RTTNews | Oct 22, 2020 06:02AM EDT

06:02 Thursday, October 22, 2020 (RTTNews.com) - While reporting financial results for the third quarter on Thursday, security products and solutions provider Allegion plc (ALLE) raised its earnings and revenue growth guidance for the full year 2020.

For fiscal 2020, the company now projects earnings in a range of $3.40 to $3.50 per share and adjusted earnings in a range of $4.75 to $4.80 per share on a revenue decline of 6 to 6.5 percent on both a reported and organic basis.

Previously, the company expected earnings in the range of $2.70 to $2.95 per share and adjusted earnings in the range of $4.15 to $4.30 per share on a revenue decline of 9 to 10 percent on a reported basis and 8 to 9 percent organically.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.28 per share on a revenue decline of 8.9 percent to $2.60 billion for the year. Analysts' estimates typically exclude special items.

"We remain focused on our growth strategy and very disciplined in addressing our expenses, adapting to demand and continuing effective capital deployment. Our focus and discipline, paired with strong underlying business fundamentals and market-leading brands, position us well for the remainder of 2020 and beyond," said David Petratis, Chairman, President and CEO.

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