Carlisle Companies Reports Second Quarter Results
-
Second quarter revenues of
, declined$1.5 billion 14.0% year-over-year -
Reported second quarter GAAP diluted EPS from continuing operations of
and adjusted EPS of$4.71 , down$5.18 13.7% year-over-year -
CCM operating income margin was
29.6% and adjusted EBITDA margin returned to30% + -
CWT operating income margin grew 350 basis points year-over-year to
16.6% , and adjusted EBITDA margin grew 390 basis points to22.5% , driven by integration and efficiency gains - Announced an agreement to sell CFT, completing another major step in our portfolio optimization strategy
-
Repurchased 900 thousand shares for
in the quarter$200 million
Comments from Chris Koch, Chair, President and Chief Executive Officer
"The second quarter proved to be a nice recovery story for us at Carlisle with greater evidence of our collective efforts to improve earnings and create value for all stakeholders. Our teams continue to provide compelling energy-efficient solutions to building owners and improve upon Carlisle's leadership position as the manufacturer of choice to contractors and our distribution partners. Despite the channel destocking activity in the second quarter, our teams collectively drove excellent profitability from a combination of price discipline, cost management and efficiency gains through COS.
"We continue to see strong underlying demand for our building products, particularly in non-residential construction markets. New construction is buoyed by growth in manufacturing construction projects and government-funded activity. Notably, CCM generates two-thirds of its revenue from non-discretionary re-roofing demand that provides sustainable growth runway. Contractor backlogs remain strong, and new products that remove labor from the job site are strongly desired. That said, rising interest rates, concerns of an economic slowdown, weather disruptions and labor constraints are watch items that may hinder construction activity.
"The CWT team continues to demonstrate outstanding performance by driving operational efficiencies, pricing to value, and executing its multi-pronged commercial and operational integration. Despite year-over-year volume declines in residential markets, the team achieved a remarkable 390 basis points of adjusted EBITDA margin expansion to
"CIT continues to benefit from healthy aerospace demand while reaping benefits from past restructuring actions. With its position as a leading aerospace components supplier, CIT is poised to leverage increasing aircraft production rates of both Boeing and Airbus. Additionally, CIT is improving the profitability of its medical and industrial platforms through customer and product line rationalization, as well as enhanced efficiencies through COS. The CIT team drove impressive adjusted EBITDA margin expansion of 520 basis points year-over-year to
"In line with our strategy to 'pivot' to a pure-play premier building products company, we signed a definitive agreement to sell Carlisle Fluid Technologies for
"Vision 2025 continues to provide Carlisle clear direction. We have stayed the course on our strategy to leverage above-average organic growth in our markets and optimize our business portfolio. This continues to drive higher margins, higher returns, and greater earnings power for Carlisle in an accelerated timeframe. While the pillars of Vision 2025 are still very much in place, we continue to work on our new strategic plan, Vision 2030, and intend to share in greater detail our path to further value creation for all our stakeholders by the end of the year."
Second Quarter 2023
Revenue for the second quarter of
Operating income for the second quarter of
Diluted earnings per share ("EPS") from continuing operations for the second quarter of
Second Quarter 2023 Segment Highlights
Carlisle Construction Materials (CCM)
-
Revenue of
, declined$947.5 million 14.9% (all organic) year-over-year, as strong underlying demand was more than offset by channel destocking and unfavorable weather. -
Operating income was
, down$280.7 million 21.8% year-over-year. Adjusted EBITDA was , down$295.7 million 20.4% year-over-year, reflecting an adjusted EBITDA margin of31.2% , down 210 basis points given lower volumes year-over-year. - We expect full year 2023 revenues to decrease low-teens year-over-year.
Carlisle Weatherproofing Technologies (CWT)
-
Revenue of
, declined$359.5 million 19.9% (-19.6% organic) year-over-year primarily due to residential demand weakness and project delays. -
Operating income was
, increased$59.5 million 0.8% year-over-year. Adjusted EBITDA was , down$80.8 million 3.2% year-over-year reflecting an adjusted EBITDA margin of22.5% , up 390 basis points, which was favorably impacted by efficiencies gained through targeted restructuring actions, automated manufacturing, and realized synergies from the Henry acquisition. - We expect full year 2023 revenues to decrease low-teens year-over-year.
