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The Chemours Company Reports Fourth Quarter and Full Year 2024 Results

WILMINGTON, Del.–(BUSINESS WIRE)–
The Chemours Company (“Chemours” or “the Company”) (NYSE: CC), a global chemistry company with leading market positions in Thermal & Specialized Solutions (“TSS”), Titanium Technologies (“TT”), and Advanced Performance Materials (“APM”), today announced its financial results for the fourth quarter and full year 2024.

Key Fourth Quarter 2024 Results & Highlights

• Net Sales of $1.4 billion, in line with the corresponding prior-year quarter, with TSS achieving record fourth quarter Net Sales, driven by year-over-year growth of 23% in Opteon™ Refrigerants
• Net Loss attributable to Chemours of $8 million, or $0.05 per diluted share, compared with a Net Loss attributable to Chemours of $18 million, or $0.12 per diluted share, in the corresponding prior-year quarter
• Adjusted Net Income¹ of $16 million, or $0.11 per diluted share, compared with $46 million, or $0.31 per diluted share, in the corresponding prior-year quarter
• Adjusted EBITDA^1,2 of $179 million compared to $176 million in the corresponding prior-year quarter
• Cash returned to shareholders through dividends of $36 million in the quarter

Key Full Year 2024 Results & Highlights

• Net Sales of $5.8 billion compared to $6.1 billion in the prior year
• Net Income attributable to Chemours of $86 million, or $0.57 per diluted share, compared with a Net Loss attributable to Chemours of $238 million, or $1.60 per diluted share, in the prior year³
• Adjusted Net Income¹ of $182 million, or $1.21 per diluted share, compared to $425 million, or $2.82 per diluted share, in the prior year³
• Adjusted EBITDA^1,2 of $786 million compared to $1.0 billion in the prior year
• Cash returned to shareholders through dividends of $148 million in the year
• Established new executive leadership team and announced Chemours’ Pathway to Thrive strategy to drive shareholder value
• Announced PCC Group’s plans to build a chlor-alkali facility at Chemours’ TiO₂ plant in DeLisle, Mississippi and completed our planned Opteon™ YF expansion at Corpus Christi, Texas
• Fully remediated all four material weaknesses in internal control previously identified in the 2023 Form 10-K

Full Year 2025 Outlook⁴

• Adjusted EBITDA between $825 million and $975 million
• Capital expenditures between $250 million to $300 million

“In the fourth quarter, we delivered a strong earnings performance, exceeding our Adjusted EBITDA expectations across all our businesses. For TSS⁵, we set another quarterly Net Sales record, with 23% year-over-year growth in Opteon™ Refrigerants. In parallel, we continued to drive strong commercial performance while executing our transformation efforts in TT, and we took advantage of cost opportunities in APM,” said Denise Dignam, Chemours President and CEO. “We are well underway executing our Pathway to Thrive strategy, as evidenced by our recent strong performance, leadership announcements, partner agreement for on-site chlorine production at our DeLisle TiO₂ facility, and the recent completion of the neat Opteon™ capacity expansion at our Corpus Christi, Texas site. While 2024 was a year of transition for Chemours, with a refreshed management team and strategy, we have the right pieces in place to move forward. Our Pathway to Thrive strategy is the key to driving long-term shareholder value, and our progress through the end of the year reinforces that confidence for 2025 and beyond.”

Total Chemours

	Q4 2024		Q4 2023		Y-o-Y % ∆		Q3 2024		Q-o-Q % ∆		FY 2024		FY 2023		Y-o-Y % ∆
Net Sales (millions)	$1,359		$1,368		(1)%		$1,508		(10)%		$5,782		$6,078		(5)%
Adjusted EBITDA (millions)	$179		$176		2%		$208		(14)%		$786		$1,014		(22)%

Fourth quarter 2024 Net Sales of $1.4 billion decreased 1% compared to the prior-year quarter. A 3% decrease in pricing was partially offset by a 2% increase in volume, while currency impact remained flat.

Fourth quarter 2024 Net Loss attributable to Chemours was $8 million, or $0.05 per diluted share, compared to a Net Loss attributable to Chemours of $18 million, or $0.12 per diluted share, in the prior-year quarter. Adjusted EBITDA for the fourth quarter of 2024 was $179 million, compared to $176 million in the prior-year quarter. The increase in Adjusted EBITDA was primarily driven by cost savings realized through the TT Transformation Plan, favorable inventory adjustments and true-ups in APM, and increased volumes in TSS, partially offset by lower pricing across all businesses.

Full year 2024 Net Sales of $5.8 billion decreased 5% compared to the prior year, driven by a 4% pricing decrease and a 1% decrease due to portfolio changes made during 2023. Increases in volume from TSS and TT were offset by weaker volumes in APM with the impact from currency flat year-over-year.

Full year 2024 Net Income attributable to Chemours was $86 million, or $0.57 per diluted share, compared to a Net Loss attributable to Chemours of $238 million, or $1.60 per diluted share, in the prior year³. Adjusted EBITDA for the full year 2024 was $786 million, compared to $1.0 billion in the prior year. The decrease in Adjusted EBITDA was primarily driven by pricing decreases across all businesses, unfavorable impacts from currency, and portfolio changes, in addition to higher costs in TSS and Corporate Expenses related to the Audit Committee’s internal review and remediation, which were more than offset by cost savings realized through the TT Transformation Plan.

Thermal & Specialized Solutions

	Q4 2024		Q4 2023		Y-o-Y % ∆		Q3 2024		Q-o-Q % ∆		FY 2024		FY 2023		Y-o-Y % ∆
Net Sales (millions)	$390		$380		3%		$468		(17)%		$1,830		$1,851		(1)%
Opteon™ Refrigerants	$178		$145		23%		$205		(13)%		$810		$710		14%
Freon™ Refrigerants	$124		$141		(12)%		$146		(15)%		$614		$722		(15)%
Foam, Propellants & Other (FP&O)	$88		$94		(6)%		$117		(25)%		$406		$419		(3)%
Adjusted EBITDA (millions)	$123		$124		(1)%		$141		(13)%		$576		$685		(16)%
Adjusted EBITDA Margin	32%		33%		(1) ppt		30%		2 ppts		31%		37%		(6) ppts

TSS segment fourth quarter 2024 Net Sales were $390 million, a 3% increase compared to the fourth quarter 2023. Net Sales growth was primarily driven by a volume increase of 7%, partially offset by a price decrease of 4%, while currency impact remained flat. Volume growth was driven by stronger demand for Opteon™ Refrigerant blends in advance of the new low GWP stationary air conditioning equipment transition starting in 2025 under the U.S. AIM Act. The decrease in pricing was largely attributed to softer Freon™ Refrigerant prices due to elevated market hydrofluorocarbon (HFC) inventory levels.

TSS segment fourth quarter 2024 Adjusted EBITDA decreased 1% to $123 million compared to the prior-year quarter, while Adjusted EBITDA Margin also decreased 1 percentage point to 32%. This decrease was driven primarily by price, partially offset by lower costs, which are not anticipated to recur in the first quarter of 2025.

On a sequential basis, Net Sales decreased by 17%, driven by a volume decrease of 13% and a price decrease of 4%. Overall volume and price decreases were primarily related to typical seasonal trends across refrigerant portfolios combined with lower demand for FP&O products in the fourth quarter.

TSS segment full year 2024 Net Sales were $1.8 billion, a 1% decrease compared to the full year 2023. The change in Net Sales was primarily driven by a price decrease of 3%, partially offset by a volume increase of 2%, while currency impact remained flat. The decrease in price was primarily related to softer Freon^™ Refrigerant prices, partially offset by stronger Opteon^™ Refrigerant prices due to mix. Volume growth was driven by higher demand within the Opteon^™ Refrigerants portfolio as a result of continued stationary and automotive end-market adoption, partially offset by a volume decrease in the Freon^™ Refrigerant portfolio in connection with the HFC step downs under the U.S. AIM Act and EU F-Gas regulation.

TSS segment full year 2024 Adjusted EBITDA decreased 16% to $576 million compared to the prior year, while Adjusted EBITDA Margin decreased 6 percentage points to 31%. This decrease was primarily driven by the previously mentioned softer Freon^™ Refrigerant prices, higher costs associated with purchasing non-Corpus based low GWP refrigerant, near-term quota allowances, lower fixed cost absorption in TSS’s HFC production line, and other input costs.

