Carlisle Companies Reports Record Fourth Quarter and Full Year 2022 Results
Carlisle Companies Incorporated (NYSE:CSL) reported record fourth quarter 2022 results, with revenue of $1.5 billion, up 5.7% year-over-year. The GAAP Diluted EPS rose to $3.44, while Adjusted Diluted EPS reached $3.92, an increase of 34%. For the full year, revenue hit $6.6 billion, marking a 37% annual increase, and GAAP Diluted EPS grew by 112% to $17.58. The company repurchased 770,000 shares for $199 million in Q4. Carlisle aims for net-zero GHG emissions by 2050 and expects modest revenue growth in 2023 amid improving supply chain conditions.
- Fourth quarter 2022 revenue reached $1.5 billion, up 5.7% year-over-year.
- Record full year 2022 revenue of $6.6 billion, an increase of 37% year-over-year.
- GAAP Diluted EPS for Q4 was $3.44, and Adjusted Diluted EPS was $3.92, reflecting a 34% increase.
- Successful share repurchase program totaling $400 million for 2022.
- Operating cash flow for 2022 was $1,009.1 million, a significant increase from the prior year.
- CWT segment reported a decline in operating income by 11.4% year-over-year.
- Expectations for 2023 sales in CWT to decrease low-double-digits year-over-year.
-
Reported record fourth quarter results
-
Revenue of
, increased$1.5 billion 5.7% year-over-year -
GAAP Diluted EPS of
and Adjusted Diluted EPS of$3.44 , increased$3.92 34%
-
Revenue of
-
Reported record full year 2022 results
-
Revenue of
, increased$6.6 billion 37% year-over-year -
GAAP Diluted EPS of
and Adjusted Diluted EPS of$17.58 , increased$20.01 112%
-
Revenue of
-
Repurchased 770 thousand shares for
in the quarter, totaling$199 million for full year 2022$400 million - Issued a broad-based equity grant to employees, the third such grant in the past 13 years
- Announced commitment to achieve Net-Zero greenhouse gas (GHG) emissions by 2050
Comments from
"2022 was a remarkable year for the entire Carlisle team. In addition to delivering record fourth quarter sales of
2022 also marked a key milestone in our Vision 2025 journey as we delivered
The past three years have been one of the most challenging operating environments in over a decade. By staying focused on our vision, delivering on our key initiatives, and developing exceptional talent globally, we continue to execute on our plans, staying focused on the key pillars of Vision 2025. These pillars include: driving greater than
These pillars support the foundation of Carlisle's culture of a diversified workplace, decentralized management style, entrepreneurial spirit and a culture of continuous improvement. Taken together, they drove the accelerated achievement of Vision 2025, and will continue to guide our value-creation in 2023 and beyond.
The fourth quarter of 2022 played out much as we expected. Supply chain conditions continued to improve, while the broader economy returned to a less frenetic environment, enabling our channel partners to settle into a more normalized buying cadence. While this normalization is occurring during our seasonally soft fourth and first quarters that can be heavily influenced by inclement weather, we believe strong long-term underlying fundamentals remain, including solid re-roofing demand and an increased focus on the energy efficiency of buildings.
Highlighting some of the significant drivers and accomplishments in the fourth quarter:
- Commercial re-roofing demand continues, including significant interest and activity in Carlisle's sustainable building solutions driven by rising energy costs, sustainability trends and projected investment from the Inflation Reduction Act;
- Pricing remained consistently positive across segments as we continue to demonstrate our value to our customers;
- Despite continued Fed rate hikes, the beginnings of a reduction of global inflation and greater availability of materials are leading us toward a more normalized operating environment;
-
We remained disciplined in our approach to capital deployment:
-
Repurchasing 770 thousand shares for
;$199 million -
Paying
of dividends in the quarter;$39 million -
Investing
into our businesses in the form of capital expenditures to drive innovation and the Carlisle Experience;$53 million
-
Repurchasing 770 thousand shares for
-
Finally, we announced our commitment to achieve Net-Zero GHG emissions across our entire value chain by 2050, aligning our goals with the Science Based Targets Initiative. The Science Based Targets initiative, SBTi, is an independent body based in the
U.K. that works in conjunction with theUnited Nations to help guide companies to establish emission reduction initiatives using science-based targets.
As we move further into 2023, and with Vision 2025 objectives well-ingrained throughout Carlisle, we will take actions to navigate this complex operating environment, deliver the Carlisle Experience to our customers and drive earnings growth for our shareholders."