Carlisle Interconnect Technologies (CIT)
-
Revenue of
, increased$218.9 million 3.0% (+3.2% organic) year-over-year, driven by continued strengthening in the aerospace end market. -
Operating income was
and adjusted EBITDA was$19.7 million , up$39.2 million 45.2% year-over-year reflecting an adjusted EBITDA margin of17.9% , up 520 basis points, which was favorably impacted by higher volumes in the aerospace end market and benefits from past restructuring actions. - We expect full year 2023 revenues to increase mid-single-digits year-over-year, as medical customers work to right-size inventory levels.
Cash Flow
Operating cash flow from continuing operations for the six months ended June 30, 2023, was
During the six months ended June 30, 2023, we deployed
Conference Call and Webcast
Carlisle will discuss second quarter 2023 results on a conference call at 5:00 p.m. ET today. The call can be accessed via webcast, along with related materials, at www.carlisle.com/investors/events-and-presentations and via telephone as follows:
Domestic toll free: 888-886-7786
International: 416-764-8658
Conference ID: 00270055
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 Securities and Exchange Commission from time to time. In addition, such statements could be affected by general industry and market conditions and growth rates, the condition of the financial and credit markets and general domestic and international economic conditions, including inflation and interest rate and currency exchange rate fluctuations. Further, any conflict in the international arena, including the Russian invasion of
Non-GAAP Disclosure
Carlisle reports its financial results in accordance with the
About Carlisle Companies Incorporated
Carlisle Companies Incorporated is a leading supplier of innovative building envelope products and solutions for more energy efficient buildings. Through its building products businesses – Carlisle Construction Materials ("CCM") and Carlisle Weatherproofing Technologies ("CWT") – and family of leading brands, Carlisle delivers innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Carlisle is committed to generating superior shareholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases. Carlisle is also a leading provider of products to the aerospace and medical technologies markets through its Carlisle Interconnect Technologies ("CIT") business segment. Leveraging its culture of continuous improvement as embodied in the Carlisle Operating System ("COS"), Carlisle has committed to achieving net-zero greenhouse gas emissions by 2050.
Carlisle Companies Incorporated Unaudited Consolidated Statements of Income |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(in millions, except per share amounts) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues |
|
$ |
1,525.9 |
|
|
$ |
1,774.9 |
|
|
$ |
2,632.0 |
|
|
$ |
3,200.1 |
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
|
995.7 |
|
|
|
1,170.1 |
|
|
|
1,785.3 |
|
|
|
2,130.2 |
|
Selling and administrative expenses |
|
|
189.5 |
|
|
|
192.0 |
|
|
|
360.0 |
|
|
|
376.0 |
|
Research and development expenses |
