Allegion plc (NYSE:ALLE) Q1 2024 Earnings Conference Call April 25, 2024 8:00 AM ET

Company Participants

Josh Pokrzywinski - VP, IR
John Stone - President and CEO
Mike Wagnes - SVP and CFO

Conference Call Participants

Matthew Pan - Barclays
Joe O'Dea - Wells Fargo
Peter Costa - Mizuho

Operator

Good morning, and welcome to the Allegion First Quarter 2024 Earnings Call [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Josh Pokrzywinski, Vice President of Investor Relations. Please go ahead.

Josh Pokrzywinski

Thank you, Drew. Good morning, everyone. Thank you for joining us for Allegion's first quarter 2024 earnings call. With me today are John Stone, President and Chief Executive Officer; and Mike Wagnes, Senior Vice President and Chief Financial Officer of Allegion. Our earnings release, which was issued earlier this morning, and the presentation, which we will refer to in today's call, are available on our website at investor.allegion.com. This call will be recorded and archived on our website.

Please go to Slide 2. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities law. Please see our most recent SEC filings for a description of some of the factors that may cause actual results to differ materially from our projections. The company assumes no obligation to update these forward-looking statements.

Today's presentation and commentary include non-GAAP financial measures. Please refer to the reconciliation in the financial tables of our press release for further details.

Please go to Slide 3, and I'll turn the call over to John.

John Stone

Thanks, Josh. Good morning, everyone. Thanks for joining us.

Allegion is off to a solid start in 2024, and I'm very proud of our entire team. I'll walk through some of the top Q1 highlights briefly, and will share more on each of these through the course of the presentation.

Institutional markets remain healthy as we expected, our team continues to leverage our capabilities in spec writing, made-to-order manufacturing and strong distribution partnerships to best serve our end user customers.

We're executing at a high level, expanding margins in the quarter and delivering balanced capital allocation. As previously announced, we acquired Boss Door Controls and Dorcas in Q1 and returned cash to our shareholders through dividends and share repurchases.

Driven by our vision of enabling seamless access in a safer world, Allegion's Q1 performance has set a solid foundation for the year. We're performing well, and we're affirming the 2024 outlook we provided to you in February.