Carlisle Companies Reports Record First Quarter Results
Carlisle Companies (NYSE:CSL) reported record revenues of $1.5 billion for Q1 2022, a 45% organic increase year-over-year. The company achieved a GAAP Diluted EPS of $3.67 and an Adjusted Diluted EPS of $4.26, marking a 209% rise from last year. Strong demand in re-roofing, effective pricing strategies, and successful integration of the Henry acquisition contributed to these results. Despite challenges from supply chain disruptions, Carlisle anticipates continued revenue growth and has returned $125 million to shareholders through buybacks.
- Record Q1 2022 revenues of $1.5 billion, up 45% year-over-year.
- GAAP Diluted EPS increased to $3.67; Adjusted Diluted EPS rose to $4.26, up 209%.
- Strong performance in Carlisle Construction Materials and Weatherproofing Technologies.
- Henry acquisition exceeded synergy commitments, contributing to overall growth.
- Returned $125 million to shareholders through share repurchases.
- Operating cash flow decreased by $19.1 million year-over-year to $45 million.
- Free cash flow from continuing operations was only $13.9 million due to increased working capital needs.
-
Generated record first quarter revenues of
, up$1.5 billion 45% organically year-over-year -
Reported record first quarter GAAP Diluted EPS of
and Adjusted Diluted EPS of$3.67 , an increase of$4.26 209% from prior year - Continued strong tailwinds, including pent-up demand in re-roofing backlogs
- Weathered significant global supply chain disruptions; raw material and labor inflation persisted
- Henry acquisition continues to exceed our expectations
-
Repurchased shares totaling
in the quarter$125 million
Comments from
"As we move into the second quarter of 2022, and enjoy the benefits of an easing of our over two-year battle with the effects of the COVID-19 pandemic, we are deeply saddened by the continued humanitarian crisis occurring in
"Turning to Carlisle's performance, the entire Carlisle team drove outstanding results in the first quarter, including record revenues, record Adjusted EBITDA, and record Adjusted Diluted EPS. The team delivered these remarkable results while navigating continuing and unprecedented demand, supply chain constraints, and industry-wide labor and raw material challenges.
"Underpinning Carlisle's outstanding first quarter 2022 performance:
-
Carlisle Construction Materials (CCM) and Carlisle Weatherproofing Technologies (CWT) continue to benefit from strong re-roofing demand, solid new construction demand, and a growing push to install energy-efficient solutions. - Our teams continue to work with great effort to secure raw materials, appropriately staff at all levels, and strive to meet our customers' expectations. Our goal, as always, is to deliver the Carlisle Experience.
- Our pivot towards our highest returning Building Products businesses that began in 2017 continues to prove to be the right strategic direction for Carlisle, which is reflected in Carlisle's record first quarter sales and profits.
- Our proactive and value-added approach to pricing, which began several years ago and accelerated coming into 2021, enabled us to neutralize the effects of significant raw material inflation last year, and offset continued pressures we experienced in the first quarter. We expect these pressures will persist throughout 2022.
-
The Henry integration continues to exceed expectations and deliver on our synergy commitments of
.$30 million - We are pleased that the Carlisle business model is squarely in the middle of global ESG trends as our products enable a more efficient use of energy in buildings. We continue to make significant progress towards our goal of delivering a net zero commitment in 2022.
-
We have invested
over the past decade to expand capacity, drive innovation, and develop world-class processes - without which our record results would not be possible.$1.2 billion - CIT's backlog continues to grow, and we are encouraged by the recertification and accelerating deliveries of the 737 MAX, the impending resumption of 787 deliveries later this year, and improved capital spending in Medical markets.
"We remain committed to disciplined and superior capital allocation, which includes returning capital to shareholders. In the first quarter, we paid
"In closing, I continue to be impressed by the resilience, determination and hard work of everyone at Carlisle, without which our record first quarter results and improved outlook would not be possible. With demand accelerating across our businesses, and our new segment structure in place to focus our teams, Carlisle is well positioned to drive continued profitable growth in 2022 - and deliver Vision 2025."
First Quarter 2022
Revenue of
Operating income for the first quarter of
Diluted EPS for the first quarter of
First Quarter 2022 Segment Highlights
-
Revenues of
, up$0.9 billion 58.4% (+58.9% organic) year-over-year, were driven by the strength ofU.S. commercial roofing demand, price and strong performances across all product lines. -
Operating income was
, up$261.1 million 135.9% year-over-year. Adjusted EBITDA was , up$275.3 million 122.2% year-over-year, reflecting an adjusted EBITDA margin of31.2% , which was positively impacted by higher volumes, price, favorable mix, and savings from COS, and partially offset by raw material, freight and wage inflation. -
We expect full year 2022 sales to increase approximately
30% year-over-year.