Fourth Quarter 2022
Revenue for the fourth quarter of
Operating income for the fourth quarter of
Diluted earnings per share (EPS) for the fourth quarter of
Fourth Quarter 2022 Segment Highlights
-
Revenues of
, up$800.4 million 2.2% (+3.0% organic) year-over-year, were driven by resilience ofU.S. commercial roofing demand and price realization, partially offset by seasonal buying patterns as a result of a return to normal operating conditions, unfavorable impact of foreign exchange and unfavorable mix. -
Operating income was
, up$213.3 million 23.2% year-over-year. Adjusted EBITDA was , up$228.0 million 22.3% year-over-year, reflecting an adjusted EBITDA margin of28.5% , which was favorably impacted by positive pricing, and savings from the Carlisle Operating System (COS), and partially offset by volume, unfavorable product mix and raw material and wage inflation. - We expect full year 2023 sales to increase low-single-digits year-over-year.
Carlisle Weatherproofing Technologies (CWT)
-
Revenues of
, up$349.5 million 5.5% (+5.5% organic) year-over-year, were driven by retail strength and positive pricing, partially offset by residential demand weakness. -
Operating income was
, down -$22.5 million 11.4% year-over-year. Adjusted EBITDA was , down -$44.9 million 12.1% year-over-year reflecting an adjusted EBITDA margin of12.8% , which was negatively impacted by volumes in residential-related businesses, unfavorable mix and raw material, freight and wage inflation, partially offset by positive pricing and savings from COS. - We expect full year 2023 sales to decrease low-double-digits year-over-year.
-
Revenues of
, up$224.1 million 21.5% (+21.9% organic) year-over-year, were driven by continued strengthening of aerospace and medical end markets. -
Operating income was
, up$18.9 million 186% year-over-year. Adjusted EBITDA was , up$39.4 million 40.2% year-over-year reflecting an adjusted EBITDA margin of17.6% , which was positively impacted by higher volumes, and positive pricing, partially offset by wage inflation. - We expect full year 2023 sales to increase high-single-digits year-over-year.
-
Revenues of
, up$80.6 million 4.3% (+11.3% 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$13.0 million 55% year-over-year. Adjusted EBITDA was , up$17.8 million 28.1% year-over-year reflecting an adjusted EBITDA margin of22.1% , which was positively impacted by price realization and savings from COS, and partially offset by raw material and wage inflation. - We expect full year 2023 sales to increase high-single-digits year-over-year.
Cash Flow
Operating cash flow from continuing operations for the twelve months ended
During the year ended
Conference Call and Webcast
Carlisle will discuss fourth quarter 2022 results on a conference call at
Domestic toll free: 844-200-6205
International: +1 929-526-1599
Conference ID: 744530
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; 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; 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
|
|
Year Ended
|
||||||||||||
(in millions, except per share amounts) |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Revenues |
|
$ |
1,454.6 |
|
|
$ |
1,376.0 |
|
|
$ |
6,591.9 |
|
|
$ |
4,810.3 |
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
|
1,012.4 |
|
|
|
985.5 |
|
|
|
4,434.5 |
|
|
