Allegion Cuts FY22 Adj. EPS Outlook Below Market; Lifts Revenue Growth View

(RTTNews) - While announcing weak profit and higher revenues in the second quarter, Allegion plc (ALLE), a provider of security products and solutions, on Thursday said it is revising fiscal 2022 earnings view below market estimates, while raising revenue growth forecast.

For the year, the company now expects reported earnings per share to be in the $5.05 to $5.15 range, with adjusted earnings per share between $5.35 to $5.45.

The company previously expected fiscal 2022 earnings per share to be in the $5.50 to $5.70 range, with adjusted earnings per share between $5.55 and $5.75.

On average, 15 analysts polled by Thomson Reuters expect earnings of $5.60 per share for the year. Analysts' estimates typically exclude special items.

Further, the company now expects reported revenue growth of 13 to 14 percent and organic revenue growth of 9 to 10 percent.

The company previously expected reported revenue growth of 7.5 to 9 percent and organic revenue growth of 8.5 to 10 percent.

In fiscal 2021, reported earnings were $5.34 per share and adjusted earnings were $5.19 per share on net revenues of $2.87 billion.