|
|
13.1 |
|
|
|
11.0 |
|
|
|
26.8 |
|
|
|
21.2 |
|
Other operating (income) expense, net |
|
|
— |
|
|
|
(1.8 |
) |
|
|
1.7 |
|
|
|
(3.5 |
) |
Operating income |
|
|
327.6 |
|
|
|
403.6 |
|
|
|
458.2 |
|
|
|
676.2 |
|
Interest expense, net |
|
|
18.8 |
|
|
|
22.5 |
|
|
|
37.6 |
|
|
|
45.0 |
|
Interest income |
|
|
(4.5 |
) |
|
|
(0.6 |
) |
|
|
(9.1 |
) |
|
|
(0.8 |
) |
Other non-operating expense (income), net |
|
|
0.2 |
|
|
|
2.3 |
|
|
|
(1.1 |
) |
|
|
2.5 |
|
Income from continuing operations before income taxes |
|
|
313.1 |
|
|
|
379.4 |
|
|
|
430.8 |
|
|
|
629.5 |
|
Provision for income taxes |
|
|
71.6 |
|
|
|
88.6 |
|
|
|
97.5 |
|
|
|
148.3 |
|
Income from continuing operations |
|
|
241.5 |
|
|
|
290.8 |
|
|
|
333.3 |
|
|
|
481.2 |
|
|
|
|
|
|
|
|
|
|
||||||||
Discontinued operations: |
|
|
|
|
|
|
|
|
||||||||
(Loss) income before income taxes |
|
|
(62.3 |
) |
|
|
11.7 |
|
|
|
(51.4 |
) |
|
|
15.6 |
|
(Benefit from) provision for income taxes |
|
|
(15.4 |
) |
|
|
1.0 |
|
|
|
(14.4 |
) |
|
|
1.7 |
|
(Loss) income from discontinued operations |
|
|
(46.9 |
) |
|
|
10.7 |
|
|
|
(37.0 |
) |
|
|
13.9 |
|
Net income |
|
$ |
194.6 |
|
|
$ |
301.5 |
|
|
$ |
296.3 |
|
|
$ |
495.1 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share attributable to common shares: |
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
|
$ |
4.75 |
|
|
$ |
5.60 |
|
|
$ |
6.53 |
|
|
$ |
9.23 |
|
(Loss) income from discontinued operations |
|
|
(0.92 |
) |
|
|
0.21 |
|
|
|
(0.72 |
) |
|
|
0.27 |
|
Basic earnings per share |
|
$ |
3.83 |
|
|
$ |
5.81 |
|
|
$ |
5.81 |
|
|
$ |
9.50 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share attributable to common shares: |
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
|
$ |
4.71 |
|
|
$ |
5.52 |
|
|
$ |
6.47 |
|
|
$ |
9.11 |
|
(Loss) income from discontinued operations |
|
|
(0.92 |
) |
|
|
0.21 |
|
|
|
(0.72 |
) |
|
|
0.26 |
|
Diluted earnings per share |
|
$ |
3.79 |
|
|
$ |
5.73 |
|
|
$ |
5.75 |
|
|
$ |
9.37 |
|
|
|
|
|
|
|
|
|
|
||||||||
Average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
50.7 |
|
|
|
51.8 |
|
|
|
50.9 |
|
|
|
52.0 |
|
Diluted |
|
|
51.2 |
|
|
|
52.5 |
|
|
|
51.4 |
|
|
|
52.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared and paid per share |
|
$ |
0.75 |
|
|
$ |
0.54 |
|
|
$ |
1.50 |
|
|
$ |
1.08 |
|
Carlisle Companies Incorporated Unaudited Condensed Consolidated Statements of Cash Flows |
||||||||
|
|
Six Months Ended June 30, |
||||||
(in millions) |
|
2023 |
|
2022 |
||||
Net cash provided by operating activities |
|
$ |
370.7 |
|
|
$ |
223.5 |
|
|
|
|
|
|
||||
Investing activities: |
|
|
|
|
||||
Capital expenditures |
|
|
(70.1 |
) |
|
|
(82.7 |
) |
Proceeds from sale of discontinued operation, net of cash disposed |
|
|
— |
|
|
|
132.0 |
|
Acquisitions, net of cash acquired |
|
|
— |
|
|
|
(24.7 |
) |
Investment in securities |
|
|
0.2 |
|
|
|
10.3 |
|
Other investing activities, net |
|
|
14.0 |
|
|
|
2.0 |
|
Net cash (used in) provided by investing activities |
|
|
(55.9 |
) |
|
|
36.9 |
|
|
|
|
|
|
||||
Financing activities: |
|
|
|
|
||||
Repurchases of common stock |