Carlisle Weatherproofing Technologies (CWT)
-
Revenues of
, up$359.1 million 120.4% (+36.0% organic) year-over-year, were driven by the Henry acquisition, price, and strong performances across all product lines. -
Operating income was
, up$37.5 million 253.8% year-over-year. Adjusted EBITDA was , up$63.1 million 201.9% year-over-year reflecting an adjusted EBITDA margin of17.6% , which was positively impacted by higher volumes, price, favorable mix, and savings from COS, and partially offset by raw material, freight and wage inflation. -
We expect full year 2022 sales to increase 55
-60% year-over-year, which includes high-teens organic growth.
-
Revenues of
, up$185.0 million 18.7% (all organic) year-over-year, were driven by strengthening aerospace and medical end markets. -
Operating loss was
. Adjusted EBITDA was$2.5 million , up$18.4 million 67.3% year-over-year reflecting an adjusted EBITDA margin of9.9% , which positively impacted by higher volumes, benefits from past restructuring, and COS savings, and partially offset by raw material and wage inflation and higher operating expenses. - We now expect full year 2022 sales to increase low-double digits year-over-year.
-
Revenues of
, up$71.1 million 8.1% (+9.9% organic) year-over-year, reflected price and higher volumes, partially offset by unfavorable changes in foreign exchange rates. -
Operating income was
. Adjusted EBITDA was$4.8 million , up$10.5 million 2.9% year-over-year reflecting an adjusted EBITDA margin of14.8% , positively impacted by higher volumes, price realization, and savings from COS, and partially offset by material and wage inflation. -
We still expect full year 2022 sales to increase approximately
10% year-over-year.
Cash Flow
Operating cash flow from continuing operations for the quarter ended
During the quarter ended
Conference Call and Webcast
Carlisle will discuss first quarter 2022 results on a conference call at
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the potential or expected impacts of the global COVID-19 pandemic. 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: risks from the global COVID-19 pandemic, including, for example, expectations regarding the impact of the COVID-19 pandemic 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, 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; 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; and the outcome of pending and future litigation and governmental proceedings 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) |
|
2022 |
|
2021 |
||||
Revenues |
|
$ |
1,496.3 |
|
|
$ |
940.9 |
|
|
|
|
|
|
||||
Cost of goods sold |
|
|
1,005.4 |
|
|
|
696.0 |
|
Selling and administrative expenses |
|
|
203.0 |
|
|
|
150.8 |
|
Research and development expenses |
|
|
12.3 |
|
|
|
10.4 |
|
Other operating income, net |
|
|
(1.7 |
) |
|
|
(1.0 |
) |
Operating income |
|
|
277.3 |
|
|
|
84.7 |
|
Interest expense, net |
|
|
22.6 |
|
|
|
19.2 |
|
Interest income |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
Other non-operating expense, net |
|
|
0.1 |
|
|
|
3.6 |
|
Income from continuing operations before income taxes |
|
|
254.8 |
|
|
|
62.4 |
|
Provision for income taxes |
|
|
60.5 |
|
|
|
13.3 |
|
Income from continuing operations |
|
|
194.3 |
|
|
|
49.1 |
|
|
|
|
|
|
||||
Discontinued operations: |
|
|
|
|
||||
(Loss) income before income taxes |
