Allegion (NYSE: ALLE) Reports Q4, Full-Year 2024 Financial Results, Introduces 2025 Outlook
Results showcase solid execution, margin expansion and balanced capital deployment
Quarterly Financial Highlights
(All comparisons against the fourth quarter of 2023, unless otherwise noted)
-
Net earnings per share (EPS) of
$1.65 23.1% compared with$1.34 $1.86 10.7% compared with$1.68 -
Revenues of
$945.6 million 5.4% on a reported basis and up3.5% on an organic basis -
Operating margin of
19.5% , compared with17.8% ; Adjusted operating margin of22.1% , up 10 basis points compared with22.0%
Full-Year Financial Highlights
(All comparisons against the full year of 2023, unless otherwise noted)
-
EPS of
$6.82 11.4% compared with$6.12 $7.53 8.2% compared with$6.96 -
Revenues of
$3,772.2 million 3.3% on a reported basis and up2.1% on an organic basis -
Operating margin of
20.7% , compared with19.4% ; Adjusted operating margin of22.8% , up 70 basis points compared with22.1% -
Available cash flow, which is defined as net cash from operating activities minus capital expenditures, was
$582.9 million 12.9%
2025 Full-Year Outlook Highlights
-
Full-year reported revenue growth is estimated to be
1% to3% , with organic revenue growth estimated to be1.5% to3.5% -
Full-year adjusted EPS is estimated to be
$7.65 $7.85 -
Available cash flow is estimated to be
85% to90% of adjusted net income
“Allegion delivered a record year in 2024 – a year marked by consistent, strong execution, solid margin expansion and balanced capital deployment,” said Allegion President and CEO John H. Stone.
“These results are a testament to our team of highly engaged experts who, together with our distribution and channel partners, solve complex problems for our end-user customers and work tirelessly to make the world safer.”
Q4 2024 Company Results
(All comparisons against the fourth quarter of 2023, unless otherwise noted)
Allegion reported fourth-quarter 2024 net revenues of
Fourth-quarter 2024 net revenues increased
Fourth-quarter 2024 operating income was
Fourth-quarter 2024 operating margin was
Q4 2024 Segment Results
(All comparisons against the fourth quarter of 2023, unless otherwise noted)
The
The International segment revenues increased
Full-Year 2024 Company Results
(All comparisons against the full year of 2023, unless otherwise noted)
Allegion reported full-year 2024 net revenues of
Full-year 2024 net revenues increased
Full-year 2024 operating income was
Full-year 2024 operating margin was
Additional Items
(All comparisons against the fourth quarter of 2023, unless otherwise noted)
Interest expense for fourth-quarter 2024 was
Other income, net for fourth-quarter 2024 was
The company’s effective tax rate for fourth-quarter 2024 was
Cash Flow and Liquidity
Year-to-date available cash flow for 2024 was
Share Repurchase and Dividends
In the fourth quarter of 2024, the company repurchased approximately 0.7 million shares for approximately
2025 Full-Year Outlook
(All comparisons against full-year 2024, unless otherwise noted)
The company expects full-year 2025 revenues to increase
Full-year 2025 reported EPS is expected to be in the range of
Adjustments to 2025 EPS include estimated impacts of approximately
The outlook assumes an average diluted share count for the full year of approximately 86.7 million shares.
The company expects full-year available cash flow to be
Conference Call Information
On Tuesday, Feb. 18, 2025, 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 https://investor.allegion.com.