|
|
(250.0 |
) |
|
|
(175.0 |
) |
Dividends paid |
|
|
(77.2 |
) |
|
|
(56.7 |
) |
Proceeds from exercise of stock options |
|
|
11.8 |
|
|
|
16.0 |
|
Withholding tax paid related to stock-based compensation |
|
|
(10.0 |
) |
|
|
(12.5 |
) |
Other financing activities, net |
|
|
(1.7 |
) |
|
|
(1.7 |
) |
Net cash used in financing activities |
|
|
(327.1 |
) |
|
|
(229.9 |
) |
|
|
|
|
|
||||
Effect of foreign currency exchange rate changes on cash and cash equivalents |
|
|
0.8 |
|
|
|
(1.7 |
) |
|
|
|
|
|
||||
Change in cash and cash equivalents |
|
|
(11.5 |
) |
|
|
28.8 |
|
Less: change in cash and cash equivalents of discontinued operations |
|
|
(2.1 |
) |
|
|
(2.2 |
) |
Cash and cash equivalents at beginning of period |
|
|
388.7 |
|
|
|
313.7 |
|
Cash and cash equivalents at end of period |
|
$ |
379.3 |
|
|
$ |
344.7 |
|
Carlisle Companies Incorporated Unaudited Selected Consolidated Balance Sheet Data |
||||||
(in millions) |
|
June 30,
|
|
December 31,
|
||
Cash and cash equivalents |
|
$ |
379.3 |
|
$ |
388.7 |
Long-term debt, including current portion |
|
|
2,584.2 |
|
|
2,582.9 |
Total stockholders' equity |
|
|
3,032.0 |
|
|
3,024.4 |
Carlisle Companies Incorporated
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 June 30, |
||||||||||||||||||||||
(in millions, except percentages) |
|
CSL |
|
CCM |
|
CWT |
|
CIT |
||||||||||||||||
2022 Revenue (GAAP) |
|
$ |
1,774.9 |
|
|
|
$ |
1,113.4 |
|
|
|
$ |
448.9 |
|
|
|
$ |
212.6 |
|
|
||||
Organic |
|
|
(246.8 |
) |
(13.9 |
)% |
|
|
(165.4 |
) |
(14.9 |
)% |
|
|
(88.1 |
) |
(19.6 |
)% |
|
|
6.7 |
|
3.2 |
% |
Acquisitions |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
FX impact |
|
|
(2.2 |
) |
(0.1 |
)% |
|
|
(0.5 |
) |
— |
% |
|
|
(1.3 |
) |
(0.3 |
)% |
|
|
(0.4 |
) |
(0.2 |
)% |
Total change |
|
|
(249.0 |
) |
(14.0 |
)% |
|
|
(165.9 |
) |
(14.9 |
)% |
|
|
(89.4 |
) |
(19.9 |
)% |
|
|
6.3 |
|
3.0 |
% |
2023 Revenue (GAAP) |
|
$ |
1,525.9 |
|
|
|
$ |
947.5 |
|
|
|
$ |
359.5 |
|
|
|
$ |
218.9 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Six Months Ended June 30, |
||||||||||||||||||||||
(in millions, except percentages) |
|
CSL |
|
CCM |
|
CWT |
|
CIT |
||||||||||||||||
2022 Revenues (GAAP) |
|
$ |
3,200.1 |
|
|
|
$ |
1,994.5 |
|
|
|
$ |
808.0 |
|
|
|
$ |
397.6 |
|
|
||||
Organic |
|
|
(560.1 |
) |
(17.5 |
)% |
|
|
(467.1 |
) |
(23.4 |
)% |
|
|
(128.7 |
) |
(15.9 |
)% |
|
|
35.7 |
|
9.0 |
% |
Acquisitions |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
|
|
— |
|
— |
% |
FX impact |
|
|
(8.0 |
) |
(0.3 |
)% |
|
|
(3.9 |
) |
(0.2 |
)% |
|
|
(3.2 |
) |
(0.4 |
)% |
|
|
(0.9 |
) |
(0.2 |
)% |
Total change |
|
|
(568.1 |
) |
(17.8 |
)% |
|
|
(471.0 |
) |
(23.6 |
)% |
|
|
(131.9 |
) |
(16.3 |
)% |
|
|
34.8 |
|
8.8 |
% |
2023 Revenues (GAAP) |
|
$ |
2,632.0 |
|
|
|
$ |
1,523.5 |
|
|
|
$ |
676.1 |
|
|
|
$ |
432.4 |
|
|
Carlisle Companies Incorporated
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 June 30, |
|
Six Months Ended June 30, |
||||||||||||
(in millions) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Operating cash flow (GAAP) |
|
$ |
221.1 |
|
|
$ |
179.2 |
|
|
