Carlisle Companies Reports First Quarter Results
-
First quarter revenues of
, declined$1.2 billion 21.2% year-over-year -
Reported first quarter GAAP Diluted EPS of
and Adjusted EPS of$1.92 , down$2.57 39.7% - Channel inventory destock and inclement weather continued to be headwinds
- Contractor end market demand remains robust
- Pricing remained strong with year-over-year improvements in all segments
-
Repurchased 200 thousand shares for
in the quarter$50 million
Comments from
"As expected and previously communicated, the first quarter of 2023 continued to reflect the destocking efforts by distributors and contractors in the building products industry. Additionally, inclement weather during the first quarter disrupted contractors' ability to complete jobs and better address pent-up demand.
Underlying demand in the non-residential construction markets remains strong, with secular positives such as growing demand for energy-efficient solutions for buildings and a multi-year backlog of re-roofing projects. We remain mindful of growing concerns over continued Fed interest rate hikes and the possibility of a recession in the back half of 2023. For CCM however, where approximately two-thirds of revenue is tied to non-discretionary re-roofing demand, we continue to expect healthy activity both for the remainder of this year and for the foreseeable future.
Notably, the anticipated seasonal ramp in construction activity for 2023 is underway, with sequentially improved orders and shipments in April. Given strong contractor backlogs, the visible pipeline is robust. The latest non-residential construction indicators such as the ABI, Dodge Momentum Index, and ABC Contractor Backlog continued to support our confidence in a solid demand backdrop this year. Additionally, constrained labor markets continue to limit contractors' ability to service and complete the backlog and growing demand for the market's energy-efficient building envelope solutions. As a result, backlogs continue to be strong, new products that remove labor from the job site are desired, and the value brought to the contractor through the Carlisle Experience continues to be in high demand.
I am pleased our teams remain committed to delivering on Vision 2025, which includes meeting the needs of our end users, distributors and contractors by providing industry-leading, energy-efficient solutions with the highest quality standards. We also remain committed to and are increasing investment in innovation that addresses contractor labor constraints that pressure their ability to service current demand effectively and cost efficiently. Recent product launches that reduce installation times for our customers include our 16-foot TPO product (fewer seams), our ReadyFlash technology (improves flash-off time), and our Self-Adhering technology on 12' and 16' TPO. We aim to be our customers' manufacturer of choice, competing on and earning a fair price for the value we create. We are excited about our product launches this year that demonstrate both our commitment to helping facilitate ease of installation as well as to meeting the growing demand for "circular" products. As a reminder, circular products reduce waste to a minimum by being productively used and reused, as opposed to a single use product ultimately destined for the landfill.
Several months after announcing our commitment to achieve Net-Zero greenhouse gas (GHG) emissions across our entire value chain by 2050, we continue to take important steps towards achieving this ambitious goal. For example, we have committed to purchasing several million pounds of bio-MDI and bio-polyol, to test and develop bio-based raw materials into our production. We've also replaced approximately
Finally, I want to thank all our employees for their unrelenting focus on delivering value to all our customers and channel partners. We rely on our accomplished teams to provide Carlisle with the competitive advantages necessary to navigate this increasingly complex operating environment.
We remain confident in our ability to execute throughout all segments, with improving momentum in CCM's orders entering the spring/summer construction season, and with CWT, CIT and CFT all tracking on plan for 2023 with upside potential."
First Quarter 2023
Revenue for the first quarter of
Operating income for the first quarter of
Diluted earnings per share (EPS) for the first quarter of
First Quarter 2023 Segment Highlights
-
Revenue of
, down$576.0 million 34.6% (-34.2% organic) year-over-year, was due to lower volumes as distributors and contractors continue to normalize inventory levels prolonged by weather conditions, partially offset by price realization. -
Operating income was
, down$122.4 million 53.1% year-over-year. Adjusted EBITDA was , down$136.8 million 50.3% year-over-year, reflecting an adjusted EBITDA margin of23.8% , which was impacted by lower volumes and unfavorable product mix, partially offset by positive pricing and savings from the Carlisle Operating System (COS). - We now expect full year 2023 sales to decrease high-single-digits year-over-year.
