CHATTANOOGA, Tenn., Jan. 22, 2024 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (NASDAQ:ASTE) announced the company's board of directors (the "Board") appointed Mr. Patrick S. Shannon and Mr. Jeffrey ("Jeff") T. Jackson, new independent directors, to the Board effective as of January 18, 2024. Mr. William Bradley ("Brad") Southern, an independent director, informed the Board he will be retiring as a member of the Board effective January 18, 2024. With the election of Mr. Shannon and Mr. Jackson, and the retire ...

Group 1: Baylor University Initiative - Baylor University has launched NFC wallet-based mobile credentials in collaboration with CBORD, positioning itself as a leader among Big 12 universities [1][2] - The mobile credential technology allows secure navigation on campus, enabling purchases, meal plan access, event attendance, and class check-ins using smartphones or watches [1][3] - This initiative enhances the campus experience and operational efficiencies while driving revenue for administrators [2][3] Group 2: Collaboration and Technology - The partnership with CBORD and Allegion emphasizes meticulous planning to ensure a best-in-class student experience with mobile credentials [2] - The integration of Schlage AD-400 locks allows students to access their rooms using their smartphones, enhancing convenience and security [2][3] - The digital ID solution builds on existing relationships with the Baylor Department of Public Safety, further solidifying Baylor's commitment to innovation [3] Group 3: Company Backgrounds - CBORD is a leading provider of campus card and cashless systems, serving over 10,000 organizations globally, and focuses on enhancing daily lives through innovative technology solutions [6][7] - Allegion is a global leader in access solutions, providing security products for various sectors, including education, and emphasizes seamless access and security [5]

Allegion plc (NYSE:ALLE) Q3 2023 Earnings Conference Call October 31, 2023 8:00 AM ET Corporate Participants Jobi Coyle - Director of IR John Stone - President and Chief Executive Officer Mike Wagnes - Senior Vice President and Chief Financial Officer Conference Call Participants Joe O'Dea - Wells Fargo Julian Mitchell - Barclays Joe Ritchie - Goldman Sachs Brett Linzey - Mizuho Chris Snyder - UBS Tim Wojs - Baird David MacGregor - Longbow Andrew Obin - Bank of America Operator Good morning, and welcome to ...