$ |
370.7 |
|
|
$ |
223.5 |
|
Less: operating cash flow from discontinued operations |
|
|
25.3 |
|
|
|
6.9 |
|
|
|
37.7 |
|
|
|
1.3 |
|
Operating cash flow from continuing operations |
|
$ |
195.8 |
|
|
$ |
172.3 |
|
|
$ |
333.0 |
|
|
$ |
222.2 |
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures (GAAP) |
|
$ |
(29.9 |
) |
|
$ |
(51.6 |
) |
|
$ |
(70.1 |
) |
|
$ |
(82.7 |
) |
Less: capital expenditures from discontinued operations |
|
|
(0.2 |
) |
|
|
(2.5 |
) |
|
|
(0.5 |
) |
|
|
(3.0 |
) |
Capital expenditures from continuing operations |
|
$ |
(29.7 |
) |
|
$ |
(49.1 |
) |
|
$ |
(69.6 |
) |
|
$ |
(79.7 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Operating cash flow from continuing operations |
|
$ |
195.8 |
|
|
$ |
172.3 |
|
|
$ |
333.0 |
|
|
$ |
222.2 |
|
Capital expenditures from continuing operations |
|
|
(29.7 |
) |
|
|
(49.1 |
) |
|
|
(69.6 |
) |
|
|
(79.7 |
) |
Free cash flow from continuing operations |
|
$ |
166.1 |
|
|
$ |
123.2 |
|
|
$ |
263.4 |
|
|
$ |
142.5 |
|
Carlisle Companies Incorporated
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 June 30, |
|
Six Months Ended June 30, |
||||||||||||
(in millions, except percentages) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net income (GAAP) |
|
$ |
194.6 |
|
|
$ |
301.5 |
|
|
$ |
296.3 |
|
|
$ |
495.1 |
|
Less: (loss) income from discontinued operations (GAAP) |
|
|
(46.9 |
) |
|
|
10.7 |
|
|
|
(37.0 |
) |
|
|
13.9 |
|
Income from continuing operations (GAAP) |
|
|
241.5 |
|
|
|
290.8 |
|
|
|
333.3 |
|
|
|
481.2 |
|
Provision for income taxes |
|
|
71.6 |
|
|
|
88.6 |
|
|
|
97.5 |
|
|
|
148.3 |
|
Interest expense, net |
|
|
18.8 |
|
|
|
22.5 |
|
|
|
37.6 |
|
|
|
45.0 |
|
Interest income |
|
|
(4.5 |
) |
|
|
(0.6 |
) |
|
|
(9.1 |
) |
|
|
(0.8 |
) |
EBIT |
|
|
327.4 |
|
|
|
401.3 |
|
|
|
459.3 |
|
|
|
673.7 |
|
Exit and disposal, and facility rationalization costs |
|
|
2.0 |
|
|
|
0.7 |
|
|
|
6.5 |
|
|
|
2.8 |
|
Inventory step-up amortization and transaction costs |
|
|
— |
|
|
|
0.8 |
|
|
|
1.6 |
|
|
|
0.8 |
|
Impairment charges |
|
|
0.4 |
|
|
|
— |
|
|
|
1.3 |
|
|
|
0.2 |
|
(Gains) losses from acquisitions and disposals |
|
|
(1.3 |
) |
|
|
0.1 |
|
|
|
2.7 |
|
|
|
0.3 |
|
Losses from insurance |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
Losses from litigation |
|
|
1.6 |
|
|
|
— |
|
|
|
1.5 |
|
|
|
— |
|
Total non-comparable items |
|
|
2.7 |
|
|
|
1.6 |
|
|
|
13.6 |
|
|
|
4.4 |
|
Adjusted EBIT |
|
|
330.1 |
|
|
|
402.9 |
|
|
|
472.9 |
|
|
|
678.1 |
|
Depreciation |
|
|
21.8 |
|
|
|
22.6 |
|
|
|
43.8 |
|
|
|
45.1 |
|
Amortization |
|
|
33.5 |
|
|
|
34.7 |
|
|
|
67.0 |
|
|
|
71.2 |
|
Adjusted EBITDA |
|
$ |
385.4 |
|
|
$ |
460.2 |
|
|
$ |
583.7 |
|
|
$ |
794.4 |
|
Divided by: |
|
|
|
|
|
|
|
|
||||||||
Total revenues |
|
$ |
1,525.9 |
|
|
$ |
1,774.9 |
|
|
$ |
2,632.0 |
|
|
$ |
3,200.1 |
|
Adjusted EBITDA margin |
|
|
25.3 |
% |
|
|
25.9 |
% |
|
|
22.2 |
% |
|
|
24.8 |
% |
Carlisle Companies Incorporated Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin |
||||||||||||||||
|
|
Three Months Ended June 30, 2023 |
||||||||||||||
(in millions, except percentages) |