Carlisle Weatherproofing Technologies (CWT)
-
Revenue of
, down$316.6 million 11.8% (-11.3% organic) year-over-year, was due to residential demand weakness and unfavorable impact of foreign exchange rates, partially offset by retail strength and price realization. -
Operating income was
, down$24.1 million 35.7% year-over-year. Adjusted EBITDA was , down$53.9 million 14.6% year-over-year reflecting an adjusted EBITDA margin of17.0% , which was negatively impacted by volumes in residential-related businesses, unfavorable mix and raw material and wage inflation, partially offset by positive pricing and savings from COS. - We continue to expect full year 2023 sales to decrease low-double-digits year-over-year.
-
Revenue of
, up$213.5 million 15.4% (+15.7% organic) year-over-year, was driven by continued strengthening in the aerospace end market. -
Operating income was
and adjusted EBITDA was$10.9 million , up$30.5 million 65.8% year-over-year reflecting an adjusted EBITDA margin of14.3% , which was favorably impacted by higher volumes, positive pricing, and savings from COS, partially offset by wage inflation. - We continue to expect full year 2023 sales to increase high-single-digits year-over-year.
-
Revenue of
, up$72.7 million 2.3% (+6.5% organic) year-over-year, reflected higher volumes and positive pricing, partially offset by unfavorable impact from changes in foreign exchange rates. -
Operating income was
up$10.7 million 123% year-over-year. Adjusted EBITDA was , up$15.9 million 51.4% year-over-year reflecting an adjusted EBITDA margin of21.9% , which was positively impacted by price realization and savings from COS, partially offset by wage inflation. - We continue to expect full year 2023 sales to increase high-single-digits year-over-year.
Cash Flow
Operating cash flow from continuing operations for three months ended
During three months ended
Conference Call and Webcast
Carlisle will discuss first quarter 2023 results on a conference call at
Domestic toll free: 833-470-1428
International: +1 929-526-1599
Conference ID: 133621
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "intends," "forecast," and similar expressions, and reflect our expectations concerning the future. Such statements are made based on known events and circumstances at the time of publication and, as such, are subject in the future to unforeseen risks and uncertainties. It is possible that our future performance may differ materially from current expectations expressed in these forward-looking statements, due to a variety of factors such as: increasing price and product/service competition by foreign and domestic competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; our mix of products/services; increases in raw material costs that cannot be recovered in product pricing; domestic and foreign governmental and public policy changes including environmental and industry regulations; the ability to meet our goals relating to our intended reduction of greenhouse gas emissions, including our net zero commitments; threats associated with and efforts to combat terrorism; protection and validity of patent and other intellectual property rights; the