Security products company Allegion reports rising revenue, profit

Security-products company Allegion Plc on Tuesday reported higher profit and revenue for both the fourth quarter and full year.

The company beat analysts’ expectations by posting a quarterly profit of $132.8 million, or $1.39 per share, as compared with profit of $9.6 million, or 10 cents per share, during the same period a year earlier.

The consensus per-share profit estimate of analysts surveyed by Zacks Investment Research was $1.21.

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 quarterly revenue of $702.4 million, which met analysts’ expectations. During the same period a year ago, revenue was $623 million.

For the full year, Allegion posted revenue of $2.7 billion, up from $2.4 billion in 2017. Profit totaled $434.9 million, or $4.54 per share, up from $273.3 million, or $2.85 per share, in 2017.

Looking ahead, Allegion said it expects earnings for all of 2019 in the range of $4.60 to $4.75 per share this year. The company projects that revenue will increase between 5 percent and 6 percent.

Shares of Allegion were trading at $89.97 Tuesday afternoon, down 2.8 percent. Shares of the company have increased 15 percent since the beginning of the year and 11 percent over the past 12 months.