July 24 (Reuters) - Allegion ( ALLE ) raised its 2024

adjusted profit forecast on Wednesday, anticipating strong

demand for its security systems in commercial buildings.

The company, which manufactures security doors, automated

entrance solutions, electronic locks, among others, now expects

its full-year adjusted profit to be between $7.15 and $7.30 per

share, compared with its earlier forecast of $7 to $7.15.

Analysts on average were expecting $7.11 per share,

according to LSEG data.

Hiking the prices of its products helped the company combat

inflation-related costs and weak demand from its residential

business.

A slow housing market due to high mortgage rates impacted

demand for Allegion's ( ALLE ) security systems in North America.

"We see stability in demand given our broad end-market

exposure and specification expertise," Chief Executive John

Stone said.

The Dublin-based company posted an adjusted profit of $1.96

per share in the second quarter, beating estimates of $1.84,

according to LSEG data.

Its adjusted operating margin rose to 21.6%, up from 20.2% a

year earlier.

The company's quarterly revenue climbed 5.8% to $965.6

million, above analysts' average estimate of $953.6 million.