About Allegion
At Allegion (NYSE: ALLE), we design and manufacture innovative security and access solutions that help keep people safe where they live, learn, work and connect. We’re pioneering safety with our strong legacy of leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Our comprehensive portfolio of hardware, software and electronic solutions is sold around the world and spans residential and commercial locks, door closer and exit devices, steel doors and frames, access control and workforce productivity systems. Allegion had
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, earnings before income taxes, effective tax rate, net earnings and diluted earnings per share (EPS) on both a
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 “2025 Full-Year Outlook Highlights,” “2025 Full-Year Outlook” and statements regarding the company's 2025 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 December 31, |
|
Year ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Net revenues |
$ |
945.6 |
|
|
$ |
897.4 |
|
|
$ |
3,772.2 |
|
|
$ |
3,650.8 |
|
Cost of goods sold |
|
528.9 |
|
|
|
512.1 |
|
|
|
2,103.7 |
|
|
|
2,069.3 |
|
Gross profit |
|
416.7 |
|
|
|
385.3 |
|
|
|
1,668.5 |
|
|
|
1,581.5 |
|
|
|
|
|
|
|
|
|
||||||||
Selling and administrative expenses |
|
232.1 |
|
|
|
218.1 |
|
|
|
887.8 |
|
|
|
865.6 |
|
Impairment of intangible assets |
|
— |
|
|
|
7.5 |
|
|
|
— |
|
|
|
7.5 |
|
Operating income |
|
184.6 |
|
|
|
159.7 |
|
|
|
780.7 |
|
|
|
708.4 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
25.2 |
|
|
|
22.9 |
|
|
|
102.0 |
|
|
|
93.1 |
|
Other income, net |
|
(2.9 |
) |
|
|
(0.1 |
) |
|
|
(20.1 |
) |
|
|
(1.9 |
) |
Earnings before income taxes |
|
162.3 |
|
|
|
136.9 |
|
|
|
698.8 |
|
|
|
617.2 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
|
18.2 |
|
|
|
18.3 |
|
|
|
101.3 |
|
|
|
76.6 |
|
Net earnings |
|
144.1 |
|
|
|
118.6 |
|
|
|
597.5 |
|
|
|
540.6 |
|
|
|
|
|
|
|
|
|
||||||||
Less: Net earnings attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to Allegion plc |
$ |
144.1 |
|
|
$ |
118.6 |
|
|
$ |
597.5 |
|
|
$ |
540.4 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per ordinary share |
|
|
|
|
|
|
|
||||||||
attributable to Allegion plc shareholders: |
$ |
1.66 |
|
|
$ |
1.35 |
|
|
$ |
6.85 |
|
|
$ |
6.15 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per ordinary share |
|
|
|
|
|
|
|
||||||||
attributable to Allegion plc shareholders: |
$ |
1.65 |
|
|
$ |
1.34 |
|
|
$ |
6.82 |
|
|
$ |
6.12 |
|
|
|
|
|
|
|
|
|
||||||||
Shares outstanding - basic |
|
86.7 |
|
|
|
87.8 |
|
|
|
87.2 |
|
|
|
87.9 |
|
Shares outstanding - diluted |
|
87.2 |
|
|
|
88.2 |
|
|
|
87.6 |
|
|
|
88.3 |
|
ALLEGION PLC Condensed and Consolidated Balance Sheets (In millions)
UNAUDITED |
|||||
|
December 31,
|
|
December 31,
|
||
ASSETS |
|
|
|
||
Cash and cash equivalents |
$ |
503.8 |
|
$ |
468.1 |
Accounts and notes receivables, net |
|
418.9 |
|
|
412.8 |
