Allegion plc reported net revenues of $967.1 million for the three months ended September 30, 2023, and $2,826.6 million for the nine months ended September 30, 2023. This reflects a 5.4% increase in Q3 2024 compared to Q3 2023, driven by improved pricing, volume growth, and contributions from recent acquisitions. Net earnings for the same periods were $174.2 million and $453.4 million, respectively, with basic net earnings per share of $2.00 for Q3 2023 and $5.19 for the nine months.
In comparison, net revenues for the nine months ended September 30, 2024, increased by 2.7%, or $73.2 million, compared to the same period in 2023. Operating income for the nine months rose by $47.4 million, with an operating margin increase to 21.1% from 19.9%. The effective income tax rate for the nine months ended September 30, 2024, was 15.5%, up from 12.1% in 2023, attributed to the enactment of a global minimum tax.
Allegion's cash position improved significantly, with net cash provided by operating activities reaching $456.0 million for the nine months ended September 30, 2023, compared to $381.1 million in the prior year. The company reported a net increase in cash and cash equivalents of $410.8 million, up from $76.3 million in 2022, resulting in total cash and cash equivalents of $878.9 million as of September 30, 2023.
Strategically, Allegion has been active in acquisitions, completing several in 2024, including Boss Door Controls, Montajes electronicos Dorcas S.L., Krieger Specialty Products, and Unicel Architectural Corp., with a total initial cash consideration of approximately $121.2 million. The acquisition of plano. group was completed in January 2023 for $36.6 million. These acquisitions are expected to enhance Allegion's product offerings and market presence.
The company also reauthorized a share repurchase program in June 2023, allowing for the repurchase of up to $500.0 million of ordinary shares. During the nine months ended September 30, 2024, Allegion repurchased $120.0 million of its shares, with approximately $340.0 million remaining under the authorization.
As of September 30, 2024, Allegion reported total debt of $2,432.4 million, with a significant portion of its outstanding indebtedness incurring fixed-rate interest, thereby reducing exposure to rising variable rates. The company remains in compliance with all applicable covenants under its credit agreements and senior notes.
About Allegion plc
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