July 26 (Reuters) - Allegion (ALLE.N) raised its annual profit forecast on Wednesday after price increases and solid demand for its electric security devices helped it beat quarterly earnings estimates.
"We expect end markets will be stable with continued strong demand for our electronic solutions," CEO John Stone said.
Still, the weakness in the residential business prompted the company to lower the top end of its full-year revenue forecast.
It now expects full-year organic revenue growth of 5.5% to 6.5%, compared with a prior forecast range of 5.5% to 7.5%.
That compared with analysts' estimates for revenue of $934.7 million on profit of $1.71, according to Refinitiv IBES data.
Persons:
John Stone, Allegion, Akshita Toshniwal, Shweta Agarwal
Organizations:
Access Technologies, Thomson