Chief Financial Officer at Allegion
Thanks John and good morning everyone thank you for joining today's call. Please go to slide number seven. This slide reflects our earnings per share reconciliation for the third -quarter. For the third -quarter of 2021, reported earnings per share was $1.59 and adjusted earnings per share was $1.56.
Operational results were very strong in the quarter, adding in $0.49 per share, reflecting 30. 40% growth. This was driven by strong pricing, volume and operational execution, which more than offset inflationary and currency pressures. Access Technologies delivered $0.06 to earnings per share as operational results of $0.10 per share, offset $0.04 of intangible amortization. The operational results were as expected and amortization was favorable. A year-over-Year tax-rate reduced earnings by $0.28 per share. This decline was driven by tax benefits in 2021 that were non-recurring. As anticipated, interest expense was a $0.12 per share drag on earnings primarily driven by increased debt to finance the acquisition of Access Technologies.
Other income was an $0.08 per share reduction as the prior year had some favorable items that did not repeat in 2022. Favorable share count offset the impact of investment spending in the quarter. This results in adjusted third -quarter 2022 earnings per share of $1.64, an increase of $0.08 or 5.1%, compared to the prior year. Lastly we have a $0.34 per share reduction from adjusted EPS to arrive at reported EPS. This reduction is attributable to M&A and additional non-purchase accounting items related to Access Technologies, along with the loss on the divestiture of our Milre business in South Korea. After giving effect to these items you arrive at third -quarter 2022 reported earnings per share of $1.30.
Please go to slide number eight. This slide depicts the components of our revenue performance for the quarter. I'll focus on total Allegion results and cover the regions on their respective slides. As indicated, we experienced a robust 18. 6% organic revenue growth in the third -quarter driven by both price and volume, strengthening Allegion Americas both non-residential and residential led to volume growth. Net acquisition and divestitures delivered 0.4% growth, driven by Access Technologies. Currency pressures continued to be a significant headwind primarily impacting our International segment bringing the total reported growth to 27.4% in the quarter.
Please go to slide number nine. Third quarter revenues for the Americas segment was $747.2 million, up 42.5% on a reported basis and up 25.8% organically. The segment delivered significant price realization in both our non-residential and residential businesses as we remain committed to addressing inflation. Aided by substantial price and strong volume, non-residential grew approximately 30% in the quarter. Residential was up mid-teens, also driven by both price and volume. A portion of our growth was fueled by backlog reductions as the actions our team undertook helped us improve component availability and shipments in the quarter.
Electronics revenue was up approximately 30% and was a significant improvement from the growth rates experienced in the past few quarters. This was supported by continued strength in demand and the timing of component availability. While it is important to note that electronic component supply chains remain choppy, our reengineering and alternate supply efforts are providing improved flexibility to our supply capabilities.
Access Technologies contributed mid-teens percent to the Americas reported growth numbers. Americas adjusted operating margins and adjusted EBITDA margins for the quarter were up 50 basis points and 80 basis points, respectively. This includes Access Technologies, which we previously stated would be dilutive to margins. Excluding Access Technologies, the business drove a 300-basis-point improvement in operating margins versus the prior year. Volume leverage contributed to the margin increase and for the quarter, price, productivity, inflation dynamic was positive both on dollars and margins.
Please go to slide number 10.. Third quarter revenue for our Allegion International segment was $166.5 million, down 13.6% on a reported basis and down 0.8% organically. In the quarter, strong price realization mostly offset lower volumes. Lower volumes are attributable to end market softening. However, demand for our electronics and software solutions remain stable.
Currency headwinds persisted this quarter and reduced reported revenue by 12.8%. Third quarter International adjusted -- third quarter international adjusted operating margins decreased 180 basis points compared to last year, and adjusted EBITDA margins were down 160 basis points. The margin decline was driven by reduced volume and FX pressures, which more than offset favorable impacts of the combined -- combination of price productivity and inflation.
Please go to slide number 11. Year-to-date available cash flow is $225.6 million, which is a decrease of more than $102 million compared to the prior year period. This year's available cash flow continues to be in-line with pre-pandemic levels. We continue to operate with a strong debt structure, with 80% of our debt having fixed interest rates. We currently have $199 million outstanding on our revolving borrowings, and during the third quarter, we repaid approximately $140 million from the initial draw used to help fund the acquisition of Access Technologies.
We have a strong leverage profile, with our net debt-to-EBITDA ratio at 2.9x at the end of the quarter. We still plan to use the excess cash generated during the remainder of the year to pay down the revolver. This would be after paying expected dividends, which are subject to board approval, and other debt payments. The 2022 full year available cash flow outlook is unchanged from our prior outlook, remaining at a range of $420 million to $440 million.
I will now hand it back to John for an update on our full year 2022 outlook.