Allegion plc (NYSE:ALLE) Q4 2023 Earnings Call Transcript

Mike Wagnes: Yeah, Chris. Clearly, there was some catch up this year. As I mentioned earlier, the inflation was before the pricing a few questions ago. When we think about this business though, I think it’s important to understand, we had some challenges operationally over the last few years as well that started to get better in ’23. And for ’24, we should be more efficient and more productive as well. So it’s not just the pricing element, you will see in ‘24, an acceleration of productivity, which should give us some tailwinds for margins. But if you think long term, clearly, long term, you have to have some volume growth to drive margin expansion. But for the 24 ‘year, you will see us operate more efficiently and accelerate productivity to help drive that margin expansion.

Chris Snyder: Thank you.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to John Stone, President and CEO for any closing remarks.

John Stone: So thanks, everyone for a great Q&A. I think when you look back on 2024 a year from now, we expect you’ll see an organization that delivered on margins and continue to show proof-points on organic growth and capital allocation, along with continuing to drive forward our strategy on seamless access. I think you’ll see we’re making the right investments to reinforce our strategy and reward our shareholders through balanced and consistent capital allocation. Thank you very much. Be safe. Be healthy.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.