Carlisle Companies Reports Third Quarter Results
Carlisle Companies (NYSE:CSL) reported strong Q3 2024 results with record diluted EPS of $5.30 and adjusted EPS of $5.78, up 24% year-over-year. Revenue increased 6% to $1.3 billion, with operating margin at 23.7% and record Q3 adjusted EBITDA margin of 27.6%. Carlisle Construction Materials (CCM) grew revenue 9% with record 32.8% adjusted EBITDA margin, while Carlisle Weatherproofing Technologies (CWT) faced headwinds in residential markets with a 3% revenue decline. The company repurchased 1.1 million shares for $466 million, increased quarterly dividend by 18%, and announced the acquisition of Plasti-Fab.
Carlisle Companies (NYSE:CSL) ha riportato risultati solidi per il terzo trimestre del 2024, con un utile per azione diluito record di $5,30 e un utile per azione rettificato di $5,78, in aumento del 24% rispetto all'anno precedente. I ricavi sono aumentati del 6% a $1,3 miliardi, con un margine operativo del 23,7% e un margine adjusted EBITDA record per il terzo trimestre del 27,6%. Carlisle Construction Materials (CCM) ha registrato una crescita dei ricavi del 9% con un margine adjusted EBITDA record del 32,8%, mentre Carlisle Weatherproofing Technologies (CWT) ha affrontato delle difficoltà nei mercati residenziali con un calo del 3% dei ricavi. L'azienda ha riacquistato 1,1 milioni di azioni per $466 milioni, ha aumentato il dividendo trimestrale del 18% e ha annunciato l'acquisizione di Plasti-Fab.
Carlisle Companies (NYSE:CSL) reportó resultados sólidos para el tercer trimestre de 2024, con una ganancia por acción diluida récord de $5.30 y una ganancia por acción ajustada de $5.78, un aumento del 24% interanual. Los ingresos aumentaron un 6% a $1.3 mil millones, con un margen operativo del 23.7% y un margen EBITDA ajustado récord para el tercer trimestre del 27.6%. Carlisle Construction Materials (CCM) creció los ingresos un 9% con un margen EBITDA ajustado récord del 32.8%, mientras que Carlisle Weatherproofing Technologies (CWT) enfrentó vientos en contra en los mercados residenciales, con una disminución del 3% en los ingresos. La compañía recompró 1.1 millones de acciones por $466 millones, aumentó el dividendo trimestral en un 18% y anunció la adquisición de Plasti-Fab.
칼라일 컴퍼니스 (NYSE:CSL)는 2024년 3분기 실적을 발표하며 희석 주당 순이익이 $5.30, 조정 주당 순이익이 $5.78로 연간 24% 증가했다는 기록을 세웠습니다. 매출은 6% 증가하여 $13억에 도달했으며, 운영 마진은 23.7%, 3분기 조정 EBITDA 마진은 27.6%로 기록을 세웠습니다. 칼라일 건설 자재 (CCM)는 9%의 매출 성장을 기록하며 조정 EBITDA 마진이 32.8%에 달했습니다. 반면 칼라일 방수 기술 (CWT)는 주거 시장에서 3% 매출 감소라는 어려움을 겪었습니다. 회사는 1.1백만 주식을 $466백만에 재매입하였고, 분기 배당금을 18% 늘리며 Plasti-Fab의 인수를 발표했습니다.
Carlisle Companies (NYSE:CSL) a annoncé des résultats solides pour le troisième trimestre 2024, avec un bénéfice par action dilué record de 5,30 $ et un bénéfice par action ajusté de 5,78 $, en hausse de 24 % par rapport à l'année précédente. Les revenus ont augmenté de 6 % pour atteindre 1,3 milliard de dollars, avec une marge d'exploitation de 23,7 % et une marge EBITDA ajustée record pour le troisième trimestre de 27,6 %. Carlisle Construction Materials (CCM) a enregistré une croissance des revenus de 9 % avec une marge EBITDA ajustée record de 32,8 %, tandis que Carlisle Weatherproofing Technologies (CWT) a rencontré des difficultés sur les marchés résidentiels avec une baisse des revenus de 3 %. L'entreprise a racheté 1,1 million d'actions pour 466 millions de dollars, a augmenté le dividende trimestriel de 18 % et a annoncé l'acquisition de Plasti-Fab.
