(Reuters) -Allegion beat Wall Street estimates for first-quarter profit and revenue on Thursday, driven by resilient demand for its products including electronic locks and security doors.
The Dublin-based lockmaker’s shares were up 9.2% following the results.
The company reaffirmed its forecast for annual revenue and profit, citing volatility related to U.S. President Donald Trump’s tariffs and foreign exchange rates. It expects its costs related to the levies to be about $80 million in 2025.
Allegion’s first-quarter revenue rose 5.4% to $941.9 million, surpassing analysts’ average estimate of $919.6 million, according to data compiled by LSEG.
Quarterly revenue from the non-residential business in its Americas segment grew in the high-single digits, helped by the strength in markets such as education and healthcare.
“I’m especially pleased with the results delivered by our Americas non-residential business, which demonstrate the resiliency of our business model,” CEO John H. Stone said.
However, revenue from the Americas segment’s residential business declined by mid-single digits in the first quarter due to muted demand amid high-borrowing costs.
Allegion’s adjusted quarterly profit came in at $1.86 per share, topping with estimates of $1.67 per share.
(Reporting by Rupali Chaudhary; Editing by Shreya Biswas)