|
3,495.6 |
|
Selling and administrative expenses |
|
|
188.9 |
|
|
|
193.5 |
|
|
|
811.5 |
|
|
|
698.2 |
|
Research and development expenses |
|
|
12.8 |
|
|
|
12.9 |
|
|
|
50.8 |
|
|
|
49.9 |
|
Other operating expense (income), net |
|
|
0.9 |
|
|
|
1.6 |
|
|
|
19.4 |
|
|
|
(0.9 |
) |
Operating income |
|
|
239.6 |
|
|
|
182.5 |
|
|
|
1,275.7 |
|
|
|
567.5 |
|
Interest expense, net |
|
|
18.3 |
|
|
|
22.1 |
|
|
|
85.9 |
|
|
|
80.3 |
|
Interest income |
|
|
(3.3 |
) |
|
|
(0.1 |
) |
|
|
(7.1 |
) |
|
|
(1.2 |
) |
Other non-operating (income) expense, net |
|
|
(2.5 |
) |
|
|
0.3 |
|
|
|
1.3 |
|
|
|
5.9 |
|
Income from continuing operations before income taxes |
|
|
227.1 |
|
|
|
160.2 |
|
|
|
1,195.6 |
|
|
|
482.5 |
|
Provision for income taxes |
|
|
47.3 |
|
|
|
29.4 |
|
|
|
270.4 |
|
|
|
95.5 |
|
Income from continuing operations |
|
|
179.8 |
|
|
|
130.8 |
|
|
|
925.2 |
|
|
|
387.0 |
|
|
|
|
|
|
|
|
|
|
||||||||
Discontinued operations: |
|
|
|
|
|
|
|
|
||||||||
(Loss) income before income taxes |
|
|
(9.3 |
) |
|
|
(3.1 |
) |
|
|
(5.4 |
) |
|
|
9.9 |
|
Benefit from income taxes |
|
|
(3.7 |
) |
|
|
(0.4 |
) |
|
|
(4.2 |
) |
|
|
(24.8 |
) |
(Loss) income from discontinued operations |
|
|
(5.6 |
) |
|
|
(2.7 |
) |
|
|
(1.2 |
) |
|
|
34.7 |
|
Net income |
|
$ |
174.2 |
|
|
$ |
128.1 |
|
|
$ |
924.0 |
|
|
$ |
421.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share attributable to common shares: |
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
|
$ |
3.48 |
|
|
$ |
2.50 |
|
|
$ |
17.82 |
|
|
$ |
7.35 |
|
(Loss) income from discontinued operations |
|
|
(0.11 |
) |
|
|
(0.05 |
) |
|
|
(0.02 |
) |
|
|
0.66 |
|
Basic earnings per share |
|
$ |
3.37 |
|
|
$ |
2.45 |
|
|
$ |
17.80 |
|
|
$ |
8.01 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share attributable to common shares: |
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
|
$ |
3.44 |
|
|
$ |
2.46 |
|
|
$ |
17.58 |
|
|
$ |
7.26 |
|
(Loss) income from discontinued operations |
|
|
(0.11 |
) |
|
|
(0.05 |
) |
|
|
(0.02 |
) |
|
|
0.65 |
|
Diluted earnings per share |
|
$ |
3.33 |
|
|
$ |
2.41 |
|
|
$ |
17.56 |
|
|
$ |
7.91 |
|
|
|
|
|
|
|
|
|
|
||||||||
Average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
51.5 |
|
|
|
52.3 |
|
|
|
51.8 |
|
|
|
52.5 |
|
Diluted |
|
|
52.1 |
|
|
|
53.1 |
|
|
|
52.5 |
|
|
|
53.2 |
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared and paid per share |
|
$ |
0.75 |
|
|
$ |
0.54 |
|
|
$ |
2.58 |
|
|
$ |
2.13 |
|
Unaudited Condensed Consolidated Statements of Cash Flows |
||||||||
|
|
Year Ended
|
||||||
(in millions) |
|
2022 |
|
2021 |
||||
Net cash provided by operating activities |
|
$ |
1,000.9 |
|
|
$ |
421.7 |
|
|
|
|
|
|
||||
Investing activities: |
|
|
|
|
||||
Proceeds from sale of discontinued operation, net of cash disposed |
|
|
132.0 |
|
|
|
247.7 |
|
Capital expenditures |
|
|
(183.5 |
) |
|
|
(134.8 |
) |
Acquisitions, net of cash acquired |
|
|
(24.7 |
) |
|
|
(1,571.3 |
) |
Investment in securities |
|
|
10.3 |
|
|
|
(30.2 |
) |
Other investing activities, net |
|
|
4.8 |
|
|
|
2.2 |
|
Net used in investing activities |
|
|
(61.1 |
) |
|
|
(1,486.4 |
) |
|
|
|
|
|
||||
Financing activities: |
|
|
|
|
||||
Proceeds from notes |
|
|
— |
|
|
|
842.6 |
|
Repayments of notes |
|
|
(350.0 |
) |
|
|
— |
|
Borrowings from revolving credit facility |
|
|
— |
