Allegion plc reported a net revenue of $3,772.2 million for the fiscal year ending December 31, 2024, marking a 3.3% increase from the previous year. The company's operating income rose to $780.7 million, up from $708.4 million in 2023, resulting in an operating margin improvement from 19.4% to 20.7%. This growth was attributed to enhanced pricing strategies and contributions from recent acquisitions, although it was partially offset by lower volumes and unfavorable foreign currency exchange rates.
In terms of strategic developments, Allegion made several acquisitions in 2024, including Boss Door Controls, Montajes electronicos Dorcas S.L., Krieger Specialty Products, Unicel Architectural Corp., and SOSS Door Hardware. These acquisitions are expected to bolster Allegion's product offerings and market presence, particularly in the Allegion International segment. The company also launched innovative products, such as the CISA Multitop Matic Exit and Schlage XE360 series electronic lock, which are designed to meet evolving customer needs in security and access control.
Operationally, Allegion's workforce comprised approximately 14,400 employees as of December 31, 2024, with a balanced distribution between the U.S. and international markets. The company reported that its ten largest customers accounted for about 27% of total net revenues, with no single customer exceeding 10%. Allegion's focus on electronic security products saw a slight decline in revenue, attributed to supply chain challenges, but the company anticipates long-term growth in this area as technology adoption increases.
Looking ahead, Allegion expects continued revenue growth in 2025, driven by heightened safety and security concerns and ongoing technological advancements. However, the company is also navigating challenges such as potential tariffs on imports from key markets, including Mexico and Canada, which could impact its cost structure and pricing strategies. Allegion remains committed to its balanced capital allocation strategy, which includes investments in innovation, acquisitions, and shareholder returns through dividends and share repurchases.
About Allegion plc
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