Allegion Plc (ALLE) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Allegion Plc

CIK: 1579241 Ticker: ALLE


Third-quarter 2018 net earnings per share (EPS) of $1.21, compared with 2017 EPS of $0.94; Adjusted 2018 EPS of $1.23, up 20.6 percent compared with 2017 adjusted EPS of $1.02
Third-quarter 2018 revenue of $711.5 million, up 16.8 percent compared to 2017, up 8.5 percent on an organic basis
Third-quarter 2018 operating margin of 20 percent, compared with 2017 operating margin of 20.9 percent; Adjusted operating margin of 20.9 percent, declined 140 basis points compared with 2017 adjusted operating margin of 22.3 percent due to dilution from acquisitions; 2018 acquisitions were dilutive to adjusted operating margins by 140 basis points
Updating outlook for 2018 full-year revenue and full-year EPS; Full-year 2018 reported revenue growth of 13 to 13.5 percent and organic revenue growth of 5 to 5.5 percent; Full-year 2018 EPS outlook of $4.23 to $4.35 and $4.43 to $4.50 per share on an adjusted basis

DUBLIN (Oct. 25, 2018) - Allegion plc (NYSE: ALLE), a leading global provider of security products and solutions, today reported third-quarter 2018 net revenues of $711.5 million and net earnings of $116 million, or $1.21 per share. Excluding charges related to restructuring, acquisitions and adjustments to provisional amounts related to the enactment of tax reform, adjusted net earnings were $117.9 million, or $1.23 per share, up 20.6 percent when compared with third-quarter 2017 adjusted EPS of $1.02.

Third-quarter net revenues increased 16.8 percent when compared to the prior year period (up 8.5 percent on an organic basis). Reported revenues reflect strong organic growth across all regions, as well as benefits from acquisitions offsetting foreign currency impacts.

Third-quarter 2018 operating income was $142.3 million, an increase of $15.2 million or 12 percent compared to 2017. Adjusted operating income in third-quarter 2018 was $149 million, representing an increase of $13.4 million or 9.9 percent compared to 2017.

Third-quarter 2018 operating margin was 20 percent, compared with 20.9 percent in 2017. The adjusted operating margin in third-quarter 2018 was 20.9 percent, compared with 22.3 percent in 2017. The 140-basis-point decline in adjusted operating margin is attributable to dilution from the 2018 acquisitions.

“I am pleased with our performance as we delivered another quarter of double-digit top-line revenue growth, with organic growth rates in the high-single digits,” said David D. Petratis, Allegion chairman, president and CEO. “Robust electronics growth as well as solid top-line performance across all three regions drove that strong organic growth, and end-market fundamentals remain healthy.

“I am also very pleased with the more than 20-percent increase in adjusted EPS as inflationary pressures continued to challenge operating margins. Excluding acquisitions, the base business margins were flat year over year, as the global team continues to drive price realization, productivity and other cost savings to mitigate significant inflationary pressures,” Petratis added.

The Americas segment revenue increased 16.5 percent (up 10.1 percent on an organic basis). The revenue growth was driven by robust growth in electronics (nearly 30 percent), very strong pricing and solid volume in both the non-residential and residential businesses. Acquisitions contributed 6.6 percent to the overall growth.

The EMEIA segment revenues were up 7.4 percent (up 3.4 percent on an organic basis), reflecting solid pricing, modest volume and contributions from acquisitions partially offset by unfavorable foreign currency.

The Asia-Pacific segment revenues increased 61.5 percent (up 5.9 percent on an organic basis). The revenue growth in the quarter was driven by the recently acquired Gainsborough Hardware and API Locksmiths business as well as solid volume partially offset by unfavorable currency.

Additional Items
Interest expense for third-quarter 2018 was $14 million, down from the $17.8 million for third-quarter 2017. The decrease is driven by the refinancing of the company’s debt completed in 2017.


The following information was filed by Allegion Plc (ALLE) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Allegion Plc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information Document
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Acquisition (Tables)
Acquisition Acquisition (Details)
Acquisition Net Revenues And Earnings Before Income Taxes Since Acquisition (Details)
Acquisition Opening Balance Sheet (Details)
Acquisition Pro Forma Table (Details)
Basis Of Presentation
Business Segment Information
Business Segment Information (Summary Of Operations By Reportable Segments) (Details)
Business Segment Information (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Product Warranty Liability) (Details)
Commitments And Contingencies (Tables)
Debt And Credit Facilities
Debt And Credit Facilities (Narrative) (Details)
Debt And Credit Facilities (Summary Of Debt) (Details)
Debt And Credit Facilities (Tables)
Earnings Per Share (Eps)
Earnings Per Share (Eps) (Details)
Earnings Per Share (Eps) (Narrative) (Details)
Earnings Per Share (Eps) (Tables)
Equity (Changes In Accumulated Other Comprehensive Income (Loss)) (Details)
Equity (Components Of Shareholders' Equity) (Details)
Equity (Reconciliation Of Ordinary Shares) (Details)
Equity (Tables)
Fair Value Measurement
Fair Value Measurement (Details)
Fair Value Measurement (Tables)
Financial Instruments
Financial Instruments (Narrative) (Details)
Financial Instruments (Schedule Of Derivatives Designated As Hedges Affecting Condensed Consolidated Income Statement And Accumulated Other Comprehensive Income) (Details)
Financial Instruments (Schedule Of The Fair Values Of Derivative Instruments) (Details)
Financial Instruments (Tables)
Goodwill (Details)
Goodwill (Tables)
Guarantor Financial Information (Balance Sheet) (Details)
Guarantor Financial Information (Notes)
Guarantor Financial Information (Statement Of Cash Flow) (Details)
Guarantor Financial Information (Statement Of Comprehensive Income) (Details)
Guarantor Financial Information (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Inventories (Schedule Of Major Classes Of Inventory) (Details)
Inventories (Tables)
Net Revenues (Details)
Net Revenues (Notes)
Net Revenues (Tables)
Other, Net
Other, Net (Details)
Other, Net (Tables)
Pensions And Postretirement Benefits Other Than Pensions
Pensions And Postretirement Benefits Other Than Pensions (Components Of The Company's Pension-Related Costs) (Details)
Pensions And Postretirement Benefits Other Than Pensions (Narrative) (Details)
Pensions And Postretirement Benefits Other Than Pensions (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Policies)
Recent Accounting Pronouncements Tax Reform Impact (Details)
Restructuring Activities
Restructuring Activities (Narrative) (Details)
Restructuring Activities (Schedule Of Changes In Restructuring Reserve) (Details)
Restructuring Activities (Tables)
Share-Based Compensation
Share-Based Compensation (Average Fair Value Of Stock Options Granted, Assumptions) (Details)
Share-Based Compensation (Grants Of Stock Options And Rsus) (Details)
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Share-Based Compensation Expense) (Details)
Share-Based Compensation (Tables)
Ticker: ALLE
CIK: 1579241
Form Type: 10-Q Quarterly Report
Accession Number: 0001579241-18-000037
Submitted to the SEC: Thu Oct 25 2018 6:19:06 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Detective Guard And Armored Car Services

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