Allegion Smashes Q2 Earnings Estimates; Raises FY21 Outlook

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  • Allegion PLC ALLE reported second-quarter FY21 sales growth of 26.7% year-on-year, to $746.9 million, beating the analyst consensus of $708.47 million.
  • The revenue increase was driven by Allegion Americas and Allegion International businesses, buoyed by strong demand and the favorable comparable from 2020 COVID-related shutdowns.
  • Allegion Americas segment revenues increased 23.7% Y/Y, and the international segment rose 36% Y/Y.
  • Gross profit rose 30% Y/Y to $320.5 million, with the gross margin expanding by 10 basis points to 42.91%.
  • Selling and administrative expenses increased by 16.7% to $175.1 million.
  • The operating margin expanded by 310 basis points Y/Y to 19.5%, and operating income rose 50.7% to $48.9 million.
  • Adjusted EPS of $1.32 beat the analyst consensus of $1.29.
  • The company held $460.2 million in cash and equivalents, and the total debt of Allegion amounted to $1.4 billion.
  • "We have stepped up our strategic investments and partnerships and believe those actions, paired with our demonstrated abilities in supply chain management, position us well to emerge from the pandemic strong as the market migrates to seamless access solutions," said CEO David D. Petratis.
  • Outlook: Allegion sees FY21 organic revenue growth of 5.5% - 6%.
  • It expects FY21 adjusted EPS of $5.25 - $5.40, higher than the $5.24 consensus.
  • Price action: ALLE shares are trading lower by 0.03% at $140.47 in premarket on the last check Thursday.
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