Carlisle Companies (NYSE:CSL) meldete starke Ergebnisse für das 3. Quartal 2024 mit einem Rekord für den verwässerten Gewinn je Aktie von 5,30 $ und einem angepassten Gewinn je Aktie von 5,78 $, was einem Anstieg von 24 % im Jahresvergleich entspricht. Der Umsatz stieg um 6 % auf 1,3 Milliarden $, bei einer operativen Marge von 23,7 % und einer Rekordmarge für das 3. Quartal beim angepassten EBITDA von 27,6 %. Carlisle Construction Materials (CCM) verzeichnete ein Umsatzwachstum von 9 % mit einem Rekord von 32,8 % bei der angepassten EBITDA-Marge, während Carlisle Weatherproofing Technologies (CWT) in den Wohnmärkten mit einem Umsatzrückgang von 3 % zu kämpfen hatte. Das Unternehmen hat 1,1 Millionen Aktien für 466 Millionen $ zurückgekauft, die vierteljährliche Dividende um 18 % erhöht und die Übernahme von Plasti-Fab angekündigt.
- Record Q3 EPS of $5.30 and adjusted EPS of $5.78, up 24% YoY
- Revenue growth of 6% YoY to $1.3 billion
- CCM segment revenue up 9% with record 32.8% adjusted EBITDA margin
- Strong cash position with $1.5 billion cash and $1 billion credit facility availability
- Plasti-Fab acquisition expected to add $0.30 to adjusted EPS in 2025
- CWT segment revenue declined 3% due to residential market weakness
- CWT adjusted EBITDA margin decreased 270 basis points
- Continued headwinds in residential markets due to high interest rates
- Weather-related and port strike events negatively impacted operations
Insights
The Q3 results demonstrate strong execution despite market headwinds. Key highlights include: record Q3 diluted EPS of
The acquisition of Plasti-Fab is strategically significant, positioning Carlisle as a leader in the
Strong capital returns continue with
CCM's performance is particularly impressive with
However, CWT faces challenges with a
The Plasti-Fab acquisition strengthens vertical integration capabilities and expands geographic presence, enhancing Carlisle's building envelope product portfolio.
-
Record third quarter diluted EPS of
and adj. EPS of$5.30 , +$5.78 24% year-over-year-
Revenue of
, an increase of$1.3 billion 6% YoY -
Operating margin of
23.7% and Q3 record adj. EBITDA margin of27.6% , +60 bps YoY -
CCM grew revenue
9% and expanded adj. EBITDA margin 110 bps to Q3 record of32.8% - Continued headwinds in residential markets negatively impacted CWT
-
Revenue of
-
Repurchased 1.1 million shares for
and increased quarterly dividend by$466 million 18% - Signed agreement to acquire Plasti-Fab
- Awarded Home Depot's Building Materials Partner of the Year for the 2nd time since 2022
Comments from Chris Koch, Chair, President and Chief Executive Officer
“Carlisle delivered another quarter of strong performance, despite a continued decline in residential markets along with the well-known weather-related and port strike events, which negatively impacted shipping days, contractor days on the roof and manufacturing output. We continued to execute on our Vision 2030 strategies, and we are pleased with our third quarter performance against our 2030 goal of
“CCM continued its strong momentum with its 2024 accomplishments into the third quarter, driven by healthy contractor backlogs, robust re-roofing activity, and excellent margin performance. CCM sales were up
“As we look at CWT’s performance, while we were pleased with progress on share gain initiatives within CWT, a higher interest rate environment, low housing turnover, and affordability challenges resulted in a further slowing of housing activity in the quarter. For the quarter, these challenges impacted sales and drove a decline of
“We continue to be encouraged by the positive long-term outlook in the
“Carlisle remains committed to generating superior shareholder returns through our balanced capital deployment approach. This quarter, we repurchased 1.1 million shares for
