Allegion plc (NYSE: ALLE), a provider of security products and solutions, announced financial results for the fourth quarter of 2023, reporting an increase in net revenues.
- Allegion reported fourth-quarter 2023 net revenues of $897.4 million, which is up 4.2% year-over-year
- On an organic basis, revenues moved up 2.6% annually
- Net income decreased to $118.6 million or $1.34 per share in Q4 from $135.3 million or $1.53 per share a year earlier
- On an adjusted basis, Q4 earnings were $1.68 per share, vs. $1.69 per share in Q4 2022
- Operating margin and adjusted operating margin increased to 17.8% and 22.0%, respectively, during the three months
- For fiscal 2024, the management expects revenue to grow 1.5%-3.5%, with estimated organic revenue growth of 1-3%
- The estimated for full-year adjusted earnings is between $7.00 per share and $7.15 per share
- The company is looking for available cash flow between $540 million and $570 million for fiscal 2024
