Allegion plc (NYSE: ALLE) reported Q1 EPS of $1.04, $0.15 better than the analyst estimate of $0.89. Revenue for the quarter came in at $674.7 million versus the consensus estimate of $659.16 million.

• First-quarter 2020 net earnings per share (EPS) of $0.00, compared with 2019 EPS of $0.84; Adjusted 2020 EPS of $1.04, up 18.2 percent compared with 2019 adjusted EPS of $0.88
• First-quarter 2020 revenues of $674.7 million, up 3 percent compared to 2019, up 4.3 percent on an organic basis
• First-quarter 2020 operating margin of 4.3 percent, compared with 2019 operating margin of 16.5 percent; Adjusted operating margin of 19 percent, increased 190 basis points compared with 2019 adjusted operating margin of 17.1 percent
• Previously withdrew 2020 outlook; Company will provide update when visibility in the global markets returns to more predictable levels

“Leading into the COVID-19 pandemic, the business, particularly in the Americas, was performing very well,” said David D. Petratis, Allegion chairman, president and CEO. “The organic growth and adjusted margin expansion we experienced in the first quarter reflect Allegion’s solid underlying fundamentals, which include the strength and adaptability of our supply chain and our legacy brands. Those fundamentals will serve us well as the global pandemic subsides.”

2020 Outlook

The company previously withdrew its 2020 outlook for revenue and EPS due to the uncertainty surrounding the COVID-19 pandemic, as well as its impact on demand and the supply chain.

“During this time of uncertainty, we remain deeply committed to do what’s right for our employees, customers and the communities where we operate, as well as our business health and essential critical infrastructure. We expect the COVID-19 pandemic will cause near-term negative financial impacts to revenue, income and cash flow for our business, which is why we are taking proactive measures – such as reductions in discretionary spending, eliminating non-essential investment spend, implementing a hiring freeze and temporarily suspending share repurchases – to help mitigate those impacts. We will continue to assess the global market landscape during these volatile times and will provide an outlook when we have more visibility,” Petratis added.

For earnings history and earnings-related data on Allegion plc (ALLE) click here.