identification of strategic acquisition targets and our successful completion of any transaction and integration of our strategic acquisitions; our successful completion of strategic dispositions; the cyclical nature of our businesses; the impact of information technology, cybersecurity or data security breaches at our businesses or third parties; the outcome of pending and future litigation and governmental proceedings; the emergence or continuation of widespread health emergencies such as the COVID-19 pandemic, including, for example, expectations regarding their impact on our businesses, including on customer demand, supply chains and distribution systems, production, our ability to maintain appropriate labor levels, our ability to ship products to our customers, our future results, or our full-year financial outlook; and the other factors discussed in the reports we file with or furnish to the
Non-GAAP Disclosure
Carlisle reports its financial results in accordance with the
About
Unaudited Consolidated Statements of Income |
||||||||
|
|
Three Months Ended
|
||||||
(in millions, except per share amounts) |
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
$ |
1,178.8 |
|
|
$ |
1,496.3 |
|
|
|
|
|
|
||||
Cost of goods sold |
|
|
832.1 |
|
|
|
1,005.4 |
|
Selling and administrative expenses |
|
|
188.6 |
|
|
|
203.0 |
|
Research and development expenses |
|
|
15.5 |
|
|
|
12.3 |
|
Other operating expense (income), net |
|
|
1.6 |
|
|
|
(1.7 |
) |
Operating income |
|
|
141.0 |
|
|
|
277.3 |
|
Interest expense, net |
|
|
18.8 |
|
|
|
22.6 |
|
Interest income |
|
|
(4.6 |
) |
|
|
(0.2 |
) |
Other non-operating (income) expense, net |
|
|
(1.2 |
) |
|
|
0.1 |
|
Income from continuing operations before income taxes |
|
|
128.0 |
|
|
|
254.8 |
|
Provision for income taxes |
|
|
28.4 |
|
|
|
60.5 |
|
Income from continuing operations |
|
|
99.6 |
|
|
|
194.3 |
|
|
|
|
|
|
||||
Discontinued operations: |
|
|
|
|
||||
Income (loss) before income taxes |
|
|
0.6 |
|
|
|
(0.7 |
) |
Benefit from income taxes |
|
|
(1.5 |
) |
|
|
— |
|
Income (loss) income from discontinued operations |
|
|
2.1 |
|
|
|
(0.7 |
) |
Net income |
|
$ |
101.7 |
|
|
$ |
193.6 |
|
|
|
|
|
|
||||
Basic earnings per share attributable to common shares: |
|
|
|
|
||||
Income from continuing operations |
|
$ |
1.95 |
|
|
$ |
3.72 |
|
Income (loss) from discontinued operations |
|
|
0.04 |
|
|
|
(0.01 |
) |
Basic earnings per share |
|
$ |
1.99 |
|
|
$ |
3.71 |
|
|
|
|
|
|
||||
Diluted earnings per share attributable to common shares: |
|
|
|
|
||||
Income from continuing operations |
|
$ |
1.92 |
|
|
$ |
3.67 |
|
Income (loss) from discontinued operations |
|
|
0.04 |
|
|
|
(0.01 |
) |
Diluted earnings per share |
|
$ |
1.96 |
|
|
$ |
3.66 |
|
|
|
|
|
|
||||
Average shares outstanding: |
|
|
|
|
||||
Basic |
|
|
51.1 |
|
|
|
52.1 |
|
Diluted |
|
|
51.7 |
|
|
|
52.9 |
|
|
|
|
|
|
||||
Dividends declared and paid per share |
|
$ |
0.75 |
|
|
$ |
0.54 |
|
Unaudited Condensed Consolidated Statements of Cash Flows |
||||||||
|
|
Three Months Ended
|
||||||
(in millions) |
|
|
2023 |
|
|
|
2022 |
|
Net cash provided by operating activities |
|
$ |
149.6 |
|
|
$ |
44.3 |
