Lockmaker Allegion raises full-year profit forecast on demand from commercial buildings

Allegion

24/10/2024 11:23

Oct 24 (Reuters) - Allegion  ALLE.N  raised its annual
earnings forecast after strong demand for its pricier locks and
electronic security systems used in commercial buildings drove a
profit beat in the third quarter on Thursday.
    The Dublin-based company's price hikes for product offerings
to commercial businesses helped counter weak demand from
residential houses, which faced pressures from high mortgage
rates and surging home prices.
    Sales in the company's Americas region, its biggest, rose
5.6% in the quarter, mainly driven by non-residential demand.
Its international business recorded a 4.4% jump in revenue.
    Allegion expects its 2024 adjusted profit per share to be
between $7.35 and $7.45, compared with its previous forecast of
$7.15 to $7.30.
    Its third-quarter adjusted profit per share was $2.16,
compared with analysts' average expectation of $1.98, according
to data compiled by LSEG.
    Quarterly revenue rose 5.4% to $967.1 million, slightly
missing expectations of $970.9 million.

 (Reporting by Kannaki Deka in Bengaluru; Editing by Shilpi
Majumdar)
 ((Kannaki.Deka@thomsonreuters.com))