David Petratis
Chairman, President, and Chief Executive Officer at Allegion
Thank you, Mike. Please go to Slide Number 11. Nonresidential market demand in the Americas continues to be robust. All leading indicators are positive and the level of institutional specifications continues to be strong. The residential business is stable and the undersupply of homes over the last decade will continue to be a factor driving growth in the residential segment.
We have been aggressive in pursuing price in all channels and products and saw substantial improvement in price realization in Q1. We have announced additional price increases to go in effect starting in Q2. Given the continued supply chain challenges, we still expect the revenue performance to be better in the second half than in the first half.
With these parameters in place, we are raising the outlook and our now projected total and organic revenue in the Americas to be up 10% to 11.5% in 2022. In Allegion International, markets have remained solid, led by our Germanic and Global Portable Security business. The International segment also experienced sequential improvement in price realization as we are pursuing price aggressively in those markets as well. Currency headwinds will continue to reduce total growth.
For Allegion International, we are raising our outlook for total revenue growth to 0.5% to 2% with organic growth of 5% to 6.5%. All in for total Allegion, we're raising the total revenue growth outlook to a range of 7.5% to 9% and organic revenue to increase 8.5% to 10%. These increases to prior outlook are driven primarily by higher price realization. It's important to note this update outlook does not include any impacts from the Stanley Access Technology acquisition.
Please go to Slide Number 12. For EPS, we are holding to the ranges provided during our last earnings call. Reported EPS is expected to be $5.50 to $5.70 per share with an adjusted EPS range of $5.55 to $5.75 as the increased revenue from the additional price realization is offset by higher inflationary costs. The outlook continues to assume a full year adjusted tax rate of approximately 13%, and the share count assumption has been updated to approximately 88.5 million.
A favorable impact of the higher share count assumption is offset by operational improvements, leading us to hold the prior EPS outlook. Our outlook for available cash flow is being raised and is now projected to be $470 million to $490 million.
Please go to Slide 14. Before we go to Q&A, I want to talk a bit more about our acquisition of the Access Technologies business. For those of you who have missed Friday's conference call, I invite you to visit our website and listen to the archived webcast. I want to repeat the benefits we saw in this acquisition. It's a highly strategic combination that expands our presence in security markets and unlocks greater values for our employees, customers, distributors and shareholders.
We will bolster our geographic leadership in Allegion Americas through complementary verticals, and further penetrate our markets with complementary products and service offerings. Cross-selling opportunities to recreate more room for mutual growth and we will enhance and expand a service business that drives customer value in automatic entrance solutions, providing ongoing and consistent revenue streams.
Allegion will significantly expand its breadth of access, egress and access control solutions. In return, the Access Technology business will gain specification and institutional market expertise, strong new end user and architectural relationships and distribution networks as well as additional resources from Allegion.
Along with Allegion's strong balance sheet, significant cash flow and disciplined capital allocation, we believe it will create a stronger financial profile, a stronger value proposition and new opportunities that enhance shareholder value.
Please go to Slide 15. As we look at this acquisition, we believe there are many ways that delivers on our promise to create value for Allegion shareholders. We're creating value with a more comprehensive portfolio of solutions, adding a category leader and addressing a current portfolio gap in Allegiant's core businesses. We're also adding North American service capabilities to grow seamless access in a connected world.
The acquisition of Access Technologies business is the right opportunity for us. It expands our innovation and electronic capabilities, brings a strong business with good market fundamentals and complements the core markets and specification expertise of our Allegion Americas segment. We believe the acquisition will strengthen our financial profile that provides clear synergy and incremental revenue opportunities.
A balanced and disciplined capital allocation strategy will continue to be a top priority for Allegion. And having a strong balance sheet and cash flow to maintain financial flexibility that support [Indecipherable]. Ultimately, we believe the automatic entrant solution and service business are a strategic investment that supports seamless access. And the Access Technology acquisition will create value for our shareholders. We're excited to welcome the business and its people to the Allegion family.
With that, Mike and I will be happy to take your questions.