|
|
|
|
|
|
||||
Investing activities: |
|
|
|
|
||||
Capital expenditures |
|
|
(40.2 |
) |
|
|
(31.1 |
) |
Proceeds from sale of discontinued operation, net of cash disposed |
|
|
— |
|
|
|
125.0 |
|
Acquisitions, net of cash acquired |
|
|
— |
|
|
|
(24.7 |
) |
Investment in securities |
|
|
0.5 |
|
|
|
10.3 |
|
Other investing activities, net |
|
|
8.0 |
|
|
|
1.7 |
|
Net cash (used in) provided by investing activities |
|
|
(31.7 |
) |
|
|
81.2 |
|
|
|
|
|
|
||||
Financing activities: |
|
|
|
|
||||
Repurchases of common stock |
|
|
(50.0 |
) |
|
|
(125.0 |
) |
Dividends paid |
|
|
(38.9 |
) |
|
|
(28.7 |
) |
Proceeds from exercise of stock options |
|
|
4.8 |
|
|
|
7.7 |
|
Withholding tax paid related to stock-based compensation |
|
|
(9.9 |
) |
|
|
(12.0 |
) |
Other financing activities, net |
|
|
(0.8 |
) |
|
|
(0.8 |
) |
Net cash used in financing activities |
|
|
(94.8 |
) |
|
|
(158.8 |
) |
|
|
|
|
|
||||
Effect of foreign currency exchange rate changes on cash and cash equivalents |
|
|
0.8 |
|
|
|
0.6 |
|
|
|
|
|
|
||||
Change in cash and cash equivalents |
|
|
23.9 |
|
|
|
(32.7 |
) |
Cash and cash equivalents at beginning of period |
|
|
400.0 |
|
|
|
324.4 |
|
Cash and cash equivalents at end of period |
|
$ |
423.9 |
|
|
$ |
291.7 |
|
Unaudited Selected Consolidated Balance Sheet Data |
||||||
(in millions) |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
423.9 |
|
$ |
400.0 |
Long-term debt, including current portion |
|
|
2,583.9 |
|
|
2,583.3 |
Total stockholders' equity |
|
|
3,058.3 |
|
|
3,024.4 |
Unaudited Non-GAAP Financial Measures - Organic Revenue
Organic revenue (defined as revenue excluding acquired revenues within the last 12 months and the impact of changes in foreign exchange rates versus the
|
|
Three Months Ended |
||||||||||||||||||||||||||||
(in millions, except percentages) |
|
CSL |
|
CCM |
|
CWT |
|
CIT |
|
CFT |
||||||||||||||||||||
2022 Revenues (GAAP) |
|
$ |
1,496.3 |
|
|
|
$ |
881.1 |
|
|
|
$ |
359.1 |
|
|
|
$ |
185.0 |
|
|
|
$ |
71.1 |
|
|
|||||
Organic (volume/price) |
|
|
(308.7 |
) |
(20.6 |
)% |
|
|
(301.7 |
) |
(34.2 |
)% |
|
|
(40.6 |
) |
(11.3 |
)% |
|
|
29.0 |
|
15.7 |
% |
|
|
4.6 |
|
6.5 |
% |
Acquisitions |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
FX impact |
|
|
(8.8 |
) |
(0.6 |
)% |
|
|
(3.4 |
) |
(0.4 |
)% |
|
|
(1.9 |
) |
(0.5 |
)% |
|
|
(0.5 |
) |
(0.3 |
)% |
|
|
(3.0 |
) |
(4.2 |
)% |
Total change |
|
|
(317.5 |
) |
(21.2 |
)% |
|
|
(305.1 |
) |
(34.6 |
)% |
|
|
(42.5 |
) |
(11.8 |
)% |
|
|
28.5 |
|
15.4 |
% |
|
|
1.6 |
|
2.3 |
% |
2023 Revenues (GAAP) |
|
$ |
1,178.8 |
|
|
|
$ |
576.0 |
|
|
|
$ |
316.6 |
|
|
|
$ |
213.5 |
|
|
|
$ |
72.7 |
|
|
Unaudited Non-GAAP Financial Measures - Free Cash Flow
Free cash flow is intended to provide investors and others with information about Carlisle's liquidity and provides a more complete understanding of factors and trends affecting the Company's cash flows. This information differs from operating cash flow determined in accordance with GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Carlisle's free cash flow follows, which may not be comparable to similarly titled measures reported by other companies.
