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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowSecurity-products company Allegion Plc on Thursday reported higher profit and revenue for the second quarter, beating analyst expectations.
The company posted a quarterly profit of $105.5 million, or $1.10 per share, up from $95 million, or 99 cents per share, during the same period a year ago.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
Allegion is based in Dublin, Ireland, but its Americas region headquarters is in Carmel. The company, which was spun off from Ingersoll Rand in 2013, also has manufacturing and research facilities in Indianapolis that are operated by Schlage Lock Co. LLC and Von Duprin LLC.
The company posted revenue of $627 million in the period, also exceeding Wall Street forecasts. Three analysts surveyed by Zacks expected revenue of $613.4 million. Quarterly revenue was up 7.2 percent over the same period a year ago.
Allegion said it expects full-year earnings in the range of $3.65 to $3.80 per share.
Shares of Allegion were trading at $79.89 Thursday morning, up 2 percent. The company’s shares have climbed 23 percent since the beginning of the year and slightly more than 8 percent in the last 12 months.
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