Allegion 10-Q: Q1 revenues $1,033.6M; EPS $1.59.
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Allegion 10-Q: Q1 revenues $1,033.6M; EPS $1.59. Allegion reported first-quarter net revenues of $1,033.6 million and diluted earnings per share of $1.59, with results driven by pricing, acquisitions and foreign exchange. The company recorded operating income of $195.3 million (18.9% margin) and net earnings of $138.1 million for the quarter, with an effective tax rate of 19.5%. Management cited acquisition activity and pricing actions as key contributors to revenue growth while volume/mix and acquisition-related costs pressured margins and EPS year over year. Financial Highlights * Net revenues: $1,033.6 million, up 9.7% year over year (driven by pricing, acquisitions and FX). * Gross profit: $454.5 million (implied gross margin 44.0%). * Operating income: $195.3 million; operating margin 18.9% (down from 20.9% prior year). * Net earnings: $138.1 million; effective tax rate 19.5%. * Diluted net earnings per share: $1.59, down from $1.71 in the prior year period. Business Highlights * Revenue drivers and mix: Growth was propelled by pricing actions and acquisitions while volumes were modestly lower; non-residential sales increased high-single digits, residential sales were roughly flat, and electronic security products grew mid-single digits. * Brand performance: Strength across key brands - Schlage, LCN, Von Duprin, CISA and SimonsVoss - supported performance in the...
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