|
|
Three Months Ended
|
||||||
(in millions) |
|
|
2023 |
|
|
|
2022 |
|
Operating cash flow (GAAP) |
|
$ |
149.6 |
|
|
$ |
44.3 |
|
Less: operating cash flow from discontinued operations |
|
|
2.1 |
|
|
|
(0.7 |
) |
Operating cash flow from continuing operations |
|
$ |
147.5 |
|
|
$ |
45.0 |
|
|
|
|
|
|
||||
Capital expenditures (GAAP) |
|
$ |
(40.2 |
) |
|
$ |
(31.1 |
) |
Less: capital expenditures from discontinued operations |
|
|
— |
|
|
|
— |
|
Capital expenditures from continuing operations |
|
$ |
(40.2 |
) |
|
$ |
(31.1 |
) |
|
|
|
|
|
||||
Operating cash flow from continuing operations |
|
$ |
147.5 |
|
|
$ |
45.0 |
|
Capital expenditures from continuing operations |
|
|
(40.2 |
) |
|
|
(31.1 |
) |
Free cash flow from continuing operations |
|
$ |
107.3 |
|
|
$ |
13.9 |
|
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Earnings before interest and taxes ("EBIT"), adjusted EBIT, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA margin are intended to provide investors and others with information about the Company's and its segments' performance without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s businesses and evaluate the Company’s performance relative to similarly-situated companies. This information differs from net income and operating income determined in accordance with GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Carlisle's and its segments' EBIT, adjusted EBIT, adjusted EBITDA and adjusted EBITDA margin follows, which may not be comparable to similarly titled measures reported by other companies.
|
|
Three Months Ended
|
||||||
(in millions, except percentages) |
|
|
2023 |
|
|
|
2022 |
|
Net income (GAAP) |
|
$ |
101.7 |
|
|
$ |
193.6 |
|
Less: income (loss) from discontinued operations (GAAP) |
|
|
2.1 |
|
|
|
(0.7 |
) |
Income from continuing operations (GAAP) |
|
|
99.6 |
|
|
|
194.3 |
|
Provision for income taxes |
|
|
28.4 |
|
|
|
60.5 |
|
Interest expense, net |
|
|
18.8 |
|
|
|
22.6 |
|
Interest income |
|
|
(4.6 |
) |
|
|
(0.2 |
) |
EBIT |
|
|
142.2 |
|
|
|
277.2 |
|
Exit and disposal, and facility rationalization costs |
|
|
4.7 |
|
|
|
2.1 |
|
Inventory step-up amortization and transaction costs |
|
|
1.6 |
|
|
|
— |
|
Impairment charges |
|
|
0.9 |
|
|
|
0.2 |
|
Losses from acquisitions and disposals |
|
|
4.0 |
|
|
|
0.3 |
|
Losses from insurance |
|
|
— |
|
|
|
0.3 |
|
Gains from litigation |
|
|
(0.1 |
) |
|
|
— |
|
Total non-comparable items |
|
|
11.1 |
|
|
|
2.9 |
|
Adjusted EBIT |
|
|
153.3 |
|
|
|
280.1 |
|
Depreciation |
|
|
23.3 |
|
|
|
24.0 |
|
Amortization |
|
|
37.2 |
|
|
|
40.7 |
|
Adjusted EBITDA |
|
$ |
213.8 |
|
|
$ |
344.8 |
|
Divided by: |
|
|
|
|
||||
Total revenues |
|
$ |
1,178.8 |
|
|
$ |
1,496.3 |
|
Adjusted EBITDA margin |
|
|
18.1 |
% |
|
|
23.0 |
% |
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
|
|
Three Months Ended |
||||||||||||||||||
(in millions, except percentages) |
|
CCM |
|
CWT |
|
CIT |
|
CFT |
|
Corporate and
|
||||||||||
Operating income (loss) (GAAP) |
|
$ |
122.4 |
|
|
$ |
24.1 |
|
|
$ |
10.9 |
|
|
$ |
10.7 |
|
|
$ |
(27.1 |
) |
Non-operating income, net(1) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.8 |
) |
EBIT |
|
|
122.5 |
|
|
|
24.3 |
|
|
|
11.0 |
|
|
|
10.7 |
|
|
|
(26.3 |
) |
Exit and disposal, and facility rationalization costs |
|
|
0.1 |
|
|
|
2.2 |
|
|
|
2.2 |
|
|
|
0.2 |
|
|
|
— |
|
Inventory step-up amortization and transaction costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.6 |