Titanium Technologies

	Q4 2024		Q4 2023		Y-o-Y % ∆		Q3 2024		Q-o-Q % ∆		FY 2024		FY 2023		Y-o-Y % ∆
Net Sales (millions)	$632		$651		(3)%		$672		(6)%		$2,572		$2,680		(4)%
Adjusted EBITDA (millions)	$77		$64		20%		$85		(9)%		$312		$290		8%
Adjusted EBITDA Margin	12%		10%		2 ppts		13%		(1) ppt		12%		11%		1 ppt

TT segment fourth quarter 2024 Net Sales were $632 million, a 3% decrease compared to the fourth quarter 2023. This decrease was primarily driven by a 2% decrease in pricing and a 1% decrease in volume, while currency impact remained flat.

TT segment fourth quarter 2024 Adjusted EBITDA increased 20% to $77 million compared to the prior-year quarter, while Adjusted EBITDA Margin increased by 2 percentage points to 12%. The TT earnings increase was driven by incremental cost savings realized through the TT Transformation Plan, partially offset by the previously mentioned decreases in pricing and volume.

On a sequential basis, TT segment fourth quarter 2024 Net Sales decreased 6%, driven by a 4% decrease in volume and a 2% decrease in price.

TT segment full year 2024 Net Sales were $2.6 billion, a decrease of 4% compared to the full year 2023. This decrease was primarily driven by a 5% decrease in pricing, partially offset by a 1% increase in volume.

TT segment full year 2024 Adjusted EBITDA increased 8% to $312 million compared to the prior year, while Adjusted EBITDA Margin also increased by 1 percentage point to 12%. The TT earnings increase was primarily driven by cost savings realized from the TT Transformation Plan, which was partially offset by the impact of the previously mentioned decrease in pricing as well as $26 million of costs across the second and third quarters related to the unplanned weather-related downtime at our Altamira, Mexico manufacturing site. During the full year 2024, the TT Transformation Plan achieved approximately $140 million of cost savings, exceeding the original commitment of $125 million.

Advanced Performance Materials

	Q4 2024		Q4 2023		Y-o-Y % ∆		Q3 2024		Q-o-Q % ∆		FY 2024		FY 2023		Y-o-Y % ∆
Net Sales (millions)	$324		$326		(1)%		$354		(8)%		$1,326		$1,462		(9)%
Advanced Materials	$191		$192		(1)%		$214		(11)%		$808		$916		(12)%
Performance Solutions	$133		$134		(1)%		$140		(5)%		$518		$546		(5)%
Adjusted EBITDA (millions)	$48		$40		20%		$39		23%		$161		$273		(41)%
Adjusted EBITDA Margin	15%		12%		3 ppts		11%		4 ppts		12%		19%		(7) ppts

APM segment fourth quarter 2024 Net Sales were $324 million, a 1% decrease compared to the fourth quarter 2023. The change in Net Sales was primarily driven by a 3% decrease in price, partially offset by a 2% increase in volume, while currency impact remained flat. The volume increase was related to the recent capacity expansion in Teflon™ PFA, which more than offset weaker demand in the hydrogen market. The price decrease was attributed to product mix connected to more economically sensitive end markets across the segment.

APM segment fourth quarter 2024 Adjusted EBITDA increased 20% to $48 million, while Adjusted EBITDA Margin also increased by 3 percentage points to 15%. This increase was primarily due to favorable inventory adjustments and true-ups, which are not anticipated to recur in the first quarter of 2025, partially offset by the previously mentioned decrease in price driven by product mix.

On a sequential basis, APM segment fourth quarter 2024 Net Sales decreased by 8%, driven by a 6% volume decrease and a 2% decrease in price, while currency impact remained flat.

APM segment full year 2024 Net Sales were $1.3 billion, a 9% decrease compared to the full year 2023. The change in Net Sales was primarily driven by a 5% decrease in pricing as well as a 3% decrease in volumes, with currency a slight 1% headwind. Volumes decreased primarily due to weaker demand in the hydrogen market and lower volumes in more economically sensitive end markets, while the price decrease was primarily due to product mix connected to more economically sensitive end markets across the broad segment.

APM segment full year 2024 Adjusted EBITDA decreased 41% to $161 million, while Adjusted EBITDA Margin decreased by 7 percentage points to 12%. This decrease was primarily due to the previously mentioned decreases in pricing and volumes, further impacted by lower fixed cost absorption due to lower overall volumes.

In January 2025, under the Portfolio Management pillar of Pathway to Thrive, as a part of a broader strategic review of our APM European asset footprint, APM management approved a restructuring program to exit its Surface Protection Solutions (“SPS”) Capstone^™ business. This action was taken due to regulatory changes and uncertainty that have caused reduced demand and market deselection of telomer-based chemistries, making SPS economics unfavorable going forward. Manufacturing of SPS Capstone^™ products is expected to end by the end of the second quarter of 2025⁶, pending local regulatory approval. Based on current information, the total cost impact of the restructuring program is expected to be approximately $60 million⁷. These costs, and where applicable cash payments, which are expected to represent half of the total costs, are expected to be incurred throughout late 2025 and 2026.

Other Segment

The Performance Chemicals and Intermediates business in the Company’s Other Segment had Net Sales and Adjusted EBITDA for the fourth quarter 2024 of $13 million and breakeven, respectively, and $54 million and $8 million, respectively, for the full year 2024.

Corporate Expenses⁸

Corporate Expenses were a $69 million offset to Adjusted EBITDA in the fourth quarter 2024, an increase of $20 million versus the prior-year quarter, and a $255 million offset to Adjusted EBITDA for the full year 2024. The increase of $43 million versus the prior year was primarily due to costs associated with the Audit Committee’s internal review and remediation⁹ in addition to changes in reserves related to legacy asbestos matters recorded in the fourth quarter.

Liquidity

As of December 31, 2024, consolidated gross debt was $4.2 billion. Debt, net of $713 million in unrestricted cash and cash equivalents, was $3.4 billion, resulting in a net leverage ratio of approximately 4.4x on a trailing twelve-month Adjusted EBITDA basis. Total liquidity was $1.4 billion, comprised of $713 million in unrestricted cash and cash equivalents and $640 million of revolving credit facility capacity, net of outstanding letters of credit.

Cash provided by operating activities for the fourth quarter of 2024 was $138 million, compared to $482 million in the prior-year quarter due to actions taken in Q4 2023 specific to previous management. Capital expenditures for the fourth quarter of 2024 amounted to $109 million, compared to $135 million in the prior-year quarter driven by additional capital expenditures on APM’s Teflon^™ PFA expansion in 2023. During the quarter, the Company paid $36 million in dividends to shareholders.

Operating cash usage for the full year 2024 totaled $633 million, an increased usage of $1.2 billion compared to the prior year. The higher usage of operating cash flow reflects the release of the $592 million of restricted cash and cash equivalents deposited in the qualified settlement fund per the terms of the U.S. Public Water System Class Action Suit Settlement agreement following final judgment¹⁰, along with cash impacts due to the unwinding of 2023 year end net working capital actions. Capital expenditures for the full year 2024 amounted to $360 million, compared to $370 million in the prior year. During the year, the Company paid $148 million in dividends to shareholders.

First Quarter 2025 Outlook

In the first quarter, TSS anticipates an overall sequential Net Sales increase driven by double-digit sequential growth expected in Opteon™ Refrigerants, partially offset by a sequential decrease in Freon^™ Refrigerants in connection with the ongoing transitions under the U.S. AIM Act and EU F-Gas regulation. TSS Adjusted EBITDA is expected to increase slightly sequentially, with increased costs expected from a forced outage at our Corpus Christi, Texas site and additional input costs associated with the site’s ramp-up of the new Opteon™ capacity expansion.

TT expects a sequential Net Sales decrease driven by the segment’s projected regional sales mix, with volumes expected to remain stable. Adjusted EBITDA is expected to decrease sequentially driven by the referenced regional sales mix, with operational headwinds related to cold weather downtime at our U.S. sites in January 2025 further contributing to the decline.

APM expects a sequential Net Sales decrease with softer demand across the segment driven by continued weakness in cyclical end markets and products serving hydrogen and semiconductor markets. Adjusted EBITDA is anticipated to decrease sequentially due to lower Net Sales, an unfavorable product mix, and additional costs as a result of an outage from scheduled major plant maintenance that extended into the beginning of 2025. The fourth quarter comparison period for APM also included favorable inventory adjustments and true-ups that are not anticipated to recur in the first quarter.

The Company anticipates consolidated Net Sales to be flat to slightly down sequentially, with consolidated Adjusted EBITDA also expected to be slightly down sequentially. Corporate Expenses, as an offset to Adjusted EBITDA, are expected to decline by approximately 30% compared with the fourth quarter, which included costs associated with legacy asbestos matters. Operating cash flow in the first quarter is expected to reflect a net usage, consistent with traditional seasonality, paired with capital expenditures in the range of $80 million.

