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Allegion PLC ALLE

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Morningstar’s Analysis

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Allegion Raises 2021 Guidance on Strong Q1 Performance and Brighter Nonresidential Outlook

Analyst Note

| Brian Bernard, CFA, CPA |

Allegion is off to a good start in fiscal 2021. First-quarter sales increased about 3% (0.5% organic) year over year to $694 million, 7% above FactSet consensus, and adjusted EPS increased over 15% to $1.20 compared with $1.02 consensus. Allegion's growth was primarily the result of continued robust demand for residential products in its Americas segment (residential sales were up more than 20% year over year) and overall strong performance in its international segment, which was much better than we expected.

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Company Profile

Business Description

Allegion is a global security products company with a portfolio of leading brands, such as Schlage, Von Duprin, and LCN. The Ireland-domiciled company was created via a spin-off transaction from Ingersoll-Rand in December 2013. In fiscal 2020, Allegion generated 74% of sales in the Americas, 20% of sales in Europe, the Middle East, and Africa, and 6% of sales in Asia-Pacific. The company mainly competes with Swedish-based Assa Abloy AB, Switzerland-based Dormakaba, and U.S.-based Spectrum Brands.

Contact
Harcourt Road, Iveagh Court, Block D
Dublin, 2, Ireland
T +353 12546200
Sector Industrials
Industry Security & Protection Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2019
Stock Type
Employees 11,500