|
CCM |
|
CWT |
|
CIT |
|
Corporate and
|
||||||||
Operating income (loss) (GAAP) |
|
$ |
280.7 |
|
|
$ |
59.5 |
|
|
$ |
19.7 |
|
|
$ |
(32.3 |
) |
Non-operating (income) expense, net(1) |
|
|
(0.2 |
) |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
(0.5 |
) |
EBIT |
|
|
280.9 |
|
|
|
59.1 |
|
|
|
19.2 |
|
|
|
(31.8 |
) |
Exit and disposal, and facility rationalization costs |
|
|
— |
|
|
|
0.5 |
|
|
|
1.5 |
|
|
|
— |
|
Impairment charges |
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses from acquisitions and disposals |
|
|
(0.1 |
) |
|
|
(1.2 |
) |
|
|
0.1 |
|
|
|
(0.1 |
) |
Losses from litigation |
|
|
— |
|
|
|
— |
|
|
|
1.5 |
|
|
|
0.1 |
|
Total non-comparable items |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
3.1 |
|
|
|
— |
|
Adjusted EBIT |
|
|
280.8 |
|
|
|
58.8 |
|
|
|
22.3 |
|
|
|
(31.8 |
) |
Depreciation |
|
|
10.8 |
|
|
|
4.3 |
|
|
|
5.8 |
|
|
|
0.9 |
|
Amortization |
|
|
4.1 |
|
|
|
17.7 |
|
|
|
11.1 |
|
|
|
0.6 |
|
Adjusted EBITDA |
|
$ |
295.7 |
|
|
$ |
80.8 |
|
|
$ |
39.2 |
|
|
$ |
(30.3 |
) |
Divided by: |
|
|
|
|
|
|
|
|
||||||||
Total revenues |
|
$ |
947.5 |
|
|
$ |
359.5 |
|
|
$ |
218.9 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
31.2 |
% |
|
|
22.5 |
% |
|
|
17.9 |
% |
|
|
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 June 30, 2022 |
||||||||||||||
(in millions, except percentages) |
|
CCM |
|
CWT |
|
CIT |
|
Corporate and
|
||||||||
Operating income (loss) (GAAP) |
|
$ |
358.9 |
|
|
$ |
59.0 |
|
|
$ |
7.9 |
|
|
$ |
(22.2 |
) |
Non-operating expense (income), net(1) |
|
|
0.9 |
|
|
|
0.1 |
|
|
|
(0.3 |
) |
|
|
1.6 |
|
EBIT |
|
|
358.0 |
|
|
|
58.9 |
|
|
|
8.2 |
|
|
|
(23.8 |
) |
Exit and disposal, and facility rationalization costs |
|
|
— |
|
|
|
— |
|
|
|
0.7 |
|
|
|
— |
|
Inventory step-up amortization and transaction costs |
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.7 |
|
(Gains) losses from acquisitions and disposals |
|
|
(0.1 |
) |
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
(Gains) losses from litigation |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
0.1 |
|
Total non-comparable items |
|
|
(0.1 |
) |
|
|
0.1 |
|
|
|
0.8 |
|
|
|
0.8 |
|
Adjusted EBIT |
|
|
357.9 |
|
|
|
59.0 |
|
|
|
9.0 |
|
|
|
(23.0 |
) |
Depreciation |
|
|
9.3 |
|
|
|
6.4 |
|
|
|
6.1 |
|
|
|
0.8 |
|
Amortization |
|
|
4.1 |
|
|
|
18.1 |
|
|
|
11.9 |
|
|
|
0.6 |
|
Adjusted EBITDA |
|
$ |
371.3 |
|
|
$ |
83.5 |
|
|
$ |
27.0 |
|
|
$ |
(21.6 |
) |
Divided by: |
|
|
|
|
|
|
|
|
||||||||
Total revenues |
|
$ |
1,113.4 |
|
|
$ |
448.9 |
|
|
$ |
212.6 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
33.3 |
% |
|
|
18.6 |
% |
|
|
12.7 |
% |
|
|
NM |
|
(1) |
Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income. |
Carlisle Companies Incorporated Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin |
||||||||||||||||
|
|
Six Months Ended June 30, 2023 |
||||||||||||||
(in millions) |
|
CCM |
|
CWT |
|
CIT |
|
Corporate and
|
||||||||
Operating income (loss) (GAAP) |
|
$ |
403.1 |
|
|
$ |
83.6 |
|
|
$ |
30.6 |
|
|
$ |
(59.1 |
) |
Non-operating (income) expense, net(1) |
|
|
(0.3 |
) |