|
|
|
650.0 |
|
Repayments of revolving credit facility |
|
|
— |
|
|
|
(650.0 |
) |
Financing costs |
|
|
— |
|
|
|
(1.7 |
) |
Repurchases of common stock |
|
|
(400.0 |
) |
|
|
(315.6 |
) |
Dividends paid |
|
|
(134.4 |
) |
|
|
(112.5 |
) |
Proceeds from exercise of stock options |
|
|
40.4 |
|
|
|
85.9 |
|
Withholding tax paid related to stock-based compensation |
|
|
(14.7 |
) |
|
|
(8.5 |
) |
Other financing activities, net |
|
|
(3.3 |
) |
|
|
(2.1 |
) |
Net cash (used in) provided by financing activities |
|
|
(862.0 |
) |
|
|
488.1 |
|
|
|
|
|
|
||||
Effect of foreign currency exchange rate changes on cash and cash equivalents |
|
|
(2.2 |
) |
|
|
(1.2 |
) |
|
|
|
|
|
||||
Change in cash and cash equivalents |
|
|
75.6 |
|
|
|
(577.8 |
) |
Less: change in cash and cash equivalents of discontinued operations |
|
|
— |
|
|
|
(5.1 |
) |
Cash and cash equivalents at beginning of period |
|
|
324.4 |
|
|
|
897.1 |
|
Cash and cash equivalents at end of period |
|
$ |
400.0 |
|
|
$ |
324.4 |
|
Unaudited Selected Consolidated Balance Sheet Data |
||||||||
(in millions) |
|
2022 |
|
2021 |
||||
Cash and cash equivalents |
|
$ |
400.0 |
|
$ |
324.4 |
||
Long-term debt, including current portion |
|
|
2,583.3 |
|
|
|
2,927.4 |
|
Total stockholders' equity |
|
|
3,024.4 |
|
|
|
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, except percentages) |
|
CSL |
|
CCM |
|
CWT |
|
CIT |
|
CFT |
|||||||||||||||||||||||||
2021 Revenue (GAAP) |
|
$ |
1,376.0 |
|
|
|
$ |
783.1 |
|
|
|
$ |
331.2 |
|
|
|
$ |
184.4 |
|
|
|
$ |
77.3 |
|
|
||||||||||
Organic (volume/price) |
|
|
90.8 |
|
6.6 |
% |
|
|
23.5 |
|
3.0 |
% |
|
|
18.1 |
|
5.5 |
% |
|
|
40.4 |
|
21.9 |
% |
|
|
8.8 |
|
11.3 |
% |
|||||
Acquisitions |
|
|
2.7 |
|
0.2 |
% |
|
|
— |
|
— |
% |
|
|
2.7 |
|
0.8 |
% |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
|||||
FX impact |
|
|
(14.9 |
) |
(1.1 |
)% |
|
|
(6.2 |
) |
(0.8 |
)% |
|
|
(2.5 |
) |
(0.8 |
)% |
|
|
(0.7 |
) |
(0.4 |
)% |
|
|
(5.5 |
) |
(7.0 |
)% |
|||||
Total change |
|
|
78.6 |
|
5.7 |
% |
|
|
17.3 |
|
2.2 |
% |
|
|
18.3 |
|
5.5 |
% |
|
|
39.7 |
|
21.5 |
% |
|
|
3.3 |
|
4.3 |
% |
|||||
2022 Revenue (GAAP) |
|
$ |
1,454.6 |
|
|
|
$ |
800.4 |
|
|
|
$ |
349.5 |
|
|
|
$ |
224.1 |
|
|
|
$ |
80.6 |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Year Ended |
|||||||||||||||||||||||||||||||||
(in millions, except percentages) |
|
CSL |
|
CCM |
|
CWT |
|
CIT |
|
CFT |
|||||||||||||||||||||||||
2021 Revenue (GAAP) |
|
$ |
4,810.3 |
|
|
|
$ |
2,846.2 |
|
|
|
$ |
990.5 |
|
|
|
$ |
687.8 |
|
|
|
$ |
285.8 |
|
|
||||||||||
Organic (volume/price) |
|
|
1,382.3 |
|
28.7 |
% |
|
|
1,061.9 |
|
37.3 |
% |
|
|
135.0 |
|
13.6 |
% |
|
|
159.0 |
|
23.1 |
% |
|
|
26.4 |
|
9.3 |
% |
|||||
Acquisitions |
|
|
444.1 |
|
9.2 |
% |
|
|
— |
|
— |
% |
|
|
444.1 |
|
44.8 |
% |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
|||||
FX impact |
|
|
(44.8 |
) |
(0.9 |
)% |
|
|
(22.9 |
) |
(0.8 |
)% |
|
|
(5.4 |
) |
(0.5 |
)% |
|
|
(1.4 |
) |
(0.2 |
)% |
|
|
(15.1 |
) |
(5.3 |
)% |
|||||
Total change |
|
|
1,781.6 |
|
37.0 |
% |
|
|
1,039.0 |
|
36.5 |
% |
|
|
573.7 |
|
57.9 |
% |
|
|
157.6 |
|
22.9 |
% |
|
|
11.3 |
|
4.0 |
% |
|||||
2022 Revenue (GAAP) |
|
$ |
6,591.9 |
|
|
|
$ |
3,885.2 |
|
|
|
$ |
1,564.2 |
|
|
|
$ |
845.4 |
|
|
|
$ |
297.1 |
|
|
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
