Allegion said full-year 2023 net revenues rose 11.6%, or $378.9 million, from the prior year. The company cited improved pricing, the Access Technologies and plano acquisitions, and favorable foreign currency exchange rate movements as factors behind the increase, and said these were partially offset by lower volumes and a divestiture in the prior year.

1. 01

   Allegion said full-year 2023 net revenues rose 11.6%, or $378.9 million, from the prior year. The company cited improved pricing, the Access Technologies and plano acquisitions, and favorable foreign currency exchange rate movements as factors behind the increase, and said these were partially offset by lower volumes and a divestiture in the prior year.

2. 02

   Allegion said operating income for 2023 rose $122.0 million from the prior year, and operating margin increased to 19.4% from 17.9%. The company cited pricing and productivity improvements and contributions from acquisitions as factors that increased results, and product mix changes, currency exchange rates, restructuring and acquisition expenses, and intangible asset impairment as partial offsets.

3. 03

   Allegion Americas net revenues for 2023 rose 15.1%, or $382.9 million, and segment operating margin increased to 26.0% from 24.2%, the company said. Net revenues from electronic products rose low twenties percent, while net revenues from residential products fell low single digits percent.

4. 04

   Allegion said it paid quarterly dividends of $0.45 per ordinary share in 2023, totaling $158.7 million, and repurchased about 0.5 million ordinary shares for about $59.9 million. It paid quarterly dividends of $0.41 per ordinary share in 2022, totaling $143.9 million.

Key figures

Fiscal year ended December 31, 2023

Revenue

$3.7B

Operating income

$708M

Net income

$540M

EPS

$6.12

Operating cash flow

$601M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.