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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowSecurity-products company Allegion Plc on Thursday reported higher profit and revenue for the fourth quarter, but the results fell short of analyst expectations.
The company posted a profit of $74.8 million, or 77 cents per share, in the fourth quarter, up from $71.9 million, or 74 cents per share, during the same period of 2015. The earnings missed the average estimate of 87 cents per share from six analysts surveyed by Zacks Investment Research.
Allegion had revenue of $569.7 million in the period, up from the $545.4 million in the year-ago quarter. Three analysts surveyed by Zacks expected revenue of $572.3 million.
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 research facilities in Indianapolis that are operated by Schlage Lock Co. LLC and Von Duprin LLC.
For the year, the company reported profit of $229.1 million, or $2.36 per share, up from $153.9 million, or $1.59 per share, in 2015. Full-year revenue was reported as $2.24 billion, up from $2.07 billion the previous year.
Allegion said it expects full-year 2017 earnings in the range of $3.55 to $3.70 per share.
Shares of the company were trading at $70 Thursday morning, up 4 percent from Wednesday’s closing price. The shares have increased almost 6 percent since the beginning of the year and 26 percent in the last 12 months.
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