|
|
Year Ended
|
||||||||||||
(in millions) |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Operating cash flow (GAAP) |
|
$ |
412.3 |
|
|
$ |
137.8 |
|
|
$ |
1,000.9 |
|
|
$ |
421.7 |
|
Less: operating cash flow from discontinued operations |
|
|
(5.6 |
) |
|
|
(0.4 |
) |
|
|
(8.2 |
) |
|
|
8.1 |
|
Operating cash flow from continuing operations |
|
$ |
417.9 |
|
|
$ |
138.2 |
|
|
$ |
1,009.1 |
|
|
$ |
413.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures (GAAP) |
|
$ |
(53.0 |
) |
|
$ |
(45.9 |
) |
|
$ |
(183.5 |
) |
|
$ |
(134.8 |
) |
Less: capital expenditures from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6.7 |
) |
Capital expenditures from continuing operations |
|
$ |
(53.0 |
) |
|
$ |
(45.9 |
) |
|
$ |
(183.5 |
) |
|
$ |
(128.1 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Operating cash flow from continuing operations |
|
$ |
417.9 |
|
|
$ |
138.2 |
|
|
$ |
1,009.1 |
|
|
$ |
413.6 |
|
Capital expenditures from continuing operations |
|
|
(53.0 |
) |
|
|
(45.9 |
) |
|
|
(183.5 |
) |
|
|
(128.1 |
) |
Free cash flow from continuing operations |
|
$ |
364.9 |
|
|
$ |
92.3 |
|
|
$ |
825.6 |
|
|
$ |
285.5 |
|
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
|
|
Year Ended
|
||||||||||||
(in millions, except per share amounts and percentages) |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net income (GAAP) |
|
$ |
174.2 |
|
|
$ |
128.1 |
|
|
$ |
924.0 |
|
|
$ |
421.7 |
|
Less: (loss) income from discontinued operations (GAAP) |
|
|
(5.6 |
) |
|
|
(2.7 |
) |
|
|
(1.2 |
) |
|
|
34.7 |
|
Income from continuing operations (GAAP) |
|
|
179.8 |
|
|
|
130.8 |
|
|
|
925.2 |
|
|
|
387.0 |
|
Provision for income taxes |
|
|
47.3 |
|
|
|
29.4 |
|
|
|
270.4 |
|
|
|
95.5 |
|
Interest expense, net |
|
|
18.3 |
|
|
|
22.1 |
|
|
|
85.9 |
|
|
|
80.3 |
|
Interest income |
|
|
(3.3 |
) |
|
|
(0.1 |
) |
|
|
(7.1 |
) |
|
|
(1.2 |
) |
EBIT |
|
|
242.1 |
|
|
|
182.2 |
|
|
|
1,274.4 |
|
|
|
561.6 |
|
Exit and disposal, and facility rationalization costs |
|
|
1.6 |
|
|
|
3.1 |
|
|
|
5.8 |
|
|
|
17.1 |
|
Inventory step-up amortization and transaction costs |
|
|
1.2 |
|
|
|
2.0 |
|
|
|
4.4 |
|
|
|
26.4 |
|
Impairment charges |
|
|
— |
|
|
|
3.2 |
|
|
|
25.3 |
|
|
|
5.0 |
|
Losses from acquisitions and disposals |
|
|
0.1 |
|
|
|
1.2 |
|
|
|
0.8 |
|
|
|
4.7 |
|
Losses (gains) from insurance |
|
|
— |
|
|
|
0.2 |
|
|
|
(1.1 |
) |
|
|
0.4 |
|
Losses from litigation |
|
|
2.1 |
|
|
|
0.3 |
|
|
|
2.1 |
|
|
|
0.4 |
|
Total non-comparable items |
|
|
5.0 |
|
|
|
10.0 |
|
|
|
37.3 |
|
|
|
54.0 |
|
Adjusted EBIT |
|
|
247.1 |
|
|
|
192.2 |
|
|
|
1,311.7 |
|
|
|
615.6 |
|
Depreciation |
|
|
24.0 |
|
|
|
24.2 |
|
|
|
96.7 |
|
|
|
86.4 |
|
Amortization |
|
|
37.1 |
|
|
|
37.3 |
|
|
|
154.6 |
|
|
|
131.5 |
|
Adjusted EBITDA |
|
$ |
308.2 |
|
|
$ |
253.7 |
|
|
$ |
1,563.0 |
|
|
$ |
833.5 |
|
Divided by: |
|
|
|
|
|
|
|
|
||||||||
Total revenues |
|
$ |
1,454.6 |
|
|
$ |
1,376.0 |
|
|
$ |
6,591.9 |
|
|
$ |
4,810.3 |
|
Adjusted EBITDA margin |
|
|
21.2 |
% |
|
|
18.4 |
% |
|
|
23.7 |
% |
|
|
17.3 |
% |
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 unallocated |
||||||||||
Operating income (loss) (GAAP) |
|
$ |
213.3 |
|
|
$ |
22.5 |
|
|
$ |
18.9 |
|
|
$ |
13.0 |
|
|
$ |
(28.1 |
) |
Non-operating (income) expense, net(1) |
|
|
(0.1 |
) |
|
|
0.4 |
|
|
|
0.6 |
|
|
|
0.3 |
|
|
|
(3.7 |
) |
EBIT |
|
|
213.4 |
|
|
|
22.1 |
|
|
|
18.3 |
|
|
|
12.7 |
|
|
|
(24.4 |
) |
Exit and disposal, and facility rationalization costs |
|
|
0.1 |
|
|
|
— |
|
|
|
1.3 |
|
|
|
0.2 |
|
|
|
— |
|
Inventory step-up amortization and transaction costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.2 |
|
Losses (gains) from acquisitions and disposals |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
Losses from litigation |
|
|
— |
|
|
|
— |
|
|
|
2.1 |
|
|
|
— |
|
|
|
— |
|
Total non-comparable items |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
3.6 |
|
|
|
0.1 |
|
|
|
1.0 |
|
Adjusted EBIT |
|
|
213.6 |
|
|
|
22.2 |
|
|
|
21.9 |
|
|
|
12.8 |
|
|
|
(23.4 |
) |
Depreciation |
|
|
10.4 |
|
|
|
5.0 |
|
|
|
6.2 |
|
|
|
1.4 |
|
|
|
1.0 |
|
Amortization |
|
|
4.0 |
|
|
|
17.7 |
|
|
|
11.3 |
|
|
|
3.6 |
|
|
|
0.5 |
|
Adjusted EBITDA |
|
$ |
228.0 |
|
|
$ |
44.9 |
|
|
$ |
39.4 |
|
|
$ |
17.8 |
|
|
$ |
(21.9 |
) |
Divided by: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues |
|
$ |
800.4 |
|
|
$ |
349.5 |
|
|
$ |
224.1 |
|
|
$ |
80.6 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
28.5 |
% |
|
|
12.8 |
% |
|
|
17.6 |
% |
|
|
22.1 |
% |
|
|
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 unallocated |
||||||||||
Operating income (loss) (GAAP) |
|
$ |
173.1 |
|
|
$ |
25.4 |
|
|
$ |
6.6 |
|
|
$ |
8.4 |
|
|
$ |
(31.0 |
) |
Non-operating (income) expense, net(1) |
|
|
(0.1 |
) |
|
|
(0.5 |
) |
|
|
(0.1 |
) |
|
|
0.3 |
|
|
|
0.7 |
|
EBIT |
|
|
173.2 |
|
|
|
25.9 |
|
|
|
6.7 |
|
|
|
8.1 |
|
|
|
(31.7 |
) |
Exit and disposal, and facility rationalization costs |
|
|
— |
|
|
|
0.4 |
|
|
|
2.5 |
|
|
|
— |
|
|
|
0.2 |
|
Inventory step-up amortization and transaction costs |
|
|
— |
|
|
|
2.1 |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.2 |
|
Losses (gains) from acquisitions and disposals |
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
0.1 |
|
|
|
— |
|
|
|
1.1 |
|
Losses from insurance |
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Losses from litigation |
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.1 |
|
Total non-comparable items |
|
|
0.1 |
|
|
|
2.6 |
|
|
|
2.8 |
|
|
|
— |
|
|
|
4.5 |
|
Adjusted EBIT |
|
|
173.3 |
|
|
|
28.5 |
|
|
|
9.5 |
|
|
|
8.1 |
|
|
|
(27.2 |
) |
Depreciation |
|
|
9.2 |
|
|
|
6.3 |
|
|
|
6.3 |
|
|
|
1.5 |
|
|
|
0.9 |
|
Amortization |
|
|
3.9 |
|
|
|
16.3 |
|
|
|
12.3 |
|
|
|
4.3 |
|
|
|
0.5 |
|
Adjusted EBITDA |
|
$ |
186.4 |
|
|
$ |
51.1 |
|
|
$ |
28.1 |
|
|
$ |
13.9 |
|
|
$ |
(25.8 |
) |
Divided by: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues |
|
$ |
783.1 |
|
|
$ |
331.2 |
|
|
$ |
184.4 |
|
|
$ |
77.3 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
23.8 |
% |
|
|
15.4 |
% |
|
|
15.2 |
% |
|
|
18.0 |
% |
|
|
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 - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin |
||||||||||||||||||||
|
|
Year Ended |
||||||||||||||||||
(in millions, except percentages) |
|
CCM |
|
CWT |
|
CIT |
|
CFT |
|
Corporate and unallocated |
||||||||||
Operating income (loss) (GAAP) |
|
$ |
1,175.0 |
|
$ |
128.6 |
|
$ |
37.2 |
|
|
$ |
36.5 |
|
|
$ |
(101.6 |
) |
||
Non-operating expense (income), net(1) |
|
|
2.0 |
|
|
|
0.8 |
|
|
|
(1.0 |
) |
|
|
— |
|
|
|
(0.5 |
) |
EBIT |
|
|
1,173.0 |
|
|
|
127.8 |
|
|
|
38.2 |
|
|
|
36.5 |
|
|
|
(101.1 |
) |
Exit and disposal, and facility rationalization costs |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
5.4 |
|
|
|
0.2 |
|
|
|
— |
|
Inventory step-up amortization and transaction costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
4.3 |
|
Impairment charges |
|
|
— |
|
|
|
25.0 |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
Losses (gains) from acquisitions and disposals |
|
|
— |
|
|
|
0.3 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
(0.2 |
) |
Losses (gains) from insurance |
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
(1.4 |
) |
|
|
— |
|
Losses from litigation |
|
|
— |
|
|
|
— |
|
|
|
2.0 |
|
|
|
— |
|
|
|
0.1 |
|
Total non-comparable items |
|
|
0.1 |
|
|
|
25.7 |
|
|
|
8.1 |
|
|
|
(1.1 |
) |
|
|
4.5 |
|
Adjusted EBIT |
|
|
1,173.1 |
|
|
|
153.5 |
|
|
|
46.3 |
|
|
|
35.4 |
|
|
|
(96.6 |
) |
Depreciation |
|
|
38.7 |
|
|
|
24.1 |
|
|
|
24.5 |
|
|
|
5.7 |
|
|
|
3.7 |
|
Amortization |
|
|
16.9 |
|
|
|
73.0 |
|
|
|
47.3 |
|
|
|
15.2 |
|
|
|
2.2 |
|
Adjusted EBITDA |
|
$ |
1,228.7 |
|
|
$ |
250.6 |
|
|
$ |
118.1 |
|
|
$ |
56.3 |
|
|
$ |
(90.7 |
) |
Divided by: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues |
|
$ |
3,885.2 |
|
|
$ |
1,564.2 |
|
|
$ |
845.4 |
|
|
$ |
297.1 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
31.6 |
% |
|
|
16.0 |
% |
|
|
14.0 |
% |
|
|
18.9 |
% |
|
|
NM |
|
(1) |
Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income. |
|
|
Year Ended |
||||||||||||||||||
(in millions, except percentages) |
|
CCM |
|
CWT |
|
CIT |
|
CFT |
|
Corporate and unallocated |
||||||||||
Operating income (loss) (GAAP) |
|
$ |
619.9 |
|
$ |
64.4 |
|
|
$ |
(17.5 |
) |
|
$ |
24.0 |
|
|
$ |
(123.3 |
) |
|
Non-operating expense (income), net(1) |
|
|
2.5 |
|
|
|
(0.4 |
) |
|
|
(0.2 |
) |
|
|
1.6 |
|
|
|
2.4 |
|
EBIT |
|
|
617.4 |
|
|
|
64.8 |
|
|
|
(17.3 |
) |
|
|
22.4 |
|
|
|
(125.7 |
) |
Exit and disposal, and facility rationalization costs |
|
|
0.1 |
|
|
|
0.4 |
|
|
|
15.5 |
|
|
|
0.9 |
|
|
|
0.2 |
|
Inventory step-up amortization and transaction costs |
|
|
— |
|
|
|
24.4 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
1.9 |
|
Impairment charges |
|
|
— |
|
|
|
— |
|
|
|
1.8 |
|
|
|
— |
|
|
|
3.2 |
|
Losses from acquisitions and disposals |
|
|
2.2 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
0.2 |
|
|
|
1.9 |
|
Losses (gains) from insurance |
|
|
0.3 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
(0.3 |
) |
|
|
— |
|
Losses from litigation |
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
0.1 |
|
Total non-comparable items |
|
|
2.6 |
|
|
|
25.2 |
|
|
|
18.0 |
|
|
|
0.9 |
|
|
|
7.3 |
|
Adjusted EBIT |
|
|
620.0 |
|
|
|
90.0 |
|
|
|
0.7 |
|
|
|
23.3 |
|
|
|
(118.4 |
) |
Depreciation |
|
|
36.6 |
|
|
|
15.7 |
|
|
|
24.9 |
|
|
|
5.5 |
|
|
|
3.7 |
|
Amortization |
|
|
16.1 |
|
|
|
45.6 |
|
|
|
50.2 |
|
|
|
17.6 |
|
|
|
2.0 |
|
Adjusted EBITDA |
|
$ |
672.7 |
|
|
$ |
151.3 |
|
|
$ |
75.8 |
|
|
$ |
46.4 |
|
|
$ |
(112.7 |
) |
Divided by: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues |
|
$ |
2,846.2 |
|
|
$ |
990.5 |
|
|
$ |
687.8 |
|
|
$ |
285.8 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
23.6 |
% |
|
|
15.3 |
% |
|
|
11.0 |
% |
|
|
16.2 |
% |
|
|
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 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) |
|
|
|
$ |
174.2 |
|
|
$ |
3.33 |
|
|
|
|
$ |
128.1 |
|
|
$ |
2.41 |
|
||
Less: loss from discontinued operations (GAAP) |
|
|
|
|
(5.6 |
) |
|
|
(0.11 |
) |
|
|
|
|
(2.7 |
) |
|
|
(0.05 |
) |
||
Income from continuing operations (GAAP) |
|
|
|
|
179.8 |
|
|
|
3.44 |
|
|
|
|
|
130.8 |
|
|
|
2.46 |
|
||
Exit and disposal, and facility rationalization costs |
|
1.6 |
|
|
1.2 |
|
|
|
0.02 |
|
|
3.1 |
|
|
2.4 |
|
|
|
0.05 |
|
||
Inventory step-up amortization and transaction costs |
|
1.2 |
|
|
|
0.9 |
|
|
|
0.02 |
|
|
2.0 |
|
|
|
1.6 |
|
|
|
0.03 |
|
Impairment charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
3.2 |
|
|
|
2.4 |
|
|
|
0.05 |
|
Losses from acquisitions and disposals |
|
0.1 |
|
|
|
0.1 |
|
|
|
— |
|
|
1.2 |
|
|
|
1.2 |
|
|
|
0.02 |
|
Losses from insurance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
— |
|
Losses from litigation |
|
2.1 |
|
|
|
1.6 |
|
|
|
0.03 |
|
|
0.3 |
|
|
|
0.2 |
|
|
|
— |
|
Acquisition-related amortization(3) |
|
35.5 |
|
|
|
26.9 |
|
|
|
0.51 |
|
|
36.2 |
|
|
|
27.2 |
|
|
|
0.51 |
|
Discrete tax items(4) |
|
— |
|
|
|
(5.5 |
) |
|
|
(0.10 |
) |
|
— |
|
|
|
(10.5 |
) |
|
|
(0.20 |
) |
Total adjustments |
|
|
|
|
25.2 |
|
|
|
0.48 |
|
|
|
|
|
24.6 |
|
|
|
0.46 |
|
||
Adjusted net income |
|
|
|
$ |
205.0 |
|
|
$ |
3.92 |
|
|
|
|
$ |
155.4 |
|
|
$ |
2.92 |
|
(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. |
Unaudited Non-GAAP Financial Measures - Adjusted Net Income and Adjusted Diluted EPS |
||||||||||||||||||||||
|
|
Year Ended
|
|
Year 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) |
|
|
|
$ |
924.0 |
|
|
$ |
17.56 |
|
|
|
|
$ |
421.7 |
|
|
$ |
7.91 |
|
||
Less: (loss) income from discontinued operations (GAAP) |
|
|
|
|
(1.2 |
) |
|
|
(0.02 |
) |
|
|
|
|
34.7 |
|
|
|
0.65 |
|
||
Income from continuing operations (GAAP) |
|
|
|
|
925.2 |
|
|
|
17.58 |
|
|
|
|
|
387.0 |
|
|
|
7.26 |
|
||
Exit and disposal, and facility rationalization costs |
|
5.8 |
|
|
4.4 |
|
|
|
0.08 |
|
|
17.1 |
|
|
12.9 |
|
|
|
0.24 |
|
||
Inventory step-up amortization and transaction costs |
|
4.4 |
|
|
|
3.3 |
|
|
|
0.06 |
|
|
26.4 |
|
|
|
21.6 |
|
|
|
0.41 |
|
Impairment charges |
|
25.3 |
|
|
|
19.2 |
|
|
|
0.36 |
|
|
5.0 |
|
|
|
3.9 |
|
|
|
0.07 |
|
Losses from acquisitions and disposals(3) |
|
0.8 |
|
|
|
0.6 |
|
|
|
0.01 |
|
|
4.7 |
|
|
|
3.8 |
|
|
|
0.07 |
|
(Gains) losses from insurance |
|
(1.1 |
) |
|
|
(0.7 |
) |
|
|
(0.01 |
) |
|
0.4 |
|
|
|
0.3 |
|
|
|
0.01 |
|
Losses from litigation |
|
2.1 |
|
|
|
1.6 |
|
|
|
0.03 |
|
|
0.4 |
|
|
|
0.3 |
|
|
|
— |
|
Acquisition-related amortization(4) |
|
148.5 |
|
|
|
112.8 |
|
|
|
2.14 |
|
|
126.9 |
|
|
|
95.9 |
|
|
|
1.80 |
|
Discrete tax items(5) |
|
— |
|
|
|
(12.9 |
) |
|
|
(0.24 |
) |
|
— |
|
|
|
(22.6 |
) |
|
|
(0.42 |
) |
Total adjustments |
|
|
|
|
128.3 |
|
|
|
2.43 |
|
|
|
|
|
116.1 |
|
|
|
2.18 |
|
||
Adjusted net income |
|
|
|
$ |
1,053.5 |
|
|
$ |
20.01 |
|
|
|
|
$ |
503.1 |
|
|
$ |
9.44 |
|
(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/20230207005903/en/
Vice President of Investor Relations
(480) 781-5135
jgiannakouros@carlisle.com
Source:
FAQ
What were Carlisle Companies' fourth quarter 2022 earnings results for CSL?
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What is Carlisle Companies' revenue growth for the full year 2022?
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