Allegion raises FY23 adjusted EPS view to $6.70-$6.80 from $6.55-$6.75

Consensus $6.68. Tightens FY23 revenue view to 11.5%-12.5% from $11.5%-13.5%, consensus $3.69B . Sees FY23 available free cash $500M-$520M. The company said, “Adjustments to 2023 EPS include estimated impacts of approximately $0.40 per share for acquisition-related amortization, as well as $0.20 per share for restructuring, M&A and amortization expense related to acquired backlog (approximately $9 million pre-tax). The outlook assumes a headwind of approximately $0.29 for interest and other income, a full-year adjusted effective tax rate of approximately 15% to 15.5% and an average diluted share count for the full year of approximately 88.3 million shares.”