Full Year 2025 Outlook

The Company expects to deliver 2025 Adjusted EBITDA of $825 million to $975 million. Operating cash flow is expected to improve as the year progresses and more than fund anticipated capital expenditures ranging from $250 million to $300 million, while also ensuring dividend funding, subject to Board approval quarterly.

Conference Call

As previously announced, Chemours will hold a conference call and webcast on February 18, 2025, at 8:00 AM Eastern Standard Time. Access to the webcast and materials can be accessed by visiting the Events & Presentations page of Chemours’ investor website, investors.chemours.com. A webcast replay of the conference call will be available on Chemours’ investor website.

1 Non-GAAP measures, including Adjusted Net Income, Adjusted EPS and Adjusted EBITDA referred to throughout, principally exclude the impact of recent litigation settlements for legacy environmental matters and associated fees, in addition to other unallocated items – please refer to the attached “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)”.
2 Adjusted EBITDA excludes net income attributable to noncontrolling interests, net interest expense, depreciation and amortization, and all remaining provision for income taxes from Adjusted Net Income. See the corresponding reconciliation referenced in footnote #1.
3 In 2023, Chemours recorded litigation-related charges pertaining to litigation settlements, PFOA drinking water treatment accruals, and other related legal fees. These charges included a $592 million accrual related to the U.S. Public Water System Class Action Suit Settlement plus $24 million of third-party legal fees directly related to the settlement, $55 million of charges related to the Company’s portion of Chemours, DuPont, Corteva, EID and the State of Ohio’s agreement entered into in November 2023, $13 million related to the Company’s portion of the supplemental payment to the State of Delaware, $76 million for other PFAS litigation matters, and $4 million of other litigation matters.
4 For information on our outlooked non-GAAP measures, please refer to the attached “Reconciliation of GAAP Measures to Non-GAAP Financial Measures (Unaudited)”.
5 For the fourth quarter as a segment.
6 Sales of SPS Capstone™ products were $88 million, $97 million and $104 million in the years ended December 31, 2024, 2023 and 2022, respectively.
7 Includes non-cash accelerated depreciation related to the SPS Capstone™ manufacturing assets remaining useful life of approximately $30 million, cash payments of approximately $20 million for severance and retention, contract termination costs and external spending to support various site closure activities, as well as approximately $10 million for deconstruction and ongoing decommissioning expenses which will be expensed as incurred.
8 2024 consolidated Adjusted EBITDA also reflect additional unallocated costs of $1 million and $16 million in Q4 2024 and FY 2024, respectively. These costs are reflected in consolidated Adjusted EBITDA results only.
9 As of the end of 2024, all four material weaknesses identified in connection with the 2023 Form 10-K have been fully remediated.
10 As defined in the U.S. Public Water System Class Action Suit Settlement agreement.

About The Chemours Company

The Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses – Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers’ biggest challenges. Our flagship products are sold under prominent brands such as Opteon™, Freon™, Ti-Pure™, Nafion™, Teflon™, Viton™, and Krytox™. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 6,000 employees and 28 manufacturing sites and serves approximately 2,500 customers in approximately 110 countries.

For more information, visit chemours.com or follow us on X (formerly Twitter) @Chemours or LinkedIn.

Non-GAAP Financial Measures

We prepare our financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Within this press release, we may make reference to Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Total Debt Principal, Net and Net Leverage Ratio which are non-GAAP financial measures. The Company includes these non-GAAP financial measures because management believes they are useful to investors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making. Management uses Adjusted Net Income, Adjusted EPS and Adjusted EBITDA, which adjust for (i) certain non-cash items, (ii) certain items we believe are not indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items to evaluate the Company’s performance in order to have comparable financial results to analyze changes in our underlying business from period to period. Additionally, Total Debt Principal, Net and Net Leverage Ratio are utilized as liquidity measures to assess the cash generation of our businesses and on-going liquidity position.

Accordingly, the Company believes the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the Company’s operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. This analysis, as well as the other information in this press release, should be read in conjunction with the Company’s financial statements and footnotes contained in the documents that the Company files with the U.S. Securities and Exchange Commission. The non-GAAP financial measures used by the Company in this press release may be different from the methods used by other companies. The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures on a forward-looking basis because it is unable to predict with reasonable certainty the ultimate outcome of unusual gains and losses, potential future asset impairments and pending litigation without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For more information on the non-GAAP financial measures, please refer to the attached schedules or the table, “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)” and materials posted to the Company’s website at investors.chemours.com.

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words “believe,” “expect,” “will,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date such statements were made. These forward-looking statements may address, among other things, guidance on Company and segment performance for the first quarter of 2025 and the Company’s refreshed corporate strategy. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized, such as guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties including the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, our ability to maintain an effective internal control over financial reporting and disclosure controls and procedures, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, efforts to resolve outstanding or potential litigation, including claims related to legacy PFAS liabilities, plans for dividends, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to develop and commercialize new products or technologies and obtain necessary regulatory approvals, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These statements also may involve risks and uncertainties that are beyond Chemours’ control. Matters outside our control, including general economic conditions, geopolitical conditions, changes in laws and regulations in the U.S. or other jurisdictions in which we operate, and global health events and weather events, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2024. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

The Chemours Company
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
		Year Ended December 31,
		2024				2023				2022
Net sales		$	5,782			$	6,078			$	6,831
Cost of goods sold			4,631				4,772				5,215
Gross profit			1,151				1,306				1,616
Selling, general, and administrative expense			585				1,290				710
Research and development expense			109				108				118
Restructuring, asset-related, and other charges			60				153				16
Goodwill impairment charge			56				—				—
Total other operating expenses			810				1,551				844
Equity in earnings of affiliates			43				45				55
Interest expense, net			(264	)			(208	)			(163	)
(Loss) gain on extinguishment of debt			(1	)			(1	)			7
Other income, net			8				91				70
Income (loss) before income taxes			127				(318	)			741
Provision for (benefit from) income taxes			41				(81	)			163
Net income (loss)			86				(237	)			578
Less: Net income attributable to non-controlling interests			—				1				—
Net income (loss) attributable to Chemours		$	86			$	(238	)		$	578
Per share data
Basic earnings (loss) per share of common stock		$	0.58			$	(1.60	)		$	3.72
Diluted earnings (loss) per share of common stock			0.57				(1.60	)			3.65

Certain prior period amounts have been revised to correct for certain immaterial errors related to the income statement classification of byproduct revenues, which is more fully described in our Annual Report on Form 10-K for the year ended December 31, 2024.

The Chemours Company
Consolidated Balance Sheets
(Dollars in millions, except per share amounts)
		December 31,
		2024				2023
Assets
Current assets:
Cash and cash equivalents		$	713			$	1,203
Restricted cash and restricted cash equivalents			—				604
Accounts and notes receivable, net			770				610
Inventories			1,472				1,352
Prepaid expenses and other			71				66
Total current assets			3,026				3,835
Property, plant, and equipment			9,572				9,412
Less: Accumulated depreciation			(6,389	)			(6,196	)
Property, plant, and equipment, net			3,183				3,216
Operating lease right-of-use assets			258				260
Goodwill			46				102
Other intangible assets, net			3				3
Investments in affiliates			152				158
Restricted cash and restricted cash equivalents			50				—
Other assets			797				677
Total assets		$	7,515			$	8,251
Liabilities
Current liabilities:
Accounts payable		$	1,142			$	1,159
Compensation and other employee-related cost			99				89
Short-term and current maturities of long-term debt			54				51
Current environmental remediation			115				129
Other accrued liabilities			393				1,058
Total current liabilities			1,803				2,486
Long-term debt, net			4,054				3,987
Operating lease liabilities			194				206
Long-term environmental remediation			456				461
Deferred income taxes			35				44
Other liabilities			368				328
Total liabilities			6,910				7,512
Commitments and contingent liabilities
Equity
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 198,300,033 shares issued and 149,428,431 shares outstanding at December 31, 2024; 197,519,784 shares issued and 148,587,397 shares outstanding at December 31, 2023)			2				2
Treasury stock, at cost (48,871,602 shares at December 31, 2024; 48,932,387 shares at December 31, 2023)			(1,804	)			(1,806	)
Additional paid-in capital			1,055				1,033
Retained earnings			1,718				1,782
Accumulated other comprehensive loss			(367	)			(274	)
Total Chemours stockholders’ equity			604				737
Non-controlling interests			1				2
Total equity			605				739
Total liabilities and equity		$	7,515			$	8,251

