Unwarranted Growth Concerns Overshadow Allegion's Solid Third-Quarter Results; FVE Increased to $83
Wide-moat Allegion turned in a nice third-quarter performance; reported sales grew about 5% year over year, and adjusted EPS grew twice as fast. That said, total sales of $609.4 million came in 2% below the consensus estimate, and management lowered its full-year organic growth midpoint guidance to 5.25% from 6.50%. We think growth concerns triggered the sell-off after Allegion’s earnings release, and the company’s shares closed down almost 7% on Oct. 26. The market’s reaction was unwarranted, i...
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