With second-quarter earnings released on Thursday, Allegion (ALLE) showed a different set of results if compared to their first-quarter numbers, showing the full-blown impact of COVID-19. While management withdrew its 2020 outlook with the release of their Q1 results, greater visibility and more time to analyze market dynamics as the pandemic hit global economies has allowed ALLE to re-issue guidance. They now see consolidated revenues to be down 9% to 10%, compared to a consensus estimate of down 7.4%.
There was a big contrast between ALLE’s first- and second-quarter results, with Q1