The Chemours Company
Consolidated Statements of Cash Flows
(Dollars in millions)
		Year Ended December 31,
		2024				2023				2022
Cash flows from operating activities
Net income (loss)		$	86			$	(237	)		$	578
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization			301				307				291
Gain on sales of assets and businesses, net			(3	)			(110	)			(21	)
Equity in earnings of affiliates, net			(1	)			11				(22	)
Loss (gain) on extinguishment of debt			1				1				(7	)
Amortization of debt issuance costs and issue discounts			12				9				9
Deferred tax (benefit) provision			(27	)			(158	)			20
Asset-related charges			27				95				5
Stock-based compensation expense			15				18				27
Net periodic pension cost			6				9				9
Defined benefit plan contributions			(12	)			(10	)			(10	)
Other operating charges and credits, net			(42	)			1				(21	)
Goodwill impairment			56				—				—
Decrease (increase) in operating assets:
Accounts and notes receivable, net			(152	)			(10	)			91
Inventories and other current operating assets			(146	)			58				(294	)
Other non-current operating assets			(98	)			—				(96	)
(Decrease) increase in operating liabilities:
Accounts payable			(9	)			(72	)			105
Other current operating liabilities			(660	)			642				(47	)
Non-current operating liabilities			13				2				138
Cash (used for) provided by operating activities			(633	)			556				755
Cash flows from investing activities
Purchases of property, plant, and equipment			(360	)			(370	)			(307	)
Proceeds from sales of assets and businesses, net of cash divested			3				143				33
Foreign exchange contract settlements, net			2				(8	)			3
Other investing activities			2				6				(13	)
Cash used for investing activities			(353	)			(229	)			(284	)
Cash flows from financing activities
Proceeds from issuance of debt, net			606				648				—
Debt repayments			(490	)			(280	)			(68	)
Payments of debt issuance costs			(9	)			(4	)			(1	)
Payments on finance leases			(12	)			(11	)			(11	)
Proceeds from supplier financing programs			93				123				105
Payments to supplier financing program			(102	)			(87	)			(106	)
Purchases of treasury stock, at cost			—				(69	)			(495	)
Proceeds from exercised stock options			9				19				51
Payments related to tax withheld on vested stock awards			(3	)			(19	)			(6	)
Payments of dividends to the Company’s common shareholders			(148	)			(149	)			(154	)
(Distributions to) cash received from non-controlling interest shareholders			(1	)			1				(1	)
Other financing activities			21				—				—
Cash (used for) provided by financing activities			(36	)			172				(686	)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents			(22	)			4				(32	)
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents			(1,044	)			503				(247	)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1,			1,807				1,304				1,551
Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31,		$	763			$	1,807			$	1,304
Supplemental cash flows information
Cash paid during the year for:
Interest, net of amounts capitalized		$	267			$	223			$	164
Income taxes, net of refunds			73				54				131
Non-cash investing and financing activities:
Purchases of property, plant, and equipment included in accounts payable		$	88			$	82			$	79
Treasury stock repurchased, not settled			—				—				1

The Chemours Company
Segment Financial and Operating Data (Unaudited)
(Dollars in millions)
Segment Net Sales (1)																Three Months
																Ended					Sequential
	Three Months Ended December 31,										Increase /					September 30,					Increase /
	2024					2023					(Decrease)					2024					(Decrease)
Thermal & Specialized Solutions	$		390			$		380			$		10			$		468			$		(78	)
Titanium Technologies			632					651					(19	)				672					(40	)
Advanced Performance Materials			324					326					(2	)				354					(30	)
Other Segment			13					11					2					14					(1	)
Total Net Sales	$		1,359			$		1,368			$		(9	)		$		1,508			$		(149	)

(1)

Certain prior period amounts have been revised to correct for certain immaterial errors related to the income statement classification of byproduct revenues and certain ore sales associated with the Company’s Kuan Yin, Taiwan facility, which is more fully described in our Annual Report on Form 10-K for the year ended December 31, 2024.

Segment Adjusted EBITDA																Three Months
																Ended					Sequential
	Three Months Ended December 31,										Increase /					September 30,					Increase /
	2024					2023					(Decrease)					2024					(Decrease)
Thermal & Specialized Solutions	$		123			$		124			$		(1	)		$		141			$		(18	)
Titanium Technologies	$		77			$		64			$		13			$		85			$		(8	)
Advanced Performance Materials	$		48			$		40			$		8			$		39			$		9
Other Segment	$		—			$		—			$		—			$		3			$		(3	)

Quarterly Change in Net Sales from the three months ended December 31, 2023
	December 31, 2024					Percentage Change vs.			Percentage Change Due To
	Net Sales					December 31, 2023			Price			Volume			Currency			Portfolio
Total Company	$		1,359				(1	)%		(3	)%		2	%		—	%		—	%
Thermal & Specialized Solutions	$		390				3	%		(4	)%		7	%		—	%		—	%
Titanium Technologies			632				(3	)%		(2	)%		(1	)%		—	%		—	%
Advanced Performance Materials			324				(1	)%		(3	)%		2	%		—	%		—	%
Other Segment			13				18	%		27	%		(9	)%		—	%		—	%

Quarterly Change in Net Sales from the three months ended September 30, 2024
	December 31, 2024					Percentage Change vs.			Percentage Change Due To
	Net Sales					September 30, 2024			Price			Volume			Currency			Portfolio
Total Company	$		1,359				(10	)%		(2	)%		(8	)%		—	%		—	%
Thermal & Specialized Solutions	$		390				(17	)%		(4	)%		(13	)%		—	%		—	%
Titanium Technologies			632				(6	)%		(2	)%		(4	)%		—	%		—	%
Advanced Performance Materials			324				(8	)%		(2	)%		(6	)%		—	%		—	%
Other Segment			13				(7	)%		14	%		(21	)%		—	%		—	%

The Chemours Company

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)

(Dollars in millions)

GAAP Net (Loss) Income Attributable to Chemours to Adjusted Net Income and Adjusted EBITDA Reconciliation

GAAP Net Leverage Ratio to Non-GAAP Net Leverage Ratio Reconciliation

Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) is defined as income (loss) before income taxes, excluding the following items: interest expense, depreciation, and amortization; non-operating pension and other post-retirement employee benefit costs, which represents the components of net periodic pension costs excluding the service cost component; exchange (gains) losses included in other income (expense), net; restructuring, asset-related, and other charges; (gains) losses on sales of businesses or assets; and, other items not considered indicative of the Company’s ongoing operational performance and expected to occur infrequently, including certain litigation related and environmental charges and Qualified Spend reimbursable by DuPont and/or Corteva as part of the Company’s cost-sharing agreement under the terms of the MOU that were previously excluded from Adjusted EBITDA. Adjusted Net Income is defined as net income (loss) attributable to Chemours, adjusted for items excluded from Adjusted EBITDA, except interest expense, depreciation, amortization, and certain provision for (benefit from) income tax amounts. Net Leverage Ratio is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by Adjusted EBITDA.

		Three Months Ended															Year Ended
		December 31,										September 30,					December 31,
		2024					2023					2024					2024					2023
Income (loss) before income taxes		$		9			$		(71	)		$		(30	)		$		127			$		(318	)
Net (loss) income attributable to Chemours		$		(8	)		$		(18	)		$		(27	)		$		86			$		(238	)
Non-operating pension and other post-retirement employee benefit cost (income)				1					(1	)				(2	)				(3	)				—
Exchange losses, net				3					17					—					9					38
Restructuring, asset-related, and other charges (1)				7					11					43					58					153
Goodwill impairment charge (2)				—					—					56					56					—
Loss on extinguishment of debt				1					—					—					1					1
Gain on sales of assets and businesses, net (3)				—					(4	)				—					(3	)				(110	)
Transaction costs (4)				2					9					—					2					16
Qualified spend recovery (5)				(4	)				(11	)				(7	)				(26	)				(54	)
Litigation-related charges (6)				—					89					1					(15	)				764
Environmental charges (7)				15					—					—					15					9
Adjustments made to income taxes (8)				6					(14	)				1					4					(19	)
Benefit from income taxes relating to reconciling items (9)				(7	)				(32	)				(4	)				(2	)				(135	)
Adjusted Net Income				16					46					61					182					425
Net income attributable to non-controlling interests				—					—					—					—					1
Interest expense, net				67					63					69					264					208
Depreciation and amortization				78					74					78					301					307
All remaining provision for (benefit from) income taxes (9)				18					(7	)				—					39					73
Adjusted EBITDA		$		179			$		176			$		208			$		786			$		1,014
Total debt principal																	$		4,151			$		4,084
Less: Cash and cash equivalents																			(713	)				(1,203	)
Total debt principal, net																	$		3,438			$		2,881
Net Leverage Ratio (calculated using GAAP earnings) (10)																		27.1x					(9.1)x
Net Leverage Ratio (calculated using Non-GAAP earnings) (10)																		4.4x					2.8x

