Allegion plc (ALLE) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 27, 2022 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operater

Good morning, and welcome to the Allegion Q3 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.

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

Tom Martineau

Thank you, [Francheska] [ph]. Good morning, everyone. Thank you for joining us for Allegion's third quarter 2022 earnings call. With me today are John Stone, President and Chief Financial 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 2 and 3. 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.

John and Mike will now discuss our third 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 re-enter the queue. We would like to give everyone an opportunity given the time allotted. Please go to Slide 4 and I’ll turn the call over to John.

John Stone

Thanks, Tom. Good morning and thank you all for joining us today. Allegion delivered a very strong third quarter and as we look at the market dynamics, we continue to see strength in the Americas non-residential sector. Leading indicators for that business like the ABI and AIA consensus are positive and continue to be in expansionary territory, particularly for institutional verticals. On the Americas residential side, our business grew nicely in the quarter, but we are seeing signs of a slowing market.