Feb. 21--Allegion, Indiana's newest public company, said fourth-quarter earnings fell 84 percent, but leaders promised a bright future as construction markets rebound.
The Carmel-based company, which makes mechanical and electronic security products, was spun off in December from parent Ingersoll Rand. This was its first earnings report since.
Allegion posted net income of $9.6 million, or 10 cents a share, for the three months ending Dec. 31, compared with $58.8 million, or 62 cents a share, for the same period a year earlier.
The company blamed the lower earnings on higher interest expenses, higher effective tax rates, increased investment spending and an unfavorable impact of foreign currency exchange rates.
Excluding the impact of one-time separation costs and other special items, it said earnings were 58 cents a share.
Revenues for the quarter climbed about 1 percent to $550.6 million.
Allegion shares closed at $51.52, up 4.8 percent.
Chairman and CEO David D. Petratis said Allegion's outlook appears bright. The National Association of Home Builders said last month that housing construction rose 18 percent last year but still has room to grow.
Allegion has more than 1,000 employees in Central Indiana.
Call Star reporter John Russell at (317) 444-6283. Follow him on Twitter: @johnrussell99.
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