GAAP Net (Loss) Income Attributable to Chemours to Adjusted Net Income and Adjusted EBITDA Reconciliation

GAAP Net Leverage Ratio to Non-GAAP Net Leverage Ratio Reconciliation (Continued)

(1)		For the year ended December 31, 2024, restructuring, asset-related and other charges primarily includes charges related to the 2024 Restructuring Program and Titanium Technologies Transformation Plan. For the year ended December 31, 2023, restructuring, asset-related and other charges primarily includes charges related to the Titanium Technologies Transformation Plan and our decision to abandon implementation of our new ERP software platform. Refer to “Note 7 – Restructuring, Asset-related, and Other Charges” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024 for further details.
(2)		Represents a non-cash goodwill impairment charge in the Advanced Performance Materials unit, which is discussed further in “Note 15 – Goodwill and Other Intangibles, Net” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.
(3)		For the year ended December 31, 2023, other income, net includes a pre-tax gain on sale of $106 million related to the Glycolic Acid Transaction. Refer to “Note 8 – Other Income, Net” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024 for further details.
(4)		For the year ended December 31, 2023, transaction costs includes $7 million of costs associated with the Senior Secured Credit Facilities entered into during 2023, which is discussed in further detail in “Note 20 – Debt” to the Consolidated Financial Statements in our Annual Report on Form 10-K, and $9 million of third-party costs related to the Titanium Technologies Transformation Plan.
(5)		Qualified spend recovery represents costs and expenses that were previously excluded from Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of our cost-sharing agreement under the terms of the MOU which is discussed in further detail in “Note 22 – Commitments and Contingent Liabilities” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.
(6)		Litigation-related charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other related legal fees. For the year ended December 31, 2024, litigation-related charges includes $44 million of benefits from insurance recoveries, along with the $29 million accrual for the Ohio MDL. For the year ended December 31, 2023, litigation-related charges includes the $592 million accrual related to the United States Public Water System Class Action Suit Settlement plus $24 million of third-party legal fees directly related to the settlement, $55 million of charges related to the Company’s portion of Chemours, DuPont, Corteva, EID and the State of Ohio’s agreement entered into in November 2023, $13 million related to the Company’s portion of the supplemental payment to the State of Delaware, $76 million for other PFAS litigation matters, and $4 million of other litigation matters. See “Note 22 – Commitments and Contingent Liabilities” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024 for further details.
(7)		Environmental charges pertains to management’s assessment of estimated liabilities associated with certain environmental remediation expenses at various sites. For the year ended December 31, 2024, environmental charges primarily includes off-site remediation costs at Dordrecht Works. See “Note 22 – Commitments and Contingent Liabilities” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024 for further details.
(8)		Includes the removal of certain discrete income tax impacts within our provision for income taxes, such as shortfalls and windfalls on our share-based payments, certain return-to-accrual adjustments, valuation allowance adjustments, unrealized gains and losses on foreign exchange rate changes, and other discrete income tax items.
(9)		The income tax impacts included in this caption are determined using the applicable rates in the taxing jurisdictions in which income or expense occurred for each of the reconciling items and represent both current and deferred income tax expense or benefit based on the nature of the non-GAAP financial measure.
(10)		Net Leverage Ratio calculated using GAAP measures is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by income (loss) before income taxes. Net Leverage Ratio calculated using non-GAAP measures is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by Adjusted EBITDA.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)

(Dollars in millions, except per share amounts)

GAAP Earnings per Share to Adjusted Earnings per Share Reconciliation

Adjusted earnings per share (“Adjusted EPS”) is calculated by dividing Adjusted Net Income by the weighted-average number of common shares outstanding. Diluted Adjusted EPS accounts for the dilutive impact of stock-based compensation awards, which includes unvested restricted shares. Diluted Adjusted EPS considers the impact of potentially-dilutive securities, except in periods in which there is a loss because the inclusion of the potentially-dilutive securities would have an anti-dilutive effect.

		Three Months Ended									Year Ended
		December 31,						September 30,			December 31,
		2024			2023			2024			2024			2023
Numerator:
Net (loss) income attributable to Chemours		$	(8)		$	(18)		$	(27)		$	86		$	(238)
Adjusted Net Income			16			46			61			182			425
Denominator:
Weighted-average number of common shares outstanding – basic			149,825,988			148,861,410			149,697,616			149,494,462			148,912,397
Dilutive effect of the Company’s employee compensation plans (1)			503,667			1,078,467			482,579			677,827			1,584,958
Weighted-average number of common shares outstanding – diluted (1)			150,329,655			149,939,877			150,180,195			150,172,289			150,497,355
Basic (loss) earnings per share of common stock (2)		$	(0.05)		$	(0.12)		$	(0.18)		$	0.58		$	(1.60)
Diluted (loss) earnings per share of common stock (1) (2)			(0.05)			(0.12)			(0.18)			0.57			(1.60)
Adjusted basic earnings per share of common stock (2)			0.11			0.31			0.40			1.21			2.85
Adjusted diluted earnings per share of common stock (1) (2)			0.11			0.31			0.40			1.21			2.82

(1)

In periods where the Company incurs a net loss, the impact of potentially dilutive securities is excluded from the calculation of EPS under U.S. GAAP, as their inclusion would have an anti-dilutive effect. As such, with respect to the U.S. GAAP measure of diluted EPS, the impact of potentially dilutive securities is excluded from our calculation for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, as well as the year ended December 31, 2023. With respect to the non-GAAP measure of adjusted diluted EPS, the impact of potentially dilutive securities is included in our calculation for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, as well as the year ended December 31, 2023, as Adjusted Net Income was in a net income position.

(2)

Figures may not recalculate exactly due to rounding. Basic and diluted (loss) earnings per share are calculated based on unrounded numbers.

The Chemours Company

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)

(Dollars in millions)

2025 Estimated GAAP Net Income Attributable to Chemours to Estimated Adjusted Net Income and Estimated Adjusted EBITDA Reconciliation (1)

		(Estimated)
		Year Ending December 31, 2025
		Low				High
Net income attributable to Chemours		$	200			$	315
Restructuring, transaction, and other costs, net (2)			—				—
Adjusted Net Income			200				315
Interest expense, net			280				280
Depreciation and amortization			300				300
All remaining provision for income taxes			45				80
Adjusted EBITDA		$	825			$	975

(1)	The Company’s estimates reflect its current visibility and expectations based on market factors, such as currency movements, macro-economic factors, and end-market demand. Actual results could differ materially from these current estimates.
(2)	Restructuring, transaction, and other costs, net includes the net provision for (benefit from) income taxes relating to reconciling items and adjustments made to income taxes for the removal of certain discrete income tax impacts.

 

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INVESTORS

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+1.302.773.3309

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NEWS MEDIA

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Media Relations & Reputation Leader

+1.302.219.7140

[email protected]

KEYWORDS: United States North America Delaware

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Allegion (NYSE: ALLE) Reports Q4, Full-Year 2024 Financial Results, Introduces 2025 Outlook

Results showcase solid execution, margin expansion and balanced capital deployment 

Quarterly Financial Highlights

(All comparisons against the fourth quarter of 2023, unless otherwise noted)

• Net earnings per share (EPS) of $1.65, up 23.1% compared with $1.34; Adjusted EPS of $1.86, up 10.7% compared with $1.68
• Revenues of $945.6 million, up 5.4% on a reported basis and up 3.5% on an organic basis
• Operating margin of 19.5%, compared with 17.8%; Adjusted operating margin of 22.1%, up 10 basis points compared with 22.0%

Full-Year Financial Highlights

(All comparisons against the full year of 2023, unless otherwise noted)

• EPS of $6.82, up 11.4% compared with $6.12; Adjusted EPS of $7.53, up 8.2% compared with $6.96
• Revenues of $3,772.2 million, up 3.3% on a reported basis and up 2.1% on an organic basis
• Operating margin of 20.7%, compared with 19.4%; Adjusted operating margin of 22.8%, up 70 basis points compared with 22.1%
• Available cash flow, which is defined as net cash from operating activities minus capital expenditures, was $582.9 million for 2024, an increase of 12.9%

2025 Full-Year Outlook Highlights

• Full-year reported revenue growth is estimated to be 1% to 3%, with organic revenue growth estimated to be 1.5% to 3.5%
• Full-year adjusted EPS is estimated to be $7.65 to $7.85
• Available cash flow is estimated to be 85% to 90% of adjusted net income

DUBLIN–(BUSINESS WIRE)–Allegion plc (NYSE: ALLE), a leading global security products and solutions provider, today reported financial results for its fourth quarter (ended Dec. 31, 2024).