|
Impairment charges |
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Gains) losses from acquisitions and disposals |
|
|
(0.2 |
) |
|
|
4.1 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
Losses (gains) from litigation |
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
(0.2 |
) |
Total non-comparable items |
|
|
(0.1 |
) |
|
|
7.2 |
|
|
|
2.4 |
|
|
|
0.2 |
|
|
|
1.4 |
|
Adjusted EBIT |
|
|
122.4 |
|
|
|
31.5 |
|
|
|
13.4 |
|
|
|
10.9 |
|
|
|
(24.9 |
) |
Depreciation |
|
|
10.3 |
|
|
|
4.8 |
|
|
|
5.9 |
|
|
|
1.3 |
|
|
|
1.0 |
|
Amortization |
|
|
4.1 |
|
|
|
17.6 |
|
|
|
11.2 |
|
|
|
3.7 |
|
|
|
0.6 |
|
Adjusted EBITDA |
|
$ |
136.8 |
|
|
$ |
53.9 |
|
|
$ |
30.5 |
|
|
$ |
15.9 |
|
|
$ |
(23.3 |
) |
Divided by: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues |
|
$ |
576.0 |
|
|
$ |
316.6 |
|
|
$ |
213.5 |
|
|
$ |
72.7 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
23.8 |
% |
|
|
17.0 |
% |
|
|
14.3 |
% |
|
|
21.9 |
% |
|
|
NM |
|
(1) |
Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income. |
|
|
Three Months Ended |
||||||||||||||||||
(in millions, except percentages) |
|
CCM |
|
CWT |
|
CIT |
|
CFT |
|
Corporate and
|
||||||||||
Operating income (loss) (GAAP) |
|
$ |
261.1 |
|
|
$ |
37.5 |
|
|
$ |
(2.5 |
) |
|
$ |
4.8 |
|
|
$ |
(23.6 |
) |
Non-operating expense (income), net(1) |
|
|
— |
|
|
|
0.1 |
|
|
|
(0.5 |
) |
|
|
0.1 |
|
|
|
0.4 |
|
EBIT |
|
|
261.1 |
|
|
|
37.4 |
|
|
|
(2.0 |
) |
|
|
4.7 |
|
|
|
(24.0 |
) |
Exit and disposal, and facility rationalization costs |
|
|
— |
|
|
|
0.1 |
|
|
|
2.0 |
|
|
|
— |
|
|
|
— |
|
Inventory step-up amortization and transaction costs |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
Impairment charges |
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Losses from acquisitions and disposals |
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
— |
|
Losses from insurance |
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-comparable items |
|
|
— |
|
|
|
0.5 |
|
|
|
2.2 |
|
|
|
0.1 |
|
|
|
0.1 |
|
Adjusted EBIT |
|
|
261.1 |
|
|
|
37.9 |
|
|
|
0.2 |
|
|
|
4.8 |
|
|
|
(23.9 |
) |
Depreciation |
|
|
9.2 |
|
|
|
6.3 |
|
|
|
6.1 |
|
|
|
1.5 |
|
|
|
0.9 |
|
Amortization |
|
|
5.0 |
|
|
|
18.9 |
|
|
|
12.1 |
|
|
|
4.2 |
|
|
|
0.5 |
|
Adjusted EBITDA |
|
$ |
275.3 |
|
|
$ |
63.1 |
|
|
$ |
18.4 |
|
|
$ |
10.5 |
|
|
$ |
(22.5 |
) |
Divided by: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues |
|
$ |
881.1 |
|
|
$ |
359.1 |
|
|
$ |
185.0 |
|
|
$ |
71.1 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
31.2 |
% |
|
|
17.6 |
% |
|
|
9.9 |
% |
|
|
14.8 |
% |
|
|
NM |
|
(1) |
Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income. |
Unaudited Non-GAAP Financial Measures - Adjusted Net Income and Adjusted Diluted EPS
Adjusted net income and adjusted diluted earnings per share is intended to provide investors and others with information about Carlisle's performance without the effect of items that, by their nature, tend to obscure the Company’s core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. This information differs from net income and diluted earnings per share determined in accordance with GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Carlisle's adjusted net income and adjusted diluted earnings per share follows, which may not be comparable to similarly titled measures reported by other companies.
