The following is a summary of the Allegion Plc (ALLE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Allegion plc reported Q1 2024 revenue of $893.9 million, a decrease of 3.2% compared to 2023 due to challenging supply chain interruptions in the previous year.

• Organic revenue declined 3.6% year-over-year.

• Adjusted earnings per share of $1.55 decreased $0.03 or approximately 1.9% versus the prior year due to volume declines and tax headwinds.

• Q1 2024 available cash flow was $23.9 million, down 48.8% versus last year.

Business Progress:

• The company reported a solid start in 2024, expanding margins and delivering balanced capital allocation.

• Allegion acquired Boss Door Controls and Dorcas in Q1, and returned cash to shareholders through dividends and share repurchases.

• Schlage, one of Allegion's brands, announced a smart lock integration with Airbnb, improving and simplifying host and guest experiences.

• Continued to invest in organic growth through brand innovations.

More details: Allegion IR

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