“Allegion delivered a record year in 2024 – a year marked by consistent, strong execution, solid margin expansion and balanced capital deployment,” said Allegion President and CEO John H. Stone.

“These results are a testament to our team of highly engaged experts who, together with our distribution and channel partners, solve complex problems for our end-user customers and work tirelessly to make the world safer.”

Q4 2024 Company Results

(All comparisons against the fourth quarter of 2023, unless otherwise noted)

Allegion reported fourth-quarter 2024 net revenues of $945.6 million and net earnings of $144.1 million, or $1.65 per share. Adjusted net earnings were $161.8 million, or $1.86 per share, up 10.7%, excluding items primarily related to restructuring, acquisition and integration expenses, as well as amortization expense related to acquired intangible assets.

Fourth-quarter 2024 net revenues increased 5.4%. On an organic basis, which excludes impacts of acquisitions, divestitures and foreign currency movements, net revenues increased 3.5%, led by the Americas region. The organic revenue increase was driven by price realization and volume growth. Reported revenue reflects a 2.0% positive impact from acquisitions and a slight headwind from foreign currency.

Fourth-quarter 2024 operating income was $184.6 million, an increase of $24.9 million or 15.6%. Adjusted operating income in fourth-quarter 2024 was $209.1 million, an increase of $11.9 million or 6.0%.

Fourth-quarter 2024 operating margin was 19.5%, compared with 17.8%. The adjusted operating margin in fourth-quarter 2024 was 22.1%, compared with 22.0%. The 10-basis-point increase in adjusted operating margin is attributable to favorable volume leverage and regional mix.

Q4 2024 Segment Results

(All comparisons against the fourth quarter of 2023, unless otherwise noted)

The Americas segment revenues were up 6.4% (up 4.6% on an organic basis). The organic revenue increase was driven by price realization as well as volume growth. The non-residential business was up mid-single digits, and the residential business grew high-single digits. The reported revenue reflects a 1.9% positive impact from acquisitions and a slight headwind from foreign currency. Adjusted operating margin in the region increased 70 basis points to 27.4%.

The International segment revenues increased 1.5% (down 0.7% on an organic basis). The organic revenue decrease was driven by volume decline offset partially by price realization. Reported revenue reflects a positive impact from acquisitions of 2.4% and a slight headwind from foreign currency. Adjusted operating margin in the region decreased 100 basis points to 15.8% on reduced volumes.

Full-Year 2024 Company Results

(All comparisons against the full year of 2023, unless otherwise noted)

Allegion reported full-year 2024 net revenues of $3,772.2 million and net earnings of $597.5 million, or $6.82 per share. Adjusted net earnings were $659.7 million, or $7.53 per share, up 8.2%, excluding items primarily related to restructuring, acquisition and integration expenses, as well as amortization expense related to acquired intangible assets.

Full-year 2024 net revenues increased 3.3%. Net revenues increased 2.1% on an organic basis, excluding impacts of acquisitions, divestitures and foreign currency movements. Favorable price was slightly offset by lower volumes, primarily in Allegion International. The reported revenue reflects a positive impact from acquisitions of 1.3% and a slight headwind from foreign currency.

Full-year 2024 operating income was $780.7 million, an increase of $72.3 million or 10.2%. Adjusted operating income for full-year 2024 was $860.8 million, an increase of $55.2 million or 6.9%.

Full-year 2024 operating margin was 20.7%, compared with 19.4%. The adjusted operating margin for full-year 2024 was 22.8%, compared with 22.1%. The 70-basis-point increase in adjusted operating margin is attributable to positive price and productivity net of inflation and investments. These increases were partially offset by lower volumes.

Additional Items

(All comparisons against the fourth quarter of 2023, unless otherwise noted)

Interest expense for fourth-quarter 2024 was $25.2 million, an increase of $2.3 million.

Other income, net for fourth-quarter 2024 was $2.9 million, compared to other income, net of $0.1 million.

The company’s effective tax rate for fourth-quarter 2024 was 11.2%, compared with 13.4%. The company’s adjusted effective tax rate for fourth-quarter 2024 was 13.1%, compared with 16.4%. The company’s adjusted effective tax rate for full-year 2024 was 15.6%, compared with 14.3% for full-year 2023.

Cash Flow and Liquidity

Year-to-date available cash flow for 2024 was $582.9 million, an increase of $66.5 million versus the prior-year period. The company ended fourth-quarter 2024 with cash and cash equivalents of $503.8 million, as well as total debt of $1,999.5 million.

Share Repurchase and Dividends

In the fourth quarter of 2024, the company repurchased approximately 0.7 million shares for approximately $100 million and paid quarterly dividends of $0.48 per ordinary share or $41.4 million.

2025 Full-Year Outlook

(All comparisons against full-year 2024, unless otherwise noted)

The company expects full-year 2025 revenues to increase 1% to 3% on a reported basis and increase 1.5% to 3.5% organically, when compared to 2024, after excluding the expected impacts of acquisitions, divestitures and foreign currency movements.

Full-year 2025 reported EPS is expected to be in the range of $7.05 to $7.25, or $7.65 to $7.85 on an adjusted basis. The outlook assumes a full-year adjusted effective tax rate of approximately 17% to 18%.

Adjustments to 2025 EPS include estimated impacts of approximately $0.46 per share for acquisition-related amortization, as well as $0.14 per share for restructuring and M&A.

The outlook assumes an average diluted share count for the full year of approximately 86.7 million shares.

The company expects full-year available cash flow to be 85% to 90% of adjusted net income.

Conference Call Information

On Tuesday, Feb. 18, 2025, President and CEO John H. Stone and Senior Vice President and Chief Financial Officer Mike Wagnes will conduct a conference call for analysts and investors, beginning at 8 a.m. ET, to review the company’s results.

A real-time, listen-only webcast of the conference call will be broadcast live online. Individuals wishing to listen may access the call through https://investor.allegion.com.

About Allegion

At Allegion (NYSE: ALLE), we design and manufacture innovative security and access solutions that help keep people safe where they live, learn, work and connect. We’re pioneering safety with our strong legacy of leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Our comprehensive portfolio of hardware, software and electronic solutions is sold around the world and spans residential and commercial locks, door closer and exit devices, steel doors and frames, access control and workforce productivity systems. Allegion had $3.8 billion in revenue in 2024. For more, visit www.allegion.com.

Non-GAAP Measures

This news release includes adjusted non-GAAP financial information which should be considered supplemental to, not a substitute for or superior to, the financial measure calculated in accordance with GAAP. The company presents operating income, operating margin, earnings before income taxes, effective tax rate, net earnings and diluted earnings per share (EPS) on both a U.S. GAAP basis and on an adjusted (non-GAAP) basis, revenue growth on a U.S. GAAP basis and organic revenue growth on a non-GAAP basis, EBITDA, adjusted EBITDA and adjusted EBITDA margin (all non-GAAP measures) and Available Cash Flow (“ACF,” a non-GAAP measure), including in certain cases, on a segment basis. The company presents these non-GAAP measures because management believes these non-GAAP measures provide management and investors useful perspective of the company’s underlying business results and trends and a more comparable measure of period-over-period results. These measures are also used to evaluate senior management and are a factor in determining at-risk compensation. Investors should not consider non-GAAP measures as alternatives to the related U.S. GAAP measures. Further information about the adjusted non-GAAP financial tables is attached to this news release. The Full-Year Outlook Highlights and Updated Full-Year Outlook contain non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our U.S. GAAP financial statements. When we provide forward-looking outlooks for any of the various non-GAAP metrics described above, we do not provide reconciliations of the U.S. GAAP measures as we are unable to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items. By their very nature, non-GAAP adjustment items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures without unreasonable efforts.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements under the headings “2025 Full-Year Outlook Highlights,” “2025 Full-Year Outlook” and statements regarding the company’s 2025 and future financial performance, the company’s business plans and strategy, the company’s growth strategy, the company’s capital allocation strategy, the company’s ability to successfully complete and integrate acquisitions and achieve anticipated strategic and financial benefits and the performance of the markets in which the company operates. These forward-looking statements generally are identified by the words “believe,” “aim,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements. Forward-looking statements may relate to such matters as projections of revenue, margins, expenses, tax rate and provisions, earnings, cash flows, benefit obligations, dividends, share purchases or other financial items; any statements of the plans, strategies and objectives of management for future operations, including those relating to any statements concerning expected development, performance or market share relating to our products and services; any statements regarding future economic conditions or our performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Undue reliance should not be placed on any forward-looking statements, as these statements are based on the company’s currently available information and our current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties – many of which are beyond the company’s control – as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Important factors and other risks that may affect the company’s business or that could cause actual results to differ materially are included in filings the company makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and in its other SEC filings. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. The company undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