|
|
(0.7 |
) |
|
|
4.5 |
|
Benefit from for income taxes |
|
|
— |
|
|
|
1.4 |
|
(Loss) income from discontinued operations |
|
|
(0.7 |
) |
|
|
3.1 |
|
Net income |
|
$ |
193.6 |
|
|
$ |
52.2 |
|
|
|
|
|
|
||||
Basic earnings per share attributable to common shares: |
|
|
|
|
||||
Income from continuing operations |
|
$ |
3.72 |
|
|
$ |
0.92 |
|
(Loss) income from discontinued operations |
|
|
(0.01 |
) |
|
|
0.06 |
|
Basic earnings per share |
|
$ |
3.71 |
|
|
$ |
0.98 |
|
|
|
|
|
|
||||
Diluted earnings per share attributable to common shares: |
|
|
|
|
||||
Income from continuing operations |
|
$ |
3.67 |
|
|
$ |
0.91 |
|
(Loss) income from discontinued operations |
|
|
(0.01 |
) |
|
|
0.06 |
|
Diluted earnings per share |
|
$ |
3.66 |
|
|
$ |
0.97 |
|
|
|
|
|
|
||||
Average shares outstanding: |
|
|
|
|
||||
Basic |
|
|
52.1 |
|
|
|
53.0 |
|
Diluted |
|
|
52.9 |
|
|
|
53.6 |
|
|
|
|
|
|
||||
Dividends declared and paid per share |
|
$ |
0.54 |
|
|
$ |
0.525 |
|
Unaudited Condensed Consolidated Statements of Cash Flows |
||||||||
|
|
Three Months Ended
|
||||||
(in millions) |
|
2022 |
|
2021 |
||||
Net cash provided by operating activities |
|
$ |
44.3 |
|
|
$ |
67.6 |
|
|
|
|
|
|
||||
Investing activities: |
|
|
|
|
||||
Proceeds from sale of discontinued operation, net of cash disposed |
|
|
125.0 |
|
|
|
— |
|
Acquisitions, net of cash acquired |
|
|
(24.7 |
) |
|
|
— |
|
Capital expenditures |
|
|
(31.1 |
) |
|
|
(20.0 |
) |
Investment in securities |
|
|
10.3 |
|
|
|
(10.2 |
) |
Other investing activities, net |
|
|
1.7 |
|
|
|
1.8 |
|
Net cash provided by (used in) investing activities |
|
|
81.2 |
|
|
|
(28.4 |
) |
|
|
|
|
|
||||
Financing activities: |
|
|
|
|
||||
Repurchases of common stock |
|
|
(125.0 |
) |
|
|
(150.0 |
) |
Dividends paid |
|
|
(28.7 |
) |
|
|
(28.4 |
) |
Proceeds from exercise of stock options |
|
|
7.7 |
|
|
|
13.5 |
|
Withholding tax paid related to stock-based compensation |
|
|
(12.0 |
) |
|
|
(7.6 |
) |
Other financing activities, net |
|
|
(0.8 |
) |
|
|
(0.3 |
) |
Net cash used in financing activities |
|
|
(158.8 |
) |
|
|
(172.8 |
) |
|
|
|
|
|
||||
Effect of foreign currency exchange rate changes on cash and cash equivalents |
|
|
0.6 |
|
|
|
(1.4 |
) |
|
|
|
|
|
||||
Change in cash and cash equivalents |
|
|
(32.7 |
) |
|
|
(135.0 |
) |
Less: change in cash and cash equivalents of discontinued operations |
|
|
— |
|
|
|
1.1 |
|
Cash and cash equivalents at beginning of period |
|
|
324.4 |
|
|
|
897.1 |
|
Cash and cash equivalents at end of period |
|
$ |
291.7 |
|
|
$ |
761.0 |
|
Unaudited Selected Consolidated Balance Sheet Data |
||||||||
(in millions) |
|
2022 |
|
2021 |
||||
Cash and cash equivalents |
|
$ |
291.7 |
|
$ |
324.4 |
||
Long-term debt, including current portion |
|
|
2,928.8 |
|
|
|
2,927.4 |
|
Total stockholders' equity |
|
|
2,678.6 |
|
|
|
2,629.5 |
|
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) |
|
CSL |
|
CCM |
|
CWT |
|
CIT |
|
CFT |
||||||||||||||||||||
2021 Revenue (GAAP) |
|
$ |
940.9 |
|
|
|
$ |
556.4 |
|
|
|
$ |
162.9 |
|
|
|
$ |
155.8 |
|
|
$ |
65.8 |
|
|
||||||
Volume/Price |
|
|
421.7 |
|
44.8 |
% |
|
|
327.5 |
|
58.9 |
% |
|
|
58.6 |
|
36.0 |
% |
|
|
29.1 |
|
18.7 |
% |
|
|
6.5 |
|
9.9 |
% |
Organic revenue |
|
|
421.7 |
|
44.8 |
% |
|
|
327.5 |
|
58.9 |
% |
|
|
58.6 |
|
36.0 |
% |
|
|
29.1 |
|
18.7 |
% |
|
|
6.5 |
|
9.9 |
% |
Acquisitions |
|
|
138.0 |
|
14.7 |
% |
|
|
— |
|
— |
% |
|
|
138.0 |
|
84.7 |
% |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
FX impact |
|
|
(4.3 |
) |
(0.5 |
)% |
|
|
(2.8 |
) |
(0.5 |
)% |
|
|
(0.4 |
) |
(0.3 |
)% |
|
|
0.1 |
|
— |
% |
|
|
(1.2 |
) |
(1.8 |
)% |
Total change |
|
|
555.4 |
|
59.0 |
% |
|
|
324.7 |
|
58.4 |
% |
|
|
196.2 |
|
120.4 |
% |
|
|
29.2 |
|
18.7 |
% |
|
|
5.3 |
|
8.1 |
% |
2022 Revenue (GAAP) |
|
$ |
1,496.3 |
|
|
|
$ |
881.1 |
|
|
|
$ |
359.1 |
|
|
|
$ |
185.0 |
|
|
|
$ |
71.1 |
|
|
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) |
|
2022 |
|
2021 |
||||
Operating cash flow (GAAP) |
|
$ |
44.3 |
|
|
$ |
67.6 |
|
Less: operating cash flow from discontinued operations |
|
|
(0.7 |
) |
|
|
3.5 |
|
Operating cash flow from continuing operations |
|
$ |
45.0 |
|
|
$ |
64.1 |
|
|
|
|
|
|
||||
Capital expenditures (GAAP) |
|
$ |
(31.1 |
) |
|
$ |
(20.0 |
) |
Less: capital expenditures from discontinued operations |
|
|
— |
|
|
|
(2.5 |
) |
Capital expenditures from continuing operations |
|
$ |
(31.1 |
) |
|
$ |
(17.5 |
) |
|
|
|
|
|
||||
Operating cash flow from continuing operations |
|
$ |
45.0 |
|
|
$ |
64.1 |
|
Capital expenditures from continuing operations |
|
|
(31.1 |
) |
|
|
(17.5 |
) |
Free cash flow from continuing operations |
|
$ |
13.9 |
|
|
$ |
46.6 |
|
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 business 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 per share amounts) |
|
2022 |
|
2021 |
||||
Net income (GAAP) |
|
$ |
193.6 |
|
|
$ |
52.2 |
|
Less: (loss) income from discontinued operations (GAAP) |
|
|
(0.7 |
) |
|
|
3.1 |
|
Income from continuing operations (GAAP) |
|
|
194.3 |
|
|
|
49.1 |
|
Provision for income taxes |
|
|
60.5 |
|
|
|
13.3 |
|
Interest expense, net |
|
|
22.6 |
|
|
|
19.2 |
|
Interest income |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
EBIT |
|
|
277.2 |
|
|
|
81.1 |
|
Exit and disposal, and facility rationalization costs |
|
|
2.1 |
|
|
|
3.1 |
|
Inventory step-up amortization and acquisition costs |
|
|
— |
|
|
|
0.9 |
|
Impairment charges |
|
|
0.2 |
|
|
|
— |
|
Losses from acquisitions and disposals |
|
|
0.3 |
|
|
|
3.4 |
|
Losses from insurance |
|
|
0.3 |
|
|
|
— |
|
Total non-comparable items |
|
|
2.9 |
|
|
|
7.4 |
|
Adjusted EBIT |
|
|
280.1 |
|
|
|
88.5 |
|
Depreciation |
|
|
24.0 |
|
|
|
20.3 |
|
Amortization |
|
|
40.7 |
|
|
|
29.0 |
|
Adjusted EBITDA |
|
$ |
344.8 |
|
|
$ |
137.8 |
|
Divided by: |
|
|
|
|
||||
Total revenues |
|
$ |
1,496.3 |
|
|
$ |
940.9 |
|
Adjusted EBITDA margin |
|
|
23.0 |
% |
|
|
14.6 |
% |
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin |
||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||
(in millions) |
|
CCM |
|
CWT |
|
CIT |
|
CFT |
|
Corporate and unallocated |
||||||||||
Operating income (loss) (GAAP) |
|
$ |
261.1 |
|
|
$ |
37.5 |
|
|
$ |
(2.5 |
) |
|
$ |
4.8 |
|
|
$ |
(23.6 |
) |
Non-operating expense (income)(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 acquisition 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 expense (income), which may be presented in separate line items on the Condensed Consolidated Statements of Income. |
|
|
Three Months Ended |
||||||||||||||||||
(in millions) |
|
CCM |
|
CWT |
|
CIT |
|
CFT |
|
Corporate and unallocated |
||||||||||
Operating income (loss) (GAAP) |
|
$ |
110.7 |
|
|
$ |
10.6 |
|
|
$ |
(10.7 |
) |
|
$ |
4.3 |
|
|
$ |
(30.2 |
) |
Non-operating expense (income)(1) |
|
|
2.3 |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
0.4 |
|
|
|
1.0 |
|
EBIT |
|
|
108.4 |
|
|
|
10.7 |
|
|
|
(10.7 |
) |
|
|
3.9 |
|
|
|
(31.2 |
) |
Exit and disposal, and facility rationalization costs |
|
|
— |
|
|
|
— |
|
|
|
2.5 |
|
|
|
0.6 |
|
|
|
— |
|
Inventory step-up amortization and acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.8 |
|
Losses from acquisitions and disposals |
|
|
2.3 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
0.8 |
|
Total non-comparable items |
|
|
2.3 |
|
|
|
— |
|
|
|
2.8 |
|
|
|
0.7 |
|
|
|
1.6 |
|
Adjusted EBIT |
|
|
110.7 |
|
|
|
10.7 |
|
|
|
(7.9 |
) |
|
|
4.6 |
|
|
|
(29.6 |
) |
Depreciation |
|
|
9.2 |
|
|
|
2.7 |
|
|
|
6.3 |
|
|
|
1.2 |
|
|
|
0.9 |
|
Amortization |
|
|
4.0 |
|
|
|
7.5 |
|
|
|
12.6 |
|
|
|
4.4 |
|
|
|
0.5 |
|
Adjusted EBITDA |
|
$ |
123.9 |
|
|
$ |
20.9 |
|
|
$ |
11.0 |
|
|
$ |
10.2 |
|
|
$ |
(28.2 |
) |
Divided by: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues |
|
$ |
556.4 |
|
|
$ |
162.9 |
|
|
$ |
155.8 |
|
|
$ |
65.8 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
22.3 |
% |
|
|
12.8 |
% |
|
|
7.1 |
% |
|
|
15.5 |
% |
|
|
NM |
|
(1) |
Includes other non-operating expense (income), which may be presented in separate line items on the Condensed 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 Impact |
|
After-tax Impact(1) |
|
Impact to Diluted EPS(2) |
|
Pre-tax Impact |
|
After-tax Impact(1) |
|
Impact to Diluted EPS(2) |
||||||||||
Net income (GAAP) |
|
|
|
$ |
193.6 |
|
|
$ |
3.66 |
|
|
|
|
$ |
52.2 |
|
|
$ |
0.97 |
|
||
Less: (loss) income from discontinued operations (GAAP) |
|
|
|
|
(0.7 |
) |
|
|
(0.01 |
) |
|
|
|
|
3.1 |
|
|
|
0.06 |
|
||
Income from continuing operations (GAAP) |
|
|
|
|
194.3 |
|
|
|
3.67 |
|
|
|
|
|
49.1 |
|
|
|
0.91 |
|
||
Exit and disposal, and facility rationalization costs |
|
2.1 |
|
|
1.6 |
|
|
|
0.03 |
|
|
3.1 |
|
|
2.3 |
|
|
|
0.04 |
|
||
Inventory step-up amortization and acquisition costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
0.9 |
|
|
|
0.6 |
|
|
|
0.01 |
|
Impairment charges |
|
0.2 |
|
|
|
0.2 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Losses from acquisitions and disposals(3) |
|
0.3 |
|
|
|
0.2 |
|
|
|
— |
|
|
3.4 |
|
|
|
2.5 |
|
|
|
0.05 |
|
Losses from insurance |
|
0.3 |
|
|
|
0.3 |
|
|
|
0.01 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition-related amortization(4) |
|
39.2 |
|
|
|
29.5 |
|
|
|
0.56 |
|
|
28.1 |
|
|
|
21.3 |
|
|
|
0.40 |
|
Discrete tax items(5) |
|
— |
|
|
|
(0.4 |
) |
|
|
(0.01 |
) |
|
— |
|
|
|
(1.6 |
) |
|
|
(0.03 |
) |
Total adjustments |
|
|
|
|
31.4 |
|
|
|
0.59 |
|
|
|
|
|
25.1 |
|
|
|
0.47 |
|
||
Adjusted net income |
|
|
|
$ |
225.7 |
|
|
$ |
4.26 |
|
|
|
|
$ |
74.2 |
|
|
$ |
1.38 |
|
(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) |
After-tax impact includes discrete items related to indemnification asset write-offs, which had a zero impact to net income and diluted EPS |
|
(4) |
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. |
|
(5) |
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/20220428006152/en/
Vice President of Investor Relations
(480) 781-5135
jgiannakouros@carlisle.com
Source:
FAQ
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