Allegion plc Q3 FY2023 results: revenue $918 million, up 0.5% on the year

Allegion plc (ALLE) reported revenue of $918 million for Q3 FY2023, the quarter ended 30 September 2023, up 0.5% on the same quarter a year earlier. Net income was $156 million, up 36.4% on the year, and diluted earnings per share $1.77. The figures are the company's own, from the 10-Q it filed with the SEC on 31 October 2023.

Revenue$918 millionup 0.5%

Net income$156 millionup 36.4%

Diluted EPS$1.77

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	918	n/a	n/a	n/a
Cost of revenue	515	n/a	n/a	n/a
Gross profit	403	n/a	n/a	n/a
Gross margin	43.9%	n/a	n/a
Selling, general and administrative	210	n/a	n/a	n/a
Operating income	193	n/a	n/a	n/a
Operating margin	21.0%	n/a	n/a
Interest expense	22.9	n/a	n/a	n/a
Pre-tax income	170	n/a	n/a	n/a
Income tax	13.7	n/a	n/a	n/a
Effective tax rate	8.1%	n/a	n/a
Net income	156	n/a	n/a	n/a
Net margin	17.0%	n/a	n/a
Diluted EPS	$1.77	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	151	n/a	n/a	n/a
Capital expenditure	20.7	n/a	n/a	n/a
Free cash flow	130	n/a	n/a	n/a
Free cash flow margin	14.2%	n/a	n/a
Depreciation and amortisation	28.2	n/a	n/a	n/a
Share-based compensation	5.9	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	39.9	n/a	n/a	n/a
Dividend per share	$0.45	n/a	n/a	n/a
Diluted shares, weighted	88m	n/a	n/a	n/a
Shares outstanding at period end	88m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	4,183	n/a	n/a	n/a
Cash and equivalents	364	n/a	n/a	n/a
Receivables	440	n/a	n/a	n/a
Inventory	469	n/a	n/a	n/a
Goodwill	1,428	n/a	n/a	n/a
Long-term debt	2,018	n/a	n/a	n/a
Borrowings, as the company tags them	2,028	n/a	n/a	n/a
Operating lease liabilities	111	n/a	n/a	n/a
Shareholders' equity	1,232	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	918	897	894	966	967	946	942	1,022	1,070	1,033	1,034	1,152
Cost of revenue	515	512	502	537	535	529	519	556	580	574	579	634
Gross profit	403	385	391	428	432	417	422	466	490	460	454	518
Gross margin	44%	43%	44%	44%	45%	44%	45%	46%	46%	44%	44%	45%
SG&A	210	218	219	219	217	232	226	247	256	250	259	263
Operating income	193	160	172	209	215	185	196	220	234	210	195	255
Operating margin	21%	18%	19%	22%	22%	20%	21%	21%	22%	20%	19%	22%
Interest expense	22.9	22.9	22.9	25.1	28.8	25.2	24.7	24.6	26.6	25.1	24.2	24.8
Pre-tax income	170	137	153	189	195	162	175	200	209	184	172	228
Tax rate	8%	13%	19%	18%	10%	11%	15%	20%	10%	20%	19%	19%
Net income	156	119	124	155	174	144	148	160	188	148	138	185
Net margin	17%	13%	14%	16%	18%	15%	16%	16%	18%	14%	13%	16%
Diluted EPS	$1.77	$1.34	$1.41	$1.77	$1.99	$1.65	$1.71	$1.85	$2.18	$1.70	$1.59	$2.15
Operating cash flow	151	220	51.1	173	232	219	104	210	230	240	101	198
Capital expenditure	20.7	23.5	27.2	20.9	19.9	24.1	21.1	17.7	19.7	39.6	21.0	17.9
Free cash flow	130	196	23.9	152	212	195	83.4	192	210	200	80.3	180
Buybacks	0.0	40.0	40.0	40.0	40.0	100	40.0	40.0	0.0	0.0	40.6	120
Dividends paid	39.9	39.5	42.1	41.7	41.8	41.4	43.6	44.2	43.6	43.9	47.4	46.6
Shares outstanding	88m	88m	87m	87m	87m	86m	86m	86m	86m	86m	86m	85m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 31 October 2023, accession 0001579241-23-000050: the filing on EDGAR. All of Allegion plc's filings: EDGAR company page.

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