ALLEGION PLC Condensed and Consolidated Income Statements (In millions, except per share data)   UNAUDITED
	Three months ended December 31,								Year ended December 31,
	2024				2023				2024				2023
Net revenues	$	945.6			$	897.4			$	3,772.2			$	3,650.8
Cost of goods sold		528.9				512.1				2,103.7				2,069.3
Gross profit		416.7				385.3				1,668.5				1,581.5
Selling and administrative expenses		232.1				218.1				887.8				865.6
Impairment of intangible assets		—				7.5				—				7.5
Operating income		184.6				159.7				780.7				708.4
Interest expense		25.2				22.9				102.0				93.1
Other income, net		(2.9	)			(0.1	)			(20.1	)			(1.9	)
Earnings before income taxes		162.3				136.9				698.8				617.2
Provision for income taxes		18.2				18.3				101.3				76.6
Net earnings		144.1				118.6				597.5				540.6
Less: Net earnings attributable to noncontrolling interests		—				—				—				0.2
Net earnings attributable to Allegion plc	$	144.1			$	118.6			$	597.5			$	540.4
Basic earnings per ordinary share
attributable to Allegion plc shareholders:	$	1.66			$	1.35			$	6.85			$	6.15
Diluted earnings per ordinary share
attributable to Allegion plc shareholders:	$	1.65			$	1.34			$	6.82			$	6.12
Shares outstanding – basic		86.7				87.8				87.2				87.9
Shares outstanding – diluted		87.2				88.2				87.6				88.3

ALLEGION PLC Condensed and Consolidated Balance Sheets (In millions)   UNAUDITED
	December 31, 2024			December 31, 2023
ASSETS
Cash and cash equivalents	$	503.8		$	468.1
Accounts and notes receivables, net		418.9			412.8
Inventories		423.0			438.5
Other current assets		76.6			41.5
Total current assets		1,422.3			1,360.9
Property, plant and equipment, net		385.3			358.1
Goodwill		1,489.4			1,443.1
Intangible assets, net		569.0			572.8
Other noncurrent assets		621.8			576.6
Total assets	$	4,487.8		$	4,311.5
LIABILITIES AND EQUITY
Accounts payable	$	258.0		$	259.2
Accrued expenses and other current liabilities		417.0			407.9
Short-term borrowings and current maturities of long-term debt		21.9			412.6
Total current liabilities		696.9			1,079.7
Long-term debt		1,977.6			1,602.4
Other noncurrent liabilities		312.6			311.1
Equity		1,500.7			1,318.3
Total liabilities and equity	$	4,487.8		$	4,311.5

ALLEGION PLC Condensed and Consolidated Statements of Cash Flows (In millions)   UNAUDITED
	Year ended December 31,
	2024				2023
Operating Activities
Net earnings	$	597.5			$	540.6
Depreciation and amortization		119.0				111.6
Changes in assets and liabilities and other non-cash items		(41.5	)			(51.6	)
Net cash provided by operating activities		675.0				600.6
Investing Activities
Capital expenditures		(92.1	)			(84.2	)
Acquisition of and equity investments in businesses, net of cash acquired		(137.2	)			(31.7	)
Other investing activities, net		0.9				(13.2	)
Net cash used in investing activities		(228.4	)			(129.1	)
Financing Activities
Net repayments on debt		(13.3	)			(81.6	)
Debt financing costs		(7.6	)			—
Dividends paid to ordinary shareholders		(167.0	)			(158.7	)
Repurchase of ordinary shares		(220.0	)			(59.9	)
Other financing activities, net		13.4				1.5
Net cash used in financing activities		(394.5	)			(298.7	)
Effect of exchange rate changes on cash and cash equivalents		(16.4	)			7.3
Net increase in cash and cash equivalents		35.7				180.1
Cash and cash equivalents – beginning of period		468.1				288.0
Cash and cash equivalents – end of period	$	503.8			$	468.1

SUPPLEMENTAL SCHEDULES
ALLEGION PLC	SCHEDULE 1

SELECTED OPERATING SEGMENT INFORMATION (In millions)
	Three months ended December 31,								Year ended December 31,
	2024				2023				2024				2023
Net revenues
Allegion Americas	$	750.0			$	704.6			$	3,012.4			$	2,913.6
Allegion International		195.6				192.8				759.8				737.2
Total net revenues	$	945.6			$	897.4			$	3,772.2			$	3,650.8
Operating income (expense)
Allegion Americas	$	193.8			$	175.0			$	816.2			$	757.2
Allegion International		17.7				17.9				66.3				58.1
Corporate unallocated		(26.9	)			(33.2	)			(101.8	)			(106.9	)
Total operating income	$	184.6			$	159.7			$	780.7			$	708.4

ALLEGION PLC	SCHEDULE 2
The Company presents operating income, operating margin, net earnings and diluted earnings per share (EPS) on both a U.S. GAAP basis and on an adjusted (non-GAAP) basis, revenue growth on a U.S. GAAP basis and organic revenue growth on a non-GAAP basis, and adjusted EBITDA and adjusted EBITDA margin (both non-GAAP measures). The Company presents these non-GAAP measures because management believes they provide useful perspective of the Company’s underlying business results and trends and a more comparable measure of period-over-period results. These measures are also used to evaluate senior management and are a factor in determining at-risk compensation. Investors should not consider non-GAAP measures as alternatives to the related U.S. GAAP measures.   The Company defines the presented non-GAAP measures as follows: Adjustments to operating income, operating margin, net earnings, EPS and EBITDA include items such as goodwill, indefinite-lived trade name and other asset impairment charges, restructuring charges, acquisition and integration costs, amortization of acquired intangible assets, debt financing costs, gains or losses related to the divestiture of businesses or equity method investments and non-operating investment gains or losses; Organic revenue growth is defined as U.S. GAAP revenue growth excluding the impact of acquisitions, divestitures and currency effects; and Available cash flow is defined as U.S. GAAP net cash from operating activities less capital expenditures. These non-GAAP measures may not be defined and calculated the same as similar measures used by other companies.

RECONCILIATION OF GAAP TO NON-GAAP NET EARNINGS (In millions, except per share data)
	Three Months Ended December 31, 2024											Three Months Ended December 31, 2023
	Reported				Adjustments			Adjusted (non-GAAP)				Reported				Adjustments			Adjusted (non-GAAP)
Net revenues	$	945.6			$	—		$	945.6			$	897.4			$	—		$	897.4
Operating income		184.6				24.5	(1)		209.1				159.7				37.5	(1)		197.2
Operating margin		19.5	%						22.1	%			17.8	%						22.0	%
Earnings before income taxes		162.3				23.9	(2)		186.2				136.9				40.7	(2)		177.6
Provision for income taxes		18.2				6.2	(3)		24.4				18.3				10.8	(3)		29.1
Effective income tax rate		11.2	%						13.1	%			13.4	%						16.4	%
Net earnings attributable to Allegion plc	$	144.1			$	17.7		$	161.8			$	118.6			$	29.9		$	148.5
Diluted earnings per ordinary share attributable to
Allegion plc shareholders:	$	1.65			$	0.21		$	1.86			$	1.34			$	0.34		$	1.68

(1)	Adjustments to operating income for the three months ended December 31, 2024, consist of $10.0 million of restructuring charges and acquisition and integration expenses, and $14.5 million of amortization expense related to acquired intangible assets. Adjustments to operating income for the three months ended December 31, 2023, consist of $16.3 million of restructuring charges and acquisition and integration expenses, $13.7 million of amortization expense related to acquired intangible assets and $7.5 million of impairment expense related to intangible assets.
(2)	Adjustments to earnings before income taxes for the three months ended December 31, 2024, consist of the adjustments to operating income discussed above, as well as a $0.6 million non-operating gain. Adjustments to earnings before income taxes for the three months ended December 31, 2023, consist of the adjustments to operating income discussed above as well as a $3.2 million non-operating investment loss.
(3)	Adjustments to the provision for income taxes for the three months ended December 31, 2024, and 2023, consist of $6.2 million and $10.8 million of tax expense, respectively, related to the excluded items discussed above.

