41			$	0.14		$	1.55			$	1.40			$	0.18		$	1.58

(1)		Adjustments to operating income for the three months ended March 31, 2024, consist of $3.3 million of restructuring charges and acquisition and integration expenses and $13.9 million of amortization expense related to acquired intangible assets. Adjustments to operating income for the three months ended March 31, 2023, consist of $7.3 million of restructuring charges and acquisition and integration expenses, and $14.1 million of amortization expense related to acquired intangible assets.
(2)		Adjustments to earnings before income taxes for the three months ended March 31, 2024, and 2023, consist of the adjustments to operating income discussed above.
(3)		Adjustments to the provision for income taxes for the three months ended March 31, 2024, and 2023, consist of $4.1 million and $5.4 million, respectively, of tax expense related to the excluded items discussed above.

ALLEGION PLC

SCHEDULE 3

RECONCILIATION OF GAAP TO NON-GAAP REVENUE AND OPERATING INCOME BY REGION
(In millions)
	Three months ended March 31, 2024							Three months ended March 31, 2023
	As Reported				Margin			As Reported				Margin
Allegion Americas
Net revenues (GAAP)	$	709.3						$	740.9
Operating income (GAAP)	$	187.0			26.4	%		$	186.6			25.2	%
Restructuring charges		0.1			—	%			—			—	%
Acquisition and integration costs		1.9			0.3	%			3.1			0.4	%
Amortization of acquired intangible assets		8.3			1.2	%			8.4			1.1	%
Adjusted operating income		197.3			27.9	%			198.1			26.7	%
Depreciation and amortization of nonacquired intangible assets		9.2			1.3	%			8.2			1.1	%
Adjusted EBITDA	$	206.5			29.2	%		$	206.3			27.8	%
Allegion International
Net revenues (GAAP)	$	184.6						$	182.1
Operating income (GAAP)	$	13.0			7.0	%		$	10.6			5.8	%
Restructuring charges		0.3			0.2	%			3.2			1.8	%
Acquisition and integration costs		0.4			0.2	%			0.2			0.1	%
Amortization of acquired intangible assets		5.6			3.0	%			5.7			3.1	%
Adjusted operating income		19.3			10.4	%			19.7			10.8	%
Depreciation and amortization of nonacquired intangible assets		4.6			2.5	%			4.7			2.6	%
Adjusted EBITDA	$	23.9			12.9	%		$	24.4			13.4	%
Corporate
Operating loss (GAAP)	$	(27.9	)					$	(26.2	)
Restructuring charges		0.1							—
Acquisition and integration costs		0.5							0.8
Adjusted operating loss		(27.3	)						(25.4	)
Depreciation and amortization of nonacquired intangible assets		0.2							0.7
Adjusted EBITDA	$	(27.1	)					$	(24.7	)
Total
Net revenues	$	893.9						$	923.0
Adjusted operating income	$	189.3			21.2	%		$	192.4			20.8	%
Depreciation and amortization of nonacquired intangible assets		14.0			1.6	%			13.6			1.5	%
Adjusted EBITDA	$	203.3			22.8	%		$	206.0			22.3	%

ALLEGION PLC

SCHEDULE 4

RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO AVAILABLE CASH FLOW AND NET EARNINGS TO ADJUSTED EBITDA
(In millions)
	Three months ended March 31,
	2024				2023
Net cash provided by operating activities	$	51.1			$	69.0
Capital expenditures		(27.2	)			(22.3	)
Available cash flow	$	23.9			$	46.7

	Three months ended March 31,
	2024				2023
Net earnings (GAAP)	$	123.8			$	123.6
Provision for income taxes		29.1				24.1
Interest expense		22.9				23.6
Amortization of acquired intangible assets		13.9				14.1
Depreciation and amortization of nonacquired intangible assets		14.0				13.6
EBITDA		203.7				199.0
Other income, net		(3.7	)			(0.3	)
Acquisition and integration costs and restructuring charges		3.3				7.3
Adjusted EBITDA	$	203.3			$	206.0

ALLEGION PLC

SCHEDULE 5

RECONCILIATION OF GAAP REVENUE GROWTH TO NON-GAAP ORGANIC REVENUE GROWTH BY REGION
	Three months ended March 31,
	2024			2023
Allegion Americas
Revenue growth (GAAP)	(4.3	)%		42.0	%
Acquisitions	—	%		(19.8	)%
Currency translation effects	—	%		0.4	%
Organic growth (non-GAAP)	(4.3	)%		22.6	%
Allegion International
Revenue growth (GAAP)	1.4	%		(9.7	)%
Acquisitions and divestitures	(1.4	)%		0.5	%
Currency translation effects	(0.8	)%		4.4	%
Organic growth (non-GAAP)	(0.8	)%		(4.8	)%
Total
Revenue growth (GAAP)	(3.2	)%		27.6	%
Acquisitions and divestitures	(0.3	)%		(14.1	)%
Currency translation effects	(0.1	)%		1.5	%
Organic growth (non-GAAP)	(3.6	)%		15.0	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240425421949/en/

Media Contact:

Whitney Moorman – Director, Global Communications

317-810-3241

Whitney.Moorman@allegion.com

Analyst Contacts:

Jobi Coyle – Director, Investor Relations

317-810-3107

Jobi.Coyle@allegion.com

Josh Pokrzywinski – Vice President, Investor Relations

463-210-8595

Joshua.Pokrzywinski@allegion.com

Source: Allegion plc

FAQ

What was Allegion's net EPS for Q1-2024?

Allegion reported a net EPS of $1.41 for Q1-2024.

How did Allegion's adjusted EPS perform in Q1-2024?

Allegion's adjusted EPS was $1.55 in Q1-2024, down 1.9%.

What were Allegion's Q1-2024 revenues?

Allegion reported revenues of $893.9 million in Q1-2024, down 3.2%.

What was Allegion's operating margin in Q1-2024?

Allegion's operating margin was 19.3% in Q1-2024.

What is Allegion's full-year outlook for 2024?

Allegion affirms full-year 2024 revenue growth, EPS, and cash flow outlook.