Security-products company Allegion Plc on Thursday reported third-quarter profit of $1.6 million, a significant rebound after reporting a $27.3 million loss in the same period a year earlier.
Allegion is based in Dublin, Ireland, but its Americas region headquarters is in Carmel. The company, which was spun off from Ingersoll Rand in 2013, also has manufacturing and R&D facilities in Indianapolis that are operated by Schlage Lock Co. LLC and Von Duprin LLC.
The firm's third-quarter revenue jumped 6.7 percent to $581.1 million from the same quarter last year. Allegion reported net income of 2 cents per share, compared with a loss of 28 cents per share in the year-over-year quarter. Earnings, adjusted for non-recurring costs, were 93 cents per share—a slight increase from 92 cents last year.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share. Four analysts surveyed by Zacks expected revenue of $586.9 million.
Allegion shares dropped 4.6 percent in early trading on Thursday, to $62.54 per share.
The stock has fallen 5.1 percent since the beginning of the year, while the S&P 500 index has increased 4.7 percent.
Allegion now expects full-year adjusted earnings in the range of $3.38 to $3.43 per share. That represents a bump from the company’s previous guidance of $3.30 to $3.40 per share.