“We are excited about our recent agreement to acquire Plasti-Fab, which aligns perfectly with our Vision 2030 strategy to enhance our “best-in-class” building envelope product portfolio following the completion of our pivot to a “pure play” building products company earlier this year. The acquisition of Plasti-Fab establishes Carlisle as a leading manufacturer in the
“As we look forward to the remainder of the year, we expect the residential headwinds experienced this year to continue. Based on that outlook, we expect to deliver approximately
Third Quarter 2024 Financial Summary
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
(in millions, except per share amounts) |
|
2024 |
|
2023 |
|
Change % |
|
2024 |
|
2023 |
|
Change % |
||||||||||
Revenues |
|
$ |
1,333.6 |
|
|
$ |
1,259.8 |
|
|
5.9 |
% |
|
$ |
3,880.7 |
|
|
$ |
3,459.4 |
|
|
12.2 |
% |
Operating income |
|
|
316.4 |
|
|
|
299.9 |
|
|
5.5 |
% |
|
|
919.1 |
|
|
|
729.2 |
|
|
26.0 |
% |
Operating margin |
|
|
23.7 |
% |
|
|
23.8 |
% |
|
-10 bps |
|
|
23.7 |
% |
|
|
21.1 |
% |
|
260 bps |
||
Income from continuing operations |
|
|
246.6 |
|
|
|
216.9 |
|
|
13.7 |
% |
|
|
702.7 |
|
|
|
527.2 |
|
|
33.3 |
% |
Adjusted EBITDA |
|
|
367.9 |
|
|
|
339.7 |
|
|
8.3 |
% |
|
|
1,051.0 |
|
|
|
855.7 |
|
|
22.8 |
% |
Adjusted EBITDA margin |
|
|
27.6 |
% |
|
|
27.0 |
% |
|
60 bps |
|
|
27.1 |
% |
|
|
24.7 |
% |
|
240 bps |
||
Diluted EPS |
|
|
5.30 |
|
|
|
4.32 |
|
|
22.7 |
% |
|
|
14.74 |
|
|
|
10.32 |
|
|
42.8 |
% |
Adjusted diluted EPS |
|
|
5.78 |
|
|
|
4.68 |
|
|
23.5 |
% |
|
|
15.71 |
|
|
|
11.35 |
|
|
38.4 |
% |
Third Quarter 2024 Segment Highlights
Carlisle Construction Materials ("CCM")
-
Revenue of
, increased$998 million 9% (+6% organic) year-over-year, driven by the acquisition of MTL, the normalization of inventory in the channels, and robust re-roof activity from pent up demand. -
Operating income was
, up$303 million 11% year-over-year. Adjusted EBITDA was , up$328 million 13% year-over-year, reflecting an adjusted EBITDA margin of32.8% . The 110 basis point increase compared to the prior year was driven by volume leverage on strong sales growth, favorable raw materials and operating efficiencies achieved through COS.
Carlisle Weatherproofing Technologies ("CWT")
-
Revenue of
, declined$335 million 3% (-4% organic) year-over-year, primarily due to softer residential end markets and price declines in select product categories, partially offset by growth in commercial categories, share gain initiatives and the acquisition of Polar Industries. -
Operating income was
, down$47 million 20% year-over-year. Adjusted EBITDA was , down$69 million 14% year-over-year, reflecting an adjusted EBITDA margin of20.7% . The 270 basis point decrease compared to the prior year was primarily due to strategic investments in the business to support longer term growth initiatives in addition to lower sales in the quarter as a result of broader residential market weakness from higher interest rates.
Cash Flow
Operating cash flow from continuing operations for the nine months ended September 30, 2024, was
During the nine months ended September 30, 2024, we deployed
2024 Fourth Quarter Outlook
-
Revenues to increase LSD
- CCM - up MSD
- CWT - down LSD
-
Adjusted EBITDA margin ~
25%
Conference Call and Webcast
Carlisle will discuss third quarter 2024 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: 800-549-8228
International: 646-564-2877
Conference ID: 82118
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. 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.
* EPS referenced in this release is from continuing operations unless otherwise noted.
