Published on 26 Apr 2024 on Zacks via Yahoo Finance

Allegion (ALLE) Q1 Earnings Top Estimates, Sales Down Y/Y

Allegion plc’s ALLE first-quarter 2024 adjusted earnings of $1.55 per share beat the Zacks Consensus Estimate of $1.41. However, the bottom line fell 1.9% year over year.

Revenue Details

In the quarter under review, Allegion’s revenues were $893.9 million, declining 3.2% year over year. Organic sales in the quarter decreased 3.6% due to softness in the company’s residential and non-residential businesses. Allegion’s revenues missed the Zacks Consensus Estimate of $915 million.Acquired assets boosted sales by 0.3%. Forex woes left a positive impact of 0.1% on revenues.ALLE reports revenues under two segments. A brief discussion of quarterly result is provided below:Revenues from Allegion Americas decreased 4.3% year over year to $709.3 million. The figure accounted for 79.3% of the quarter’s sales. Our estimate for segmental revenues was $734.9 million.Operating income for the segment was $187 million, inching up 0.2% year over year. Our estimate was $186.1 million.Revenues from Allegion International were $184.6 million, up 1.4% year over year. The metric accounted for 20.7% of the quarter’s sales. Our estimate for segmental revenues was $180.3 million.Organic sales decreased 0.8% year over year, while acquisitions and foreign currency translation had a positive impact on sales. Segmental operating income was $13 million, up 22.6% year over year. Our estimate was $10.5 million.