Inventories |
|
423.0 |
|
|
438.5 |
Other current assets |
|
76.6 |
|
|
41.5 |
Total current assets |
|
1,422.3 |
|
|
1,360.9 |
Property, plant and equipment, net |
|
385.3 |
|
|
358.1 |
Goodwill |
|
1,489.4 |
|
|
1,443.1 |
Intangible assets, net |
|
569.0 |
|
|
572.8 |
Other noncurrent assets |
|
621.8 |
|
|
576.6 |
Total assets |
$ |
4,487.8 |
|
$ |
4,311.5 |
|
|
|
|
||
LIABILITIES AND EQUITY |
|
|
|
||
Accounts payable |
$ |
258.0 |
|
$ |
259.2 |
Accrued expenses and other current liabilities |
|
417.0 |
|
|
407.9 |
Short-term borrowings and current maturities of long-term debt |
|
21.9 |
|
|
412.6 |
Total current liabilities |
|
696.9 |
|
|
1,079.7 |
Long-term debt |
|
1,977.6 |
|
|
1,602.4 |
Other noncurrent liabilities |
|
312.6 |
|
|
311.1 |
Equity |
|
1,500.7 |
|
|
1,318.3 |
Total liabilities and equity |
$ |
4,487.8 |
|
$ |
4,311.5 |
ALLEGION PLC Condensed and Consolidated Statements of Cash Flows (In millions)
UNAUDITED |
|||||||
|
Year ended December 31, |
||||||
|
2024 |
|
2023 |
||||
Operating Activities |
|
|
|
||||
Net earnings |
$ |
597.5 |
|
|
$ |
540.6 |
|
Depreciation and amortization |
|
119.0 |
|
|
|
111.6 |
|
Changes in assets and liabilities and other non-cash items |
|
(41.5 |
) |
|
|
(51.6 |
) |
Net cash provided by operating activities |
|
675.0 |
|
|
|
600.6 |
|
|
|
|
|
||||
Investing Activities |
|
|
|
||||
Capital expenditures |
|
(92.1 |
) |
|
|
(84.2 |
) |
Acquisition of and equity investments in businesses, net of cash acquired |
|
(137.2 |
) |
|
|
(31.7 |
) |
Other investing activities, net |
|
0.9 |
|
|
|
(13.2 |
) |
Net cash used in investing activities |
|
(228.4 |
) |
|
|
(129.1 |
) |
|
|
|
|
||||
Financing Activities |
|
|
|
||||
Net repayments on debt |
|
(13.3 |
) |
|
|
(81.6 |
) |
Debt financing costs |
|
(7.6 |
) |
|
|
— |
|
Dividends paid to ordinary shareholders |
|
(167.0 |
) |
|
|
(158.7 |
) |
Repurchase of ordinary shares |
|
(220.0 |
) |
|
|
(59.9 |
) |
Other financing activities, net |
|
13.4 |
|
|
|
1.5 |
|
Net cash used in financing activities |
|
(394.5 |
) |
|
|
(298.7 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
(16.4 |
) |
|
|
7.3 |
|
Net increase in cash and cash equivalents |
|
35.7 |
|
|
|
180.1 |
|
Cash and cash equivalents - beginning of period |
|
468.1 |
|
|
|
288.0 |
|
Cash and cash equivalents - end of period |
$ |
503.8 |
|
|
$ |
468.1 |
|
SUPPLEMENTAL SCHEDULES |
|
ALLEGION PLC |
SCHEDULE 1 |
SELECTED OPERATING SEGMENT INFORMATION (In millions) |
|||||||||||||||
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net revenues |
|
|
|
|
|
|
|
||||||||
Allegion Americas |
$ |
750.0 |
|
|
$ |
704.6 |
|
|
$ |
3,012.4 |
|
|
$ |
2,913.6 |
|
Allegion International |
|
195.6 |
|
|
|
192.8 |
|
|
|
759.8 |
|
|
|
737.2 |
|
Total net revenues |
$ |
945.6 |
|
|
$ |
897.4 |
|
|
$ |
3,772.2 |
|
|
$ |
3,650.8 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income (expense) |
|
|
|
|
|
|
|
||||||||
Allegion Americas |
$ |
193.8 |
|
|
$ |