|
|
0.2 |
|
|
|
0.4 |
|
|
|
(1.4 |
) |
EBIT |
|
|
403.4 |
|
|
|
83.4 |
|
|
|
30.2 |
|
|
|
(57.7 |
) |
Exit and disposal, and facility rationalization costs |
|
|
0.1 |
|
|
|
2.7 |
|
|
|
3.7 |
|
|
|
— |
|
Inventory step-up amortization and acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.6 |
|
Impairment charges |
|
|
— |
|
|
|
1.3 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses from acquisitions and disposals |
|
|
(0.3 |
) |
|
|
2.9 |
|
|
|
0.2 |
|
|
|
(0.1 |
) |
Losses (gains) from litigation |
|
|
— |
|
|
|
— |
|
|
|
1.6 |
|
|
|
(0.1 |
) |
Total non-comparable items |
|
|
(0.2 |
) |
|
|
6.9 |
|
|
|
5.5 |
|
|
|
1.4 |
|
Adjusted EBIT |
|
|
403.2 |
|
|
|
90.3 |
|
|
|
35.7 |
|
|
|
(56.3 |
) |
Depreciation |
|
|
21.1 |
|
|
|
9.1 |
|
|
|
11.7 |
|
|
|
1.9 |
|
Amortization |
|
|
8.2 |
|
|
|
35.3 |
|
|
|
22.3 |
|
|
|
1.2 |
|
Adjusted EBITDA |
|
$ |
432.5 |
|
|
$ |
134.7 |
|
|
$ |
69.7 |
|
|
$ |
(53.2 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Total revenues |
|
$ |
1,523.5 |
|
|
$ |
676.1 |
|
|
$ |
432.4 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
28.4 |
% |
|
|
19.9 |
% |
|
|
16.1 |
% |
|
|
NM |
|
(1) |
Includes other non-operating expense (income), net, which may be presented in separate line items on the Condensed Consolidated Statements of Income. |
|
|
Six Months Ended June 30, 2022 |
||||||||||||||
(in millions) |
|
CCM |
|
CWT |
|
CIT |
|
Corporate and
|
||||||||
Operating income (loss) (GAAP) |
|
$ |
620.0 |
|
|
$ |
96.5 |
|
|
$ |
5.4 |
|
|
$ |
(45.7 |
) |
Non-operating expense (income), net(1) |
|
|
0.9 |
|
|
|
0.2 |
|
|
|
(0.8 |
) |
|
|
2.2 |
|
EBIT |
|
|
619.1 |
|
|
|
96.3 |
|
|
|
6.2 |
|
|
|
(47.9 |
) |
Exit and disposal, and facility rationalization costs |
|
|
— |
|
|
|
0.1 |
|
|
|
2.7 |
|
|
|
— |
|
Inventory step-up amortization and acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
Impairment charges |
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses from acquisitions and disposals |
|
|
(0.1 |
) |
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
Losses from insurance |
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses from litigation |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
0.1 |
|
Total non-comparable items |
|
|
(0.1 |
) |
|
|
0.6 |
|
|
|
3.0 |
|
|
|
0.9 |
|
Adjusted EBIT |
|
|
619.0 |
|
|
|
96.9 |
|
|
|
9.2 |
|
|
|
(47.0 |
) |
Depreciation |
|
|
18.5 |
|
|
|
12.7 |
|
|
|
12.2 |
|
|
|
1.7 |
|
Amortization |
|
|
9.1 |
|
|
|
37.0 |
|
|
|
24.0 |
|
|
|
1.1 |
|
Adjusted EBITDA |
|
$ |
646.6 |
|
|
$ |
146.6 |
|
|
$ |
45.4 |
|
|
$ |
(44.2 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Total revenues |
|
$ |
1,994.5 |
|
|
$ |
808.0 |
|
|
$ |
397.6 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
32.4 |
% |
|
|
18.1 |
% |
|
|
11.4 |
% |
|
|
NM |
|
(1) |
Includes other non-operating expense (income), net, which may be presented in separate line items on the Condensed Consolidated Statements of Income. |
Carlisle Companies Incorporated
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
|
|
Pre-tax
|
|
After-tax
|
|
Impact to
|
|||||||||
Net income (GAAP) |
|
|
|
$ |
194.6 |