	Year ended December 31, 2024											Year ended December 31, 2023
	Reported				Adjustments			Adjusted (non-GAAP)				Reported				Adjustments			Adjusted (non-GAAP)
Net revenues	$	3,772.2			$	—		$	3,772.2			$	3,650.8			$	—		$	3,650.8
Operating income		780.7				80.1	(1)		860.8				708.4				97.2	(1)		805.6
Operating margin		20.7	%						22.8	%			19.4	%						22.1	%
Earnings before income taxes		698.8				82.4	(2)		781.2				617.2				100.4	(2)		717.6
Provision for income taxes		101.3				20.2	(3)		121.5				76.6				25.9	(3)		102.5
Effective income tax rate		14.5	%						15.6	%			12.4	%						14.3	%
Net earnings		597.5				62.2			659.7				540.6				74.5			615.1
Noncontrolling interests		—				—			—				0.2				—			0.2
Net earnings attributable to Allegion plc	$	597.5			$	62.2		$	659.7			$	540.4			$	74.5		$	614.9
Diluted earnings per ordinary share attributable to
Allegion plc shareholders:	$	6.82			$	0.71		$	7.53			$	6.12			$	0.84		$	6.96

(1)	Adjustments to operating income for the year ended December 31, 2024, consist of $22.1 million of restructuring charges and acquisition and integration expenses, and $58.0 million of amortization expense related to acquired intangible assets. Adjustments to operating income for the year ended December 31, 2023, consist of $33.8 million of restructuring charges and acquisition and integration expenses, $55.9 million of amortization expense related to acquired intangible assets, and $7.5 million of impairment expense related to intangible assets.
(2)	Adjustments to earnings before income taxes for the year ended December 31, 2024, consist of the adjustments to operating income discussed above, as well as a $2.3 million non-operating investment loss. Adjustments to earnings before income taxes for the year ended December 31, 2023, as well as a $3.2 million non-operating investment loss.
(3)	Adjustments to the provision for income taxes for the year ended December 31, 2024, and 2023, consist of $20.2 million and $25.9 million of tax expense, respectively, related to the excluded items discussed above.

ALLEGION PLC

SCHEDULE 3

RECONCILIATION OF GAAP TO NON-GAAP REVENUE AND OPERATING INCOME BY REGION (In millions)
	Three Months Ended December 31, 2024							Three Months Ended December 31, 2023
	As Reported				Margin			As Reported				Margin
Allegion Americas
Net revenues (GAAP)	$	750.0						$	704.6
Operating income (GAAP)	$	193.8			25.8	%		$	175.0			24.8	%
Restructuring charges		1.2			0.2	%			2.9			0.4	%
Acquisition and integration costs		1.3			0.2	%			2.1			0.3	%
Amortization of acquired intangible assets		8.8			1.2	%			8.4			1.2	%
Adjusted operating income		205.1			27.4	%			188.4			26.7	%
Depreciation and amortization		9.8			1.3	%			8.9			1.3	%
Adjusted EBITDA	$	214.9			28.7	%		$	197.3			28.0	%
Allegion International
Net revenues (GAAP)	$	195.6						$	192.8
Operating income (GAAP)	$	17.7			9.0	%		$	17.9			9.3	%
Restructuring charges		7.3			3.7	%			1.2			0.6	%
Acquisition and integration costs		0.2			0.1	%			0.4			0.2	%
Amortization of acquired intangible assets		5.7			3.0	%			5.3			2.8	%
Impairment of intangible assets		—			—	%			7.5			3.9	%
Adjusted operating income		30.9			15.8	%			32.3			16.8	%
Depreciation and amortization		4.5			2.3	%			4.3			2.2	%
Adjusted EBITDA	$	35.4			18.1	%		$	36.6			19.0	%
Corporate
Operating loss (GAAP)	$	(26.9	)					$	(33.2	)
Restructuring charges		—							1.0
Acquisition and integration costs		—							8.7
Adjusted operating loss		(26.9	)						(23.5	)
Depreciation and amortization		0.2							0.1
Adjusted EBITDA	$	(26.7	)					$	(23.4	)
Total
Net revenues	$	945.6						$	897.4
Adjusted operating income	$	209.1			22.1	%		$	197.2			22.0	%
Depreciation and amortization		14.5			1.5	%			13.3			1.5	%
Adjusted EBITDA	$	223.6			23.6	%		$	210.5			23.5	%

	Year ended December 31, 2024							Year ended December 31, 2023
	As Reported				Margin			As Reported				Margin
Allegion Americas
Net revenues (GAAP)	$	3,012.4						$	2,913.6
Operating income (GAAP)	$	816.2			27.1	%		$	757.2			26.0	%
Restructuring charges		1.3			—	%			3.7			0.1	%
Acquisition and integration costs		7.0			0.2	%			8.4			0.3	%
Amortization of acquired intangible assets		35.1			1.2	%			33.7			1.1	%
Adjusted operating income		859.6			28.5	%			803.0			27.5	%
Depreciation and amortization		39.2			1.3	%			33.8			1.2	%
Adjusted EBITDA	$	898.8			29.8	%		$	836.8			28.7	%
Allegion International
Net revenues (GAAP)	$	759.8						$	737.2
Operating income (loss) (GAAP)		66.3			8.7	%			58.1			7.9	%
Restructuring charges		9.2			1.2	%			8.0			1.1	%
Acquisition and integration costs		0.7			0.1	%			0.8			0.1	%
Amortization of acquired intangible assets		22.9			3.0	%			22.2			3.0	%
Impairment of intangible assets		—			—	%			7.5			1.0	%
Adjusted operating income		99.1			13.0	%			96.6			13.1	%
Depreciation and amortization		18.2			2.4	%			17.8			2.4	%
Adjusted EBITDA	$	117.3			15.4	%		$	114.4			15.5	%
Corporate
Operating loss (GAAP)	$	(101.8	)					$	(106.9	)
Restructuring charges		0.1							1.0
Acquisition and integration costs		3.8							11.9
Adjusted operating loss		(97.9	)						(94.0	)
Depreciation and amortization		0.9							1.3
Adjusted EBITDA	$	(97.0	)					$	(92.7	)
Total
Net revenues	$	3,772.2						$	3,650.8
Adjusted operating income	$	860.8			22.8	%		$	805.6			22.1	%
Depreciation and amortization		58.3			1.6	%			52.9			1.4	%
Adjusted EBITDA	$	919.1			24.4	%		$	858.5			23.5	%

ALLEGION PLC

SCHEDULE 4

RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO AVAILABLE CASH FLOW AND NET EARNINGS TO ADJUSTED EBITDA (In millions)
	Year ended December 31,
	2024				2023
Net cash from operating activities	$	675.0			$	600.6
Capital expenditures		(92.1	)			(84.2	)
Available cash flow	$	582.9			$	516.4

	Three months ended December 31,								Year ended December 31,
	2024				2023				2024				2023
Net earnings (GAAP)	$	144.1			$	118.6			$	597.5			$	540.6
Provision for income taxes		18.2				18.3				101.3				76.6
Interest expense		25.2				22.9				102.0				93.1
Amortization of acquired intangible assets		14.5				13.7				58.0				55.9
Depreciation and amortization of nonacquired intangible assets		14.5				13.3				58.3				52.9
EBITDA		216.5				186.8				917.1				819.1
Other income, net		(2.9	)			(0.1	)			(20.1	)			(1.9	)
Impairment of intangible assets		—				7.5				—				7.5
Acquisition and integration costs and restructuring charges		10.0				16.3				22.1				33.8
Adjusted EBITDA	$	223.6			$	210.5			$	919.1			$	858.5

ALLEGION PLC

SCHEDULE 5

RECONCILIATION OF GAAP REVENUE GROWTH TO NON-GAAP ORGANIC REVENUE GROWTH BY SEGMENT
	Three months ended December 31,						Year ended December 31,
	2024			2023			2024			2023
Allegion Americas
Revenue growth (GAAP)	6.4	%		3.7	%		3.4	%		15.1	%
Acquisitions	(1.9	)%		—	%		(1.0	)%		(7.9	)%
Currency translation effects	0.1	%		—	%		0.1	%		0.2	%
Organic growth (non-GAAP)	4.6	%		3.7	%		2.5	%		7.4	%
Allegion International
Revenue growth (GAAP)	1.5	%		5.9	%		3.1	%		(0.5	)%
Acquisitions	(2.4	)%		(2.8	)%		(2.5	)%		(0.7	)%
Currency translation effects	0.2	%		(4.4	)%		(0.2	)%		(1.3	)%
Organic growth (non-GAAP)	(0.7	)%		(1.3	)%		0.4	%		(2.5	)%
Total
Revenue growth (GAAP)	5.4	%		4.2	%		3.3	%		11.6	%
Acquisitions	(2.0	)%		(0.6	)%		(1.3	)%		(6.2	)%
Currency translation effects	0.1	%		(1.0	)%		0.1	%		(0.2	)%
Organic growth (non-GAAP)	3.5	%		2.6	%		2.1	%		5.2	%

 

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