Oct 24 (Reuters) - Allegion ( ALLE ) raised its annual

earnings forecast after strong demand for its pricier locks and

electronic security systems used in commercial buildings drove a

profit beat in the third quarter on Thursday.

The Dublin-based company's price hikes for product offerings

to commercial businesses helped counter weak demand from

residential houses, which faced pressures from high mortgage

rates and surging home prices.

Sales in the company's Americas region, its biggest, rose

5.6% in the quarter, mainly driven by non-residential demand.

Its international business recorded a 4.4% jump in revenue.

Allegion ( ALLE ) expects its 2024 adjusted profit per share to be

between $7.35 and $7.45, compared with its previous forecast of

$7.15 to $7.30.

Its third-quarter adjusted profit per share was $2.16,

compared with analysts' average expectation of $1.98, according

to data compiled by LSEG.

Quarterly revenue rose 5.4% to $967.1 million, slightly

missing expectations of $970.9 million.