|
|
Three Months Ended
|
|
Three Months Ended
|
|||||||||||||||||
(in millions, except per share amounts) |
|
Pre-tax
|
|
After-tax
|
|
Impact to Diluted
|
|
Pre-tax
|
|
After-tax
|
|
Impact to Diluted
|
|||||||||
Net income (GAAP) |
|
|
|
$ |
101.7 |
|
|
$ |
1.96 |
|
|
|
|
$ |
193.6 |
|
|
$ |
3.66 |
|
|
Less: income (loss) from discontinued operations (GAAP) |
|
|
|
|
2.1 |
|
|
|
0.04 |
|
|
|
|
|
(0.7 |
) |
|
|
(0.01 |
) |
|
Income from continuing operations (GAAP) |
|
|
|
|
99.6 |
|
|
|
1.92 |
|
|
|
|
|
194.3 |
|
|
|
3.67 |
|
|
Exit and disposal, and facility rationalization costs |
|
4.7 |
|
|
|
3.5 |
|
|
|
0.07 |
|
|
2.1 |
|
|
1.6 |
|
|
|
0.03 |
|
Inventory step-up amortization and transaction costs |
|
1.6 |
|
|
|
1.2 |
|
|
|
0.02 |
|
|
— |
|
|
— |
|
|
|
— |
|
Impairment charges |
|
0.9 |
|
|
|
0.7 |
|
|
|
0.01 |
|
|
0.2 |
|
|
0.2 |
|
|
|
— |
|
Losses from acquisitions and disposals |
|
4.0 |
|
|
|
3.0 |
|
|
|
0.06 |
|
|
0.3 |
|
|
0.2 |
|
|
|
— |
|
Losses from insurance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
0.3 |
|
|
0.3 |
|
|
|
0.01 |
|
Gains from litigation |
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
Acquisition-related amortization(3) |
|
35.5 |
|
|
|
26.9 |
|
|
|
0.52 |
|
|
39.2 |
|
|
29.5 |
|
|
|
0.56 |
|
Discrete tax items(4) |
|
— |
|
|
|
(1.5 |
) |
|
|
(0.03 |
) |
|
— |
|
|
(0.4 |
) |
|
|
(0.01 |
) |
Total adjustments |
|
|
|
|
33.8 |
|
|
|
0.65 |
|
|
|
|
|
31.4 |
|
|
|
0.59 |
|
|
Adjusted net income |
|
|
|
$ |
133.4 |
|
|
$ |
2.57 |
|
|
|
|
$ |
225.7 |
|
|
$ |
4.26 |
|
(1) |
The impact to net income reflects the tax effect of noted items, which is based on the statutory rate in the jurisdiction in which the expense or income is deductible or taxable. |
|
(2) |
The per share impact of adjustments to each period is based on diluted shares outstanding using the two-class method. |
|
(3) |
Acquisition-related amortization includes the amortization of customer relationships, technology, trade names and other intangible assets recorded in purchase accounting in connection with a business combination. These intangible assets contribute to revenue generation and the amortization of these assets will recur until such intangible assets are fully amortized. |
|
(4) |
Discrete tax items include current period tax expense or benefit related to prior year items, the tax impact of foreign currency gains and losses, or changes in tax laws or rates. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230427005874/en/
Vice President, Investor Relations
(480) 781-5135
jgiannakouros@carlisle.com
Source: