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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 improved profit and revenue for the first quarter, beating analyst expectations.
The company posted a quarterly profit of $68.4 million, or 72 cents per share, up from $57.7 million, or 60 cents per share, in the same period of 2016.
Adjusted for non-recurring costs, profit was $69.7 million, or 73 cents per share, up from the $58 million, or 60 cents per share, a year ago.
The adjusted results beat expectations of five analysts surveyed by Zacks Investment Research, who predicted 69 cents per share.
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.
The security device maker posted revenue of $548.8 million in the period, up from $502.3 million last year, also surpassing Street forecasts.
Three analysts surveyed by Zacks expected revenue of $536.9 million.
Allegion said expects full-year earnings in the range of $3.57 to $3.72 per share, or $3.60 to $3.75 per share on an adjusted basis.
Shares of Allegion were trading at $80.71 Thursday morning, up 1 percent. The company’s shares have increased 25 percent since the beginning of the year and 21 percent in the last 12 months.
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