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ALLEGION PIONEERING SAFETY " Allegion Reports Third - Quarter 2021 Financial Results , Reaffirms Updated Full - Year 2021 Outlook • Third - quarter 2021 net earnings per share ( EPS ) of $ 1.59 , compared with 2020 EPS of $ 1.58 ; Third - quarter 2021 adjusted EPS of $ 1.56 , down 6.6 percent compared with 2020 adjusted EPS of $ 1.67 • Third - quarter 2021 revenues of $ 717 million , down 1.6 percent on both a reported and organic basis • Third - quarter 2021 operating margin of 19.3 percent , compared with 2020 operating margin of 22 percent ; Adjusted operating margin of 20 percent , down 330 basis points compared with 2020 adjusted operating margin of 23.3 percent • Reaffirming updated 2021 full - year revenue growth outlook range of 4 to 4.5 percent on a reported basis and 3 to 3.5 percent organically Reaffirming updated full - year 2021 EPS outlook range of $ 4.95 to $ 5.05 and adjusted EPS outlook range of $ 5.00 to $ 5.10 • DUBLIN -- ( BUSINESS WIRE ) -- Allegion plc ( NYSE : ALLE ) , a leading global provider of security products and solutions , today reported third - quarter 2021 net revenues of $ 717 million and net earnings of $ 143.5 million , or $ 1.59 per share . Excluding charges related to restructuring and acquisition and integration , as well as a gain on the sale of an equity method investment , adjusted net earnings were $ 140.7 million , or $ 1.56 per share , down 6.6 percent when compared with third - quarter 2020 adjusted EPS of $ 1.67 . Third - quarter 2021 net revenues decreased 1.6 percent when compared to the prior - year period ( down 1.6 percent on an organic basis ) . The organic revenue decrease was driven by the Allegion Americas business offset by growth in the Allegion International business . Reported revenues reflect benefits from foreign currency and acquisitions that offset the impact of divestitures . The Allegion Americas segment revenues decreased 2.7 percent ( down 3 percent on an organic basis ) . The non - residential business was down low - single digits percent , and the residential business was down high - single digits percent . The organic decline was driven by supply chain constraints and electronics and other parts shortages slowing the pace of revenue realization . This has led to historically high non - residential backlog levels , particularly for electronic products . The company expects to carry a large backlog forward into 2022 . The Allegion International segment revenues increased 1.7 percent ( up 2.5 percent on an organic basis ) . The reported and organic growth was driven by the Simons Voss , Interflex and Global Portable Security businesses . Third - quarter 2021 operating income was $ 138.4 million , a decrease of $ 22 million or 13.7 percent compared to 2020. Adjusted operating income in third- quarter 2021 was $ 143.2 million , a decrease of $ 26.2 million or 15.5 percent compared to 2020 . Third - quarter 2021 operating margin was 19.3 percent , compared with 22 percent in 2020. The adjusted operating margin in third - quarter 2021 was 20 percent , compared with 23.3 percent in 2020. The 330 - basis - point decrease in adjusted operating margin is attributable to higher material and freight costs , productivity challenges caused by supply chain pressures , volume deleverage and incremental investments . " I'm encouraged by the continued strength in demand , particularly for our non - residential products , " said David D. Petratis , Allegion chairman , president and CEO . " Leading indicators are positive and market demand has increased faster than originally anticipated . Still , we need to recognize that supply chain , labor and electronic component challenges are unprecedented . For Allegion , that has resulted in record - level backlogs . We are rapidly adapting by re - engineering products and developing alternative supply sources to mitigate these challenges . In addition , we're addressing pricing and continuing to work closely with our customers and suppliers to navigate through these extraordinary pressures . " Additional Items Interest expense for third - quarter 2021 was $ 12.3 million , down from $ 12.9 million for third - quarter 2020 . Other income net for third - quarter 2021 was $ 14.7 million , compared to other income net of $ 12.2 million in the same period of 2020 . The company's effective tax rate for third - quarter 2021 was negative 2 percent , compared with 8 percent in 2020. The company's adjusted effective tax rate for third - quarter 2021 was negative 1.1 percent , compared with 8.4 percent in 2020. The reductions in the reported and adjusted effective tax rates were driven by favorable settlements of uncertain tax positions and a benefit related to the mix of income earned in lower tax rate jurisdictions during the quarter , as well as the unfavorable tax impact recognized in 2020 related to the recording of valuation allowances . Cash Flow and Liquidity Year - to - date available cash flow for 2021 was $ 327.7 million , an increase of $ 71.6 million versus the prior year . The year - over - year increase in available cash