175.0 |
|
|
$ |
816.2 |
|
|
$ |
757.2 |
|
Allegion International |
|
17.7 |
|
|
|
17.9 |
|
|
|
66.3 |
|
|
|
58.1 |
|
Corporate unallocated |
|
(26.9 |
) |
|
|
(33.2 |
) |
|
|
(101.8 |
) |
|
|
(106.9 |
) |
Total operating income |
$ |
184.6 |
|
|
$ |
159.7 |
|
|
$ |
780.7 |
|
|
$ |
708.4 |
|
ALLEGION PLC |
SCHEDULE 2 |
The Company presents operating income, operating margin, net earnings and diluted earnings per share (EPS) on both a
The Company defines the presented non-GAAP measures as follows:
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 December 31, 2024 |
|
Three Months Ended December 31, 2023 |
||||||||||||||||||
|
Reported |
|
Adjustments |
|
Adjusted (non-GAAP) |
|
Reported |
|
Adjustments |
|
Adjusted (non-GAAP) |
||||||||||
Net revenues |
$ |
945.6 |
|
|
$ |
— |
|
$ |
945.6 |
|
|
$ |
897.4 |
|
|
$ |
— |
|
$ |
897.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
|
184.6 |
|
|
|
24.5 |
(1) |
|
209.1 |
|
|
|
159.7 |
|
|
|
37.5 |
(1) |
|
197.2 |
|
Operating margin |
|
19.5 |
% |
|
|
|
|
22.1 |
% |
|
|
17.8 |
% |
|
|
|
|
22.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before income taxes |
|
162.3 |
|
|
|
23.9 |
(2) |
|
186.2 |
|
|
|
136.9 |
|
|
|
40.7 |
(2) |
|
177.6 |
|
Provision for income taxes |
|
18.2 |
|
|
|
6.2 |
(3) |
|
24.4 |
|
|
|
18.3 |
|
|
|
10.8 |
(3) |
|
29.1 |
|
Effective income tax rate |
|
11.2 |
% |
|
|
|
|
13.1 |
% |
|
|
13.4 |
% |
|
|
|
|
16.4 |
% |
||
Net earnings attributable to Allegion plc |
$ |
144.1 |
|
|
$ |
17.7 |
|
$ |
161.8 |
|
|
$ |
118.6 |
|
|
$ |
29.9 |
|
$ |
148.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per ordinary share attributable to |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allegion plc shareholders: |
$ |
1.65 |
|
|
$ |
0.21 |
|
$ |
1.86 |
|
|
$ |
1.34 |
|
|
$ |
0.34 |
|
$ |
1.68 |
|
(1) |
Adjustments to operating income for the three months ended December 31, 2024, consist of |
(2) |
Adjustments to earnings before income taxes for the three months ended December 31, 2024, consist of the adjustments to operating income discussed above, as well as a |
(3) |
Adjustments to the provision for income taxes for the three months ended December 31, 2024, and 2023, consist of |
|
Year ended December 31, 2024 |
|
Year ended December 31, 2023 |
||||||||||||||||||
|
Reported |
|
Adjustments |
|
Adjusted (non-GAAP) |
|
Reported |
|
Adjustments |
|
Adjusted (non-GAAP) |
||||||||||
Net revenues |
$ |
3,772.2 |
|
|
$ |
— |
|
$ |
3,772.2 |
|
|
$ |
3,650.8 |
|
|
$ |
— |
|
$ |
3,650.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
|
780.7 |
|
|
|
80.1 |
(1) |
|
860.8 |
|
|
|
708.4 |
|
|
|
97.2 |
(1) |
|
805.6 |
|
Operating margin |
|
20.7 |
% |
|
|
|
|
22.8 |
% |
|
|
19.4 |
% |
|
|
|
|
22.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before income taxes |
|
698.8 |
|
|
|
82.4 |
(2) |
|
781.2 |
|
|
|
617.2 |
|
|
|
100.4 |
(2) |
|
717.6 |
|
Provision for income taxes |
|
101.3 |
|
|
|
20.2 |
(3) |
|
121.5 |
|
|
|
76.6 |