Q3-2023 Earnings Call NYSE: ALLE Cautionary ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1 - Financial Statements](index=4&type=section&id=Item%201%20-%20Financial%20Statements) Allegion plc's unaudited Condensed and Consolidated Financial Statements for Q3 and 9M 2023 and 2022 detail the company's financial position and performance [Condensed and Consolidated Statements of Comprehensive Income](index=4&type=section&id=Condensed%20and%20Consolidated%20Statements%20of%20Comprehensive%20Income) Net earnings attributable to Allegion plc significantly increased in Q3 and 9M 2023, driven by higher operating income | Financial Metric (In millions, except per share) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net revenues** | $917.9 | $913.7 | $2,753.4 | $2,410.4 | | **Operating income** | $193.1 | $162.9 | $548.7 | $427.0 | | **Net earnings attributable to Allegion plc** | $156.3 | $114.6 | $421.8 | $322.7 | | **Diluted net earnings per share** | $1.77 | $1.30 | $4.78 | $3.65 | [Condensed and Consolidated Balance Sheets](index=5&type=section&id=Condensed%20and%20Consolidated%20Balance%20Sheets) Total assets and equity increased significantly as of September 30, 2023, while total liabilities slightly decreased | Balance Sheet Item (In millions) | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $1,320.1 | $1,214.6 | | **Total assets** | $4,183.1 | $3,991.2 | | **Total current liabilities** | $649.8 | $703.6 | | **Total liabilities** | $2,951.7 | $3,046.7 | | **Total equity** | $1,231.4 | $944.5 | [Condensed and Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20and%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly increased, investing cash outflow decreased due to prior year's acquisition, and financing cash flow reversed to an outflow | Cash Flow Activity (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $381.1 | $267.1 | | **Net cash used in investing activities** | $(83.4) | $(965.9) | | **Net cash (used in) provided by financing activities** | $(219.9) | $606.1 | | **Net increase (decrease) in cash** | $76.3 | $(115.7) | | **Cash and cash equivalents - end of period** | $364.3 | $282.2 | [Notes to Condensed and Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20and%20Consolidated%20Financial%20Statements) Detailed notes support financial statements, covering accounting policies, acquisitions, debt, equity, compensation, restructuring, and segment performance data - On January 3, 2023, the company acquired plano. group, a German SaaS workforce management solution business, for initial cash consideration of **$36.6 million**; this acquisition is part of the Allegion International segment[19](index=19&type=chunk) - On July 5, 2022, the company acquired Stanley Access Technologies for **$915.2 million** in cash; this business has been integrated into the Allegion Americas segment[20](index=20&type=chunk) - Total long-term debt stood at **$2,005.1 million** as of September 30, 2023, a decrease from **$2,081.9 million** at year-end 2022[35](index=35&type=chunk) - In October 2023, subsequent to the reporting period, Allegion Ventures invested **$20.0 million** in Ambient.ai, an AI and computer vision intelligence company[84](index=84&type=chunk) [Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202%20-%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 and 9M 2023 financial performance, highlighting segment-specific demand trends and drivers of revenue and operating income changes [Results of Operations - Three Months Ended September 30, 2023](index=22&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20September%2030%2C%202023) Q3 2023 net revenues increased slightly to **$917.9 million** due to pricing, while operating income grew significantly to **$193.1 million**, expanding the operating margin to **21.0%** Revenue Change Drivers | Revenue Change Drivers | Percentage Change | | :--- | :--- | | Pricing | 6.5% | | Volume | (7.1)% | | Acquisitions / divestitures | 0.1% | | Currency exchange rates | 1.0% | | **Total** | **0.5%** | Operating Margin Change Drivers | Operating Margin Change Drivers | Margin Point Change | | :--- | :--- | | Pricing and productivity in excess of inflation | 3.2% | | Volume / product mix | (1.9)% | | Acquisition / integration/ restructuring expenses | 2.1% | | Currency exchange rates | (0.3)% | | Acquisitions / divestitures | 0.1% | | **Total Change** | **3.2%** | [Results of Operations - Nine Months Ended September 30, 2023](index=24&type=section&id=Results%20of%20Operations%20-%20Nine%20Months%20Ended%20September%2030%2C%202023) 9M 2023 net revenues increased by **14.2%** to **$2,753.4 million** due to pricing and acquisitions, with operating income rising to **$548.7 million** and margin improving to **19.9%** Revenue Change Drivers | Revenue Change Drivers | Percentage Change | | :--- | :--- | | Pricing | 8.5% | | Volume | (2.4)% | | Acquisitions / divestitures | 8.3% | | Currency exchange rates | (0.2)% | | **Total** | **14.2%** | Operating Margin Change Drivers | Operating Margin Change Drivers | Margin Point Change | | :--- | :--- | | Pricing and productivity in excess of inflation | 3.0% | | Volume / product mix | (0.6)% | | Acquisition / integration/ restructuring expenses | 0.3% | | Currency exchange rates | (0.2)% | | Acquisitions / divestitures | (0.3)% | | **Total Change** | **2.2%** | [Review of Business Segments](index=25&type=section&id=Review%20of%20Business%20Segments) Segment performance shows Allegion Americas with strong 9M revenue growth and expanded margins, while Allegion International had mixed results due to volume pressures Segment Performance | Segment Performance (In millions) | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | | | | | | Allegion Americas | $740.9 | $741.9 | $2,209.0 | $1,851.1 | | Allegion International | $177.0 | $171.8 | $544.4 | $559.3 | | **Segment Operating Income** | | | | | | Allegion Americas | $200.2 | $178.5 | $582.2 | $454.4 | | Allegion International | $15.7 | $14.8 | $40.2 | $47.4 | | **Segment Operating Margin** | | | | | | Allegion Americas | 27.0% | 24.1% | 26.4% | 24.5% | | Allegion International | 8.9% | 8.6% | 7.4% | 8.5% | - In Allegion Americas, Q3 revenue from electronic products increased by a **high-teens percent**, and for the nine-month period, it grew by approximately **thirty percent** year-over-year[112](index=112&type=chunk)[114](index=114&type=chunk) - Allegion International's Q3 revenue increase was driven by pricing and favorable currency, partially offset by lower volumes, particularly in the Global Portable Security and China businesses[118](index=118&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with increased operating cash flow and primarily fixed-rate debt, expecting sufficient funds for future financing needs Cash Flow Summary | Cash Flow Summary (In millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $381.1 | $267.1 | | Net cash used in investing activities | $(83.4) | $(965.9) | | Net cash (used in) provided by financing activities | $(219.9) | $606.1 | - As of September 30, 2023, approximately **89%** of the company's total outstanding indebtedness incurs fixed-rate interest[122](index=122&type=chunk) [Item 3 - Quantitative and Qualitative Disclosures about Market Risk](index=33&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes occurred in the company's market risk exposure during Q3 2023, with further details available in the 2022 Form 10-K - There were no material changes in the company's market risk exposure during Q3 2023[136](index=136&type=chunk) [Item 4 - Controls and Procedures](index=33&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting during Q3 - Management concluded that as of September 30, 2023, the company's disclosure controls and procedures are effective[137](index=137&type=chunk) - No changes occurred in the company's internal control over financial reporting during Q3 2023 that have materially affected, or are likely to materially affect, such controls[138](index=138&type=chunk) [PART II - OTHER INFORMATION](index=35&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1 - Legal Proceedings](index=35&type=section&id=Item%201%20-%20Legal%20Proceedings) The company is involved in routine legal proceedings, with no expected material adverse impact on its financial condition or results - Pending legal matters are not expected to have a material adverse impact on the company's financial results or condition[140](index=140&type=chunk) [Item 1A - Risk Factors](index=35&type=section&id=Item%201A%20-%20Risk%20Factors) No material changes to risk factors from 2022 Form 10-K, except for new tax risks, including potential adverse effects from global minimum tax reforms starting in 2024 - The company could be adversely affected by changes in tax rates, new tax legislation, or additional tax liabilities, as tax policies are subject to significant change in various jurisdictions[142](index=142&type=chunk) - The implementation of global tax reforms, particularly the OECD's global minimum effective corporate tax (GMT) rate of **15%**, is expected to increase the company's effective income tax rate beginning in 2024[143](index=143&type=chunk)[144](index=144&type=chunk) [Item 2 - Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](index=36&type=section&id=Item%202%20-%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The Board reauthorized a **$500.0 million** share repurchase program in June 2023, with no shares repurchased during Q3 2023 Issuer Purchases of Equity Securities | Period | Total Shares Purchased (000s) | Average Price Paid per Share | Approx. Dollar Value Remaining Under Program (000s) | | :--- | :--- | :--- | :--- | | July 1 - Sep 30, 2023 | — | $— | $500,000 | - In June 2023, the Board reauthorized the repurchase of up to **$500.0 million** of the company's ordinary shares, with no prescribed expiration date[147](index=147&type=chunk) [Item 5 - Other Information](index=36&type=section&id=Item%205%20-%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during Q3 2023 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended September 30, 2023[148](index=148&type=chunk) [Item 6 - Exhibits](index=37&type=section&id=Item%206%20-%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data files [SIGNATURES](index=38&type=section&id=SIGNATURES)

