Allegion plc (ALLE) has announced an upward revision of its full-year 2024 earnings per share (EPS) forecast, now anticipated to be between $6.70 and $6.80. On an adjusted basis, the EPS is expected to range from $7.35 to $7.45. The company has confirmed its projected revenue growth for the full year, expected to be between 2.5% and 3.5%, while also maintaining its prediction of organic revenue growth between 1.5% and 2.5%.
### Third Quarter Results:
Allegion's net income for the third quarter amounted to $174.2 million, translating to an EPS of $1.99, compared to the previous year's $156.3 million or $1.77 per share. Adjusted EPS for the period was $2.16, representing an 11.3% increase from last year's $1.94. This surpassed analysts' expectations, who had forecasted an EPS of $1.98, as per Thomson Reuters' data, which typically excludes one-time items. The company reported revenues of $967.1 million, marking a 5.4% increase in reported terms and a 3.3% rise in organic terms, slightly below the average analyst estimate of $970.89 million.
Consequently, shares of Allegion plc have risen by 2% in pre-market trading on Thursday.