|
|
|
25.9 |
(3) |
|
102.5 |
|
Effective income tax rate |
|
14.5 |
% |
|
|
|
|
15.6 |
% |
|
|
12.4 |
% |
|
|
|
|
14.3 |
% |
||
Net earnings |
|
597.5 |
|
|
|
62.2 |
|
|
659.7 |
|
|
|
540.6 |
|
|
|
74.5 |
|
|
615.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noncontrolling interests |
|
— |
|
|
|
— |
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings attributable to Allegion plc |
$ |
597.5 |
|
|
$ |
62.2 |
|
$ |
659.7 |
|
|
$ |
540.4 |
|
|
$ |
74.5 |
|
$ |
614.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per ordinary share attributable to |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allegion plc shareholders: |
$ |
6.82 |
|
|
$ |
0.71 |
|
$ |
7.53 |
|
|
$ |
6.12 |
|
|
$ |
0.84 |
|
$ |
6.96 |
|
(1) |
Adjustments to operating income for the year ended December 31, 2024, consist of |
(2) |
Adjustments to earnings before income taxes for the year ended December 31, 2024, consist of the adjustments to operating income discussed above, as well as a |
(3) |
Adjustments to the provision for income taxes for the year ended December 31, 2024, and 2023, consist of |
ALLEGION PLC |
SCHEDULE 3 |
RECONCILIATION OF GAAP TO NON-GAAP REVENUE AND OPERATING INCOME BY REGION (In millions) |
|||||||||||||
|
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
||||||||||
|
As Reported |
|
Margin |
|
As Reported |
|
Margin |
||||||
Allegion Americas |
|
|
|
|
|
|
|
||||||
Net revenues (GAAP) |
$ |
750.0 |
|
|
|
|
$ |
704.6 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Operating income (GAAP) |
$ |
193.8 |
|
|
25.8 |
% |
|
$ |
175.0 |
|
|
24.8 |
% |
Restructuring charges |
|
1.2 |
|
|
0.2 |
% |
|
|
2.9 |
|
|
0.4 |
% |
Acquisition and integration costs |
|
1.3 |
|
|
0.2 |
% |
|
|
2.1 |
|
|
0.3 |
% |
Amortization of acquired intangible assets |
|
8.8 |
|
|
1.2 |
% |
|
|
8.4 |
|
|
1.2 |
% |
Adjusted operating income |
|
205.1 |
|
|
27.4 |
% |
|
|
188.4 |
|
|
26.7 |
% |
Depreciation and amortization |
|
9.8 |
|
|
1.3 |
% |
|
|
8.9 |
|
|
1.3 |
% |
Adjusted EBITDA |
$ |
214.9 |
|
|
28.7 |
% |
|
$ |
197.3 |
|
|
28.0 |
% |
|
|
|
|
|
|
|
|
||||||
Allegion International |
|
|
|
|
|
|
|
||||||
Net revenues (GAAP) |
$ |
195.6 |
|
|
|
|
$ |
192.8 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Operating income (GAAP) |
$ |
17.7 |
|
|
9.0 |
% |
|
$ |
17.9 |
|
|
9.3 |
% |
Restructuring charges |
|
7.3 |
|
|
3.7 |
% |
|
|
1.2 |
|
|
0.6 |
% |
Acquisition and integration costs |
|
0.2 |
|
|
0.1 |
% |
|
|
0.4 |
|
|
0.2 |
% |
Amortization of acquired intangible assets |
|
5.7 |
|
|
3.0 |
% |
|
|
5.3 |
|
|
2.8 |
% |
Impairment of intangible assets |
|
— |
|
|
— |
% |
|
|
7.5 |
|
|
3.9 |
% |
Adjusted operating income |
|
30.9 |
|
|
15.8 |
% |
|
|
32.3 |
|
|
16.8 |
% |
Depreciation and amortization |
|
4.5 |
|
|
2.3 |
% |
|
|
4.3 |
|
|
2.2 |
% |
Adjusted EBITDA |
$ |
35.4 |
|
|
18.1 |
% |
|
$ |
36.6 |
|
|
19.0 |
% |
|
|
|
|
|
|
|
|
||||||
Corporate |
|
|
|
|
|
|
|
||||||
Operating loss (GAAP) |
