Allegion plc (ALLE) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 26, 2022 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operater

Good morning, and welcome to the Allegion First Quarter 2022 Earnings Call. All participants will be in listen-only mode. [Operator Instructions]. Please note this event is being recorded.

I'd now like to turn the conference over to Tom Martineau, Vice President of Investor Relations and Treasurer. Please go ahead.

Tom Martineau

Thank you, Jason. Good morning, everyone. Thank you for joining us for Allegion's first quarter 2022 earnings call. With me today are Dave Petratis, Chairman, 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 slides two and three. 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 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.

Dave and Mike will now discuss our first quarter 2022 results, which will be followed by a Q&A session. Please, for the Q&A, we would like to ask each caller to limit themselves to one question and one short follow-up and then reenter the queue. We would like to give everyone an opportunity given the time allotted.

Please go to slide four and I'll turn the call over to Dave.

Dave Petratis

Thanks, Tom. Good morning. And thank you for joining us today. We had a solid start to 2022. Overall, market demand remains strong and our organic growth and pricing action accelerated. We also announced on Friday the acquisition of the Stanley Access Technologies business, a highly strategic acquisition for Allegion, which is expected to close in the third quarter of this year.

During Q1, we experienced robust demand on the non-residential side of the Americas, as well as strength in SimonsVoss, Interflex, and Portable Security within the International segment. Residential markets in the Americas remain stable.