Allegion backs FY24 adjusted EPS view $7.00-$7.15, consensus $7.07

Backs FY24 revenue view up 1.5%-3.5%, consensus $3.73B. The company said, “The company affirms its previously disclosed full-year 2024 outlook: Full-year 2024 revenues are expected to increase 1.5% to 3.5% on a reported basis and increase 1% to 3% organically, after excluding the expected impacts of acquisitions, divestitures and foreign currency movements. Full-year 2024 reported EPS is expected to be in the range of $6.45 to $6.60, or $7.00 to $7.15 on an adjusted basis. The outlook assumes a headwind of approximately $0.37 based on a full-year adjusted effective tax rate of 18% to 19%, inclusive of the estimated impacts of global minimum tax. Adjustments to 2024 EPS include estimated impacts of approximately $0.46 per share for acquisition-related amortization, as well as $0.09 per share for restructuring and M&A. The outlook assumes an average diluted share count for the full year of approximately 88 million shares. The company expects full-year available cash flow of approximately $540 to $570 million.”