$ |
(26.9 |
) |
|
|
|
$ |
(33.2 |
) |
|
|
||
Restructuring charges |
|
— |
|
|
|
|
|
1.0 |
|
|
|
||
Acquisition and integration costs |
|
— |
|
|
|
|
|
8.7 |
|
|
|
||
Adjusted operating loss |
|
(26.9 |
) |
|
|
|
|
(23.5 |
) |
|
|
||
Depreciation and amortization |
|
0.2 |
|
|
|
|
|
0.1 |
|
|
|
||
Adjusted EBITDA |
$ |
(26.7 |
) |
|
|
|
$ |
(23.4 |
) |
|
|
||
|
|
|
|
|
|
|
|
||||||
Total |
|
|
|
|
|
|
|
||||||
Net revenues |
$ |
945.6 |
|
|
|
|
$ |
897.4 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Adjusted operating income |
$ |
209.1 |
|
|
22.1 |
% |
|
$ |
197.2 |
|
|
22.0 |
% |
Depreciation and amortization |
|
14.5 |
|
|
1.5 |
% |
|
|
13.3 |
|
|
1.5 |
% |
Adjusted EBITDA |
$ |
223.6 |
|
|
23.6 |
% |
|
$ |
210.5 |
|
|
23.5 |
% |
|
Year ended December 31, 2024 |
|
Year ended December 31, 2023 |
||||||||||
|
As Reported |
|
Margin |
|
As Reported |
|
Margin |
||||||
Allegion Americas |
|
|
|
|
|
|
|
||||||
Net revenues (GAAP) |
$ |
3,012.4 |
|
|
|
|
$ |
2,913.6 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Operating income (GAAP) |
$ |
816.2 |
|
|
27.1 |
% |
|
$ |
757.2 |
|
|
26.0 |
% |
Restructuring charges |
|
1.3 |
|
|
— |
% |
|
|
3.7 |
|
|
0.1 |
% |
Acquisition and integration costs |
|
7.0 |
|
|
0.2 |
% |
|
|
8.4 |
|
|
0.3 |
% |
Amortization of acquired intangible assets |
|
35.1 |
|
|
1.2 |
% |
|
|
33.7 |
|
|
1.1 |
% |
Adjusted operating income |
|
859.6 |
|
|
28.5 |
% |
|
|
803.0 |
|
|
27.5 |
% |
Depreciation and amortization |
|
39.2 |
|
|
1.3 |
% |
|
|
33.8 |
|
|
1.2 |
% |
Adjusted EBITDA |
$ |
898.8 |
|
|
29.8 |
% |
|
$ |
836.8 |
|
|
28.7 |
% |
|
|
|
|
|
|
|
|
||||||
Allegion International |
|
|
|
|
|
|
|
||||||
Net revenues (GAAP) |
$ |
759.8 |
|
|
|
|
$ |
737.2 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Operating income (loss) (GAAP) |
|
66.3 |
|
|
8.7 |
% |
|
|
58.1 |
|
|
7.9 |
% |
Restructuring charges |
|
9.2 |
|
|
1.2 |
% |
|
|
8.0 |
|
|
1.1 |
% |
Acquisition and integration costs |
|
0.7 |
|
|
0.1 |
% |
|
|
0.8 |
|
|
0.1 |
% |
Amortization of acquired intangible assets |
|
22.9 |
|
|
3.0 |
% |
|
|
22.2 |
|
|
3.0 |
% |
Impairment of intangible assets |
|
— |
|
|
— |
% |
|
|
7.5 |
|
|
1.0 |
% |
Adjusted operating income |
|
99.1 |
|
|
13.0 |
% |
|
|
96.6 |
|
|
13.1 |
% |
Depreciation and amortization |
|
18.2 |
|
|
2.4 |
% |
|
|
17.8 |
|
|
2.4 |
% |
Adjusted EBITDA |
$ |
117.3 |
|
|
15.4 |
% |
|
$ |
114.4 |
|
|
15.5 |
% |
|
|
|
|
|
|
|
|
||||||
Corporate |
|
|
|
|
|
|
|
||||||
Operating loss (GAAP) |
$ |
(101.8 |
) |
|
|
|
$ |
(106.9 |
) |
|
|
||
Restructuring charges |
|
0.1 |
|
|
|
|
|
1.0 |
|
|
|
||
Acquisition and integration costs |
|
3.8 |
|
|
|
|
|
11.9 |
|
|
|
||
Adjusted operating loss |
|
(97.9 |
) |
|
|
|
|
(94.0 |
) |
|
|
||
Depreciation and amortization |
|
0.9 |
|
|
|
|
|
1.3 |
|
|
|
||
Adjusted EBITDA |
$ |
(97.0 |
) |
|
|
|
$ |
(92.7 |
) |
|
|
||
|
|
|
|
|
|
|
|
||||||
Total |
|
|
|
|
|
|
|
||||||
Net revenues |
$ |
3,772.2 |
|
|
|
|
$ |
