Q2 2024 Allegion PLC Earnings Call Transcript
Key Points
- Allegion PLC (ALLE) achieved record Q2 revenue and earnings per share results.
- The company saw a 5.8% increase in revenue compared to the previous year, driven by both price and volume.
- Adjusted operating margin and adjusted EBITDA margin increased by 150 basis points and 170 basis points, respectively.
- Allegion PLC (ALLE) raised its full-year guidance for reported revenue and adjusted earnings per share.
- The company successfully closed four acquisitions in 2024, which are expected to be accretive to overall growth rates and EBITDA margins.
- Year-to-date available cash flow decreased by 7.4% compared to the previous year.
- Currency fluctuations posed a slight headwind to reported revenue growth.
- The residential business, while showing improvement, still faces a cautious outlook due to high mortgage rates.
- The company experienced a 7.4% decrease in available cash flow year-to-date.
- Gross debt to adjusted EBITDA was slightly higher at the end of Q2 due to a $400 million senior note issuance.
Good morning, and welcome to the Allegion's second quarter 2024 earnings call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Josh Pokrzywinski, Vice President of Investor Relations. Please go ahead.
Thank you, Jason. Good morning, everyone. Thank you for joining us for Allegion's second quarter 2024 earnings call. With me today are John Stone, President and Chief Executive Officer; and Mike Wagnes, Senior Vice President and Chief Financial Officer of Allegion.
Our earnings release, which was issued earlier this morning and the presentation we will refer to in today's call are available on our website at investor.allegion.com. This call will be recorded and archived on our website. Please go to slide 2.
Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities law. Please see our most
Access to All Earning Calls and Stock Analysis | |
30-Year Financial on one screen | |
All-in-one Stock Screener with unlimited filters | |
Customizable Stock Dashboard | |
Real Time Insider Trading Transactions | |
8,000+ Institutional investors’ 13F holdings | |
Powerful Excel Add-in and Google sheets Add-on | |
All data downloadable | |
Quick customer support | |
And much more... |