Allegion revises FY2021 outlook lower; revenue growth 4-4.5%, EPS $4.95-$5.05

Allegion plc

Full-year 2021 revenue growth revised to 4-4.5% reported, 3-3.5% organic; EPS $4.95-$5.05 (GAAP), adjusted EPS $5.00-$5.10.
Supply chain, electronic component & labor shortages delay $80M-$100M in 2021 revenue; backlogs at historically high levels.
Margins pressured by supply chain inefficiencies, rising freight and material costs; challenges expected to subside in 2022.
Adjusted effective tax rate reduced to ~9% on full-year basis due to favorable discrete items & geographic mix.
Q3 2021 earnings release scheduled for Oct. 21, 2021; available cash flow estimated at $460M-$480M.

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