|
|
$ |
3.79 |
|
|
|
|
$ |
301.5 |
|
|
$ |
5.73 |
|
|
Less: (loss) income from discontinued operations (GAAP) |
|
|
|
|
(46.9 |
) |
|
|
(0.92 |
) |
|
|
|
|
10.7 |
|
|
|
0.21 |
|
|
Income from continuing operations (GAAP) |
|
|
|
|
241.5 |
|
|
|
4.71 |
|
|
|
|
|
290.8 |
|
|
|
5.52 |
|
|
Exit and disposal, and facility rationalization costs |
|
2.0 |
|
|
|
1.5 |
|
|
|
0.03 |
|
|
0.7 |
|
|
0.5 |
|
|
|
0.01 |
|
Inventory step-up amortization and transaction costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
0.8 |
|
|
0.6 |
|
|
|
0.01 |
|
Impairment charges |
|
0.4 |
|
|
|
0.3 |
|
|
|
0.01 |
|
|
— |
|
|
— |
|
|
|
— |
|
(Gains) losses from acquisitions and disposals |
|
(1.3 |
) |
|
|
(1.0 |
) |
|
|
(0.02 |
) |
|
0.1 |
|
|
0.1 |
|
|
|
— |
|
Losses from litigation |
|
1.6 |
|
|
|
1.1 |
|
|
|
0.02 |
|
|
— |
|
|
— |
|
|
|
— |
|
Acquisition-related amortization(3) |
|
31.8 |
|
|
|
24.2 |
|
|
|
0.47 |
|
|
33.3 |
|
|
25.5 |
|
|
|
0.49 |
|
Discrete tax items(4) |
|
— |
|
|
|
(2.0 |
) |
|
|
(0.04 |
) |
|
— |
|
|
(1.5 |
) |
|
|
(0.03 |
) |
Total adjustments |
|
|
|
|
24.1 |
|
|
|
0.47 |
|
|
|
|
|
25.2 |
|
|
|
0.48 |
|
|
Adjusted net income |
|
|
|
$ |
265.6 |
|
|
$ |
5.18 |
|
|
|
|
$ |
316.0 |
|
|
$ |
6.00 |
|
(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. |
Carlisle Companies Incorporated Unaudited Non-GAAP Financial Measures - Adjusted Net Income and Adjusted Diluted EPS |
||||||||||||||||||||
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||||||
(in millions, except per share amounts) |
|
Pre-tax
|
|
After-tax
|
|
Impact to
|
|
Pre-tax
|
|
After-tax
|
|
Impact to
|
||||||||
Net income (GAAP) |
|
|
|
$ |
296.3 |
|
|
$ |
5.75 |
|
|
|
|
$ |
495.1 |
|
|
$ |
9.37 |
|
Less: (loss) income from discontinued operations (GAAP) |
|
|
|
|
(37.0 |
) |
|
|
(0.72 |
) |
|
|
|
|
13.9 |
|
|
|
0.26 |
|
Income from continuing operations (GAAP) |
|
|
|
|
333.3 |
|
|
|
6.47 |
|
|
|
|
|
481.2 |
|
|
|
9.11 |
|
Exit and disposal, and facility rationalization costs |
|
6.5 |
|
|
4.9 |
|
|
|
0.10 |
|
|
2.8 |
|
|
2.1 |
|
|
|
0.04 |
|
Inventory step-up amortization and acquisition costs |
|
1.6 |
|
|
1.2 |
|
|
|
0.02 |
|
|
0.8 |
|
|
0.6 |
|
|
|
0.01 |
|
Impairment charges |
|
1.3 |
|
|
1.0 |
|
|
|
0.02 |
|
|
0.2 |
|
|
0.1 |
|
|
|
— |
|
Losses from acquisitions and disposals |
|
2.7 |
|
|
2.0 |
|
|
|
0.04 |
|
|
0.3 |
|
|
0.3 |
|
|
|
0.01 |
|
Losses from insurance |
|
— |
|
|
— |
|
|
|
— |
|
|
0.3 |
|
|
0.2 |
|
|
|
— |
|
Losses from litigation |
|
1.5 |
|
|
1.1 |
|
|
|
0.02 |
|
|
— |
|
|
— |
|
|
|
— |
|
Acquisition-related amortization(3) |
|
63.7 |
|
|
48.4 |
|
|
|
0.94 |
|
|
68.3 |
|
|
52.0 |
|
|
|
0.98 |
|
Discrete tax items(4) |
|
— |
|
|
(3.4 |
) |
|
|
(0.07 |
) |
|
— |
|
|
(1.7 |
) |
|
|
(0.03 |
) |
Total adjustments |
|
|
|
|
55.2 |
|
|
|
1.07 |
|
|
|
|
|
53.6 |
|
|
|
1.01 |
|
Adjusted net income |
|
|
|
$ |
388.5 |
|
|
$ |
7.54 |
|
|
|
|
$ |
534.8 |
|
|
$ |
10.12 |
|
(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/20230726857145/en/
Jim Giannakouros, CFA
Vice President, Investor Relations
(480) 781-5135
jgiannakouros@carlisle.com
Source: Carlisle Companies Incorporated