Allegion plc (NYSE:ALLE) Q2 2023 Earnings Conference Call July 26, 2023 8:00 AM ET Company Participants Jobi Coyle - Director of IR John Stone - President and CEO Mike Wagnes - SVP and CFO Conference Call Participants Julian Mitchell - Barclays Joe O'Dea - Wells Fargo Joe Ritchie - Goldman Sachs Josh Pokrzywinski - Morgan Stanley Andrew Obin - Bank of America Ryan Merkel - William Blair David MacGregor - Longbow Research Brett Linzey - Mizuho America Operator Good morning, and welcome to the Allegion Second ...

Q2-2023 Earnings Call NYSE: ALLE Cautionary ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-Q _______________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35971 _______________________________ logoallea10.jpg ALLEGION PUBLIC LIMI ...

Financial Data and Key Metrics Changes - Allegion reported revenue of $923 million for Q1 2023, an increase of 27.6% compared to the previous year, with organic growth of 15% driven by favorable volume in the Americas non-residential business and strong price realization across the portfolio [9][10] - Adjusted earnings per share (EPS) for Q1 2023 was $1.58, an increase of approximately 40% compared to the prior year [10][12] - The company expanded margins by 290 basis points year-over-year, marking the fourth consecutive quarter of margin expansion [8][9] Business Line Data and Key Metrics Changes - The Americas segment revenue was $740.9 million, up 42% on a reported basis and up 22.6% organically, with strong demand in non-residential markets [14][16] - The International segment revenue was $182.1 million, down 9.7% on a reported basis and down 4.8% organically, primarily due to lower volumes in the Portable Securities business [17] - Adjusted operating income for the Americas segment increased by 59.5% year-over-year, while adjusted operating margins improved by 290 basis points [16] Market Data and Key Metrics Changes - The company observed robust demand in the North America non-residential business and strong global demand for electronic solutions, with Americas Electronics Solutions growing by more than 30% [7][8] - Residential markets remained soft, particularly for mechanical products, while electronic solutions saw strong growth exceeding 30% [7][14] Company Strategy and Development Direction - Allegion is committed to expanding margins for 2023 and beyond, with a focus on improving operational efficiencies and cash flow [8][20] - The company raised its 2023 outlook for the Americas segment, expecting organic growth between 7.5% to 9.5% and total growth, including the Access Technologies acquisition, between 15% and 17% [20][22] - The company continues to integrate Access Technologies, which is performing well and contributing significantly to growth [15][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the non-residential market and the ongoing demand for electronic solutions, despite potential risks from banking sector concerns [20][37] - The company noted that while there are challenges in the market, particularly in residential segments, the overall outlook remains positive with strong spec writing activity and robust quoting and bidding [29][40] Other Important Information - Available cash flow for Q1 2023 was $46.7 million, up nearly 300% year-over-year, driven by higher earnings and improved operating efficiencies [10][18] - The company plans to hold an Investor and Analyst Day on May 2, 2023, to discuss its strategy and future initiatives [24][67] Q&A Session Summary Question: Update on non-residential Americas outlook - Management expects revenue growth driven by both price and volume, with a tougher comparison in the latter half of the year due to previous high growth rates [27][29] Question: Pricing discussion and future expectations - Pricing actions have been substantial, and while the realization percentage may decline, the company expects pricing to remain sticky [34][35] Question: Potential risks from banking concerns - Management acknowledged the potential impact of regional bank lending but noted that current demand indicators remain strong [37][39] Question: Stimulus impact on institutional markets - Management indicated that stimulus funding is flowing into projects, particularly in airport terminal renewals and higher education [40] Question: Pricing in the non-res business - The competitive landscape remains rational, with pricing driven by value rather than a race to the bottom [55][56] Question: Distribution channel dynamics - Demand is robust, and while some restocking may occur, the overall ordering behavior is adapting to normalized lead times [60] Question: Guidance for Q2 - Management refrained from providing specific quarterly guidance but indicated that Q2 should not be significantly lower than Q1 [65]

First-Quarter 2023 Financial Results April 26, 2023 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements related to the Full-Year 2023 Revenue and EPS Outlook, and statements regarding inflation, supply chain constraints, electronic component shortages, the company ...