3,650.8 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Adjusted operating income |
$ |
860.8 |
|
|
22.8 |
% |
|
$ |
805.6 |
|
|
22.1 |
% |
Depreciation and amortization |
|
58.3 |
|
|
1.6 |
% |
|
|
52.9 |
|
|
1.4 |
% |
Adjusted EBITDA |
$ |
919.1 |
|
|
24.4 |
% |
|
$ |
858.5 |
|
|
23.5 |
% |
ALLEGION PLC |
SCHEDULE 4 |
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO AVAILABLE CASH FLOW AND NET EARNINGS TO ADJUSTED EBITDA (In millions) |
|||||||
|
Year ended December 31, |
||||||
|
2024 |
|
2023 |
||||
Net cash from operating activities |
$ |
675.0 |
|
|
$ |
600.6 |
|
Capital expenditures |
|
(92.1 |
) |
|
|
(84.2 |
) |
Available cash flow |
$ |
582.9 |
|
|
$ |
516.4 |
|
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net earnings (GAAP) |
$ |
144.1 |
|
|
$ |
118.6 |
|
|
$ |
597.5 |
|
|
$ |
540.6 |
|
Provision for income taxes |
|
18.2 |
|
|
|
18.3 |
|
|
|
101.3 |
|
|
|
76.6 |
|
Interest expense |
|
25.2 |
|
|
|
22.9 |
|
|
|
102.0 |
|
|
|
93.1 |
|
Amortization of acquired intangible assets |
|
14.5 |
|
|
|
13.7 |
|
|
|
58.0 |
|
|
|
55.9 |
|
Depreciation and amortization of nonacquired intangible assets |
|
14.5 |
|
|
|
13.3 |
|
|
|
58.3 |
|
|
|
52.9 |
|
EBITDA |
|
216.5 |
|
|
|
186.8 |
|
|
|
917.1 |
|
|
|
819.1 |
|
|
|
|
|
|
|
|
|
||||||||
Other income, net |
|
(2.9 |
) |
|
|
(0.1 |
) |
|
|
(20.1 |
) |
|
|
(1.9 |
) |
Impairment of intangible assets |
|
— |
|
|
|
7.5 |
|
|
|
— |
|
|
|
7.5 |
|
Acquisition and integration costs and restructuring charges |
|
10.0 |
|
|
|
16.3 |
|
|
|
22.1 |
|
|
|
33.8 |
|
Adjusted EBITDA |
$ |
223.6 |
|
|
$ |
210.5 |
|
|
$ |
919.1 |
|
|
$ |
858.5 |
|
ALLEGION PLC |
SCHEDULE 5 |
RECONCILIATION OF GAAP REVENUE GROWTH TO NON-GAAP ORGANIC REVENUE GROWTH BY SEGMENT |
|||||||||||
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Allegion Americas |
|
|
|
|
|
|
|
||||
Revenue growth (GAAP) |
6.4 |
% |
|
3.7 |
% |
|
3.4 |
% |
|
15.1 |
% |
Acquisitions |
(1.9 |
)% |
|
— |
% |
|
(1.0 |
)% |
|
(7.9 |
)% |
Currency translation effects |
0.1 |
% |
|
— |
% |
|
0.1 |
% |
|
0.2 |
% |
Organic growth (non-GAAP) |
4.6 |
% |
|
3.7 |
% |
|
2.5 |
% |
|
7.4 |
% |
|
|
|
|
|
|
|
|
||||
Allegion International |
|
|
|
|
|
|
|
||||
Revenue growth (GAAP) |
1.5 |
% |
|
5.9 |
% |
|
3.1 |
% |
|
(0.5 |
)% |
Acquisitions |
(2.4 |
)% |
|
(2.8 |
)% |
|
(2.5 |
)% |
|
(0.7 |
)% |
Currency translation effects |
0.2 |
% |
|
(4.4 |
)% |
|
(0.2 |
)% |
|
(1.3 |
)% |
Organic growth (non-GAAP) |
(0.7 |
)% |
|
(1.3 |
)% |
|
0.4 |
% |
|
(2.5 |
)% |
|
|
|
|
|
|
|
|
||||
Total |
|
|
|
|
|
|
|
||||
Revenue growth (GAAP) |
5.4 |
% |
|
4.2 |
% |
|
3.3 |
% |
|
11.6 |
% |
Acquisitions |
(2.0 |
)% |
|
(0.6 |
)% |
|
(1.3 |
)% |
|
(6.2 |
)% |
Currency translation effects |
0.1 |
% |
|
(1.0 |
)% |
|
0.1 |
% |
|
(0.2 |
)% |
Organic growth (non-GAAP) |
3.5 |
% |
|
2.6 |
% |
|
2.1 |
% |
|
5.2 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250218106817/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
