Allegion plc (ALLE) increased the outlook for full-year 2023 adjusted EPS and expects it to be in the $6.80 to $6.90 range. Reported EPS is projected to be within the previously stated range of $6.10 to $6.20. The company affirmed its revenue growth for full-year 2023, which is expected to be 11.5% to 12.5%, with organic revenue growth to be 5.5% to 6.5%. The company also affirmed available cash flow outlook, which is approximately $500 million to $520 million.
"Demand for our electronics solutions remains strong. We delivered mid-teens organic growth in electronics and software solutions in the third quarter, and we continue to see a long runway for further adoption," said CEO John Stone.
Third-quarter earnings came in at $156.3 million, or $1.77 per share compared with $114.6 million, or $1.30 per share, a year ago. Adjusted net earnings were $171.5 million, or $1.94 per share, up 12.1%. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $1.73, for the quarter. Analysts' estimates typically exclude special items.
Third quarter revenue was $917.9 million compared to $913.7 million last year. Net revenues increased 0.5%. Excluding impacts of acquisitions, divestitures and foreign currency movements, net revenues decreased 0.6% on an organic basis. Analysts on average had estimated $910.41 million in revenue.
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