Allegion Q3 misses; revenue down 1.6%, adjusted EPS falls 6.6% to $1.56

Allegion plc

2021-Q3 EPS reported $4.08 revenue$2,158,200,000

Q3 2021 net revenue $717M, down 1.6% YoY; GAAP EPS $1.59 vs $1.58, adjusted EPS $1.56 vs $1.67.
Adjusted operating margin fell 330 bps to 20% due to higher material/freight costs and supply chain pressures.
Americas segment revenue down 2.7% (high-single digit residential decline); International up 1.7%.
Reaffirmed FY2021 outlook: reported revenue growth 4-4.5%, adjusted EPS $5.00-$5.10, available cash flow $460-480M.
Repurchased ~0.1M shares for $12.9M in Q3; backlog at record levels due to electronic component shortages.

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