Carlisle Companies Incorporated Unaudited Consolidated Statements of Income |
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions, except per share amounts) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues |
|
$ |
1,333.6 |
|
|
$ |
1,259.8 |
|
|
$ |
3,880.7 |
|
|
$ |
3,459.4 |
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
|
819.2 |
|
|
|
793.7 |
|
|
|
2,398.5 |
|
|
|
2,244.9 |
|
Selling and administrative expenses |
|
|
191.8 |
|
|
|
161.7 |
|
|
|
547.9 |
|
|
|
467.6 |
|
Research and development expenses |
|
|
8.1 |
|
|
|
7.2 |
|
|
|
26.6 |
|
|
|
20.7 |
|
Other operating income, net |
|
|
(1.9 |
) |
|
|
(2.7 |
) |
|
|
(11.4 |
) |
|
|
(3.0 |
) |
Operating income |
|
|
316.4 |
|
|
|
299.9 |
|
|
|
919.1 |
|
|
|
729.2 |
|
Interest expense, net |
|
|
18.6 |
|
|
|
19.4 |
|
|
|
56.0 |
|
|
|
57.0 |
|
Interest income |
|
|
(22.6 |
) |
|
|
(3.6 |
) |
|
|
(44.3 |
) |
|
|
(12.5 |
) |
Other non-operating income, net |
|
|
(1.1 |
) |
|
|
0.6 |
|
|
|
(1.5 |
) |
|
|
(1.2 |
) |
Income from continuing operations before income taxes |
|
|
321.5 |
|
|
|
283.5 |
|
|
|
908.9 |
|
|
|
685.9 |
|
Provision for income taxes |
|
|
74.9 |
|
|
|
66.6 |
|
|
|
206.2 |
|
|
|
158.7 |
|
Income from continuing operations |
|
|
246.6 |
|
|
|
216.9 |
|
|
|
702.7 |
|
|
|
527.2 |
|
|
|
|
|
|
|
|
|
|
||||||||
Discontinued operations: |
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes |
|
|
(4.4 |
) |
|
|
43.2 |
|
|
|
497.7 |
|
|
|
20.2 |
|
Provision for (benefit from) income taxes |
|
|
(2.1 |
) |
|
|
(5.5 |
) |
|
|
51.4 |
|
|
|
(14.5 |
) |
Income (loss) from discontinued operations |
|
|
(2.3 |
) |
|
|
48.7 |
|
|
|
446.3 |
|
|
|
34.7 |
|
Net income |
|
$ |
244.3 |
|
|
$ |
265.6 |
|
|
$ |
1,149.0 |
|
|
$ |
561.9 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share attributable to common shares: |
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
|
$ |
5.36 |
|
|
$ |
4.37 |
|
|
$ |
14.93 |
|
|
$ |
10.43 |
|
Income (loss) from discontinued operations |
|
|
(0.05 |
) |
|
|
0.98 |
|
|
|
9.48 |
|
|
|
0.69 |
|
Basic earnings per share |
|
$ |
5.31 |
|
|
$ |
5.35 |
|
|
$ |
24.41 |
|
|
$ |
11.12 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share attributable to common shares: |
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
|
$ |
5.30 |
|
|
$ |
4.32 |
|
|
$ |
14.74 |
|
|
$ |
10.32 |
|
Income (loss) from discontinued operations |
|
|
(0.05 |
) |
|
|
0.97 |
|
|
|
9.36 |
|
|
|
0.68 |
|
Diluted earnings per share |
|
$ |
5.25 |
|
|
$ |
5.29 |
|
|
$ |
24.10 |
|
|
$ |
11.00 |
|
|
|
|
|
|
|
|
|
|
||||||||
Average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
45.9 |
|
|
|
49.5 |
|
|
|
47.0 |
|
|
|
50.4 |
|
Diluted |
|
|
46.5 |
|
|
|
50.1 |
|
|
|
47.6 |
|
|
|
51.0 |
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared and paid per share |
|
$ |
1.00 |
|
|
$ |
0.85 |
|
|
$ |
2.70 |
|
|
$ |
2.35 |
|
Carlisle Companies Incorporated Unaudited Condensed Consolidated Statements of Cash Flows |
||||||||
|
|
Nine Months Ended
|
||||||
(in millions) |
|
2024 |
|
2023 |
||||
Net cash provided by operating activities |
|
$ |
659.7 |
|
|
$ |
812.4 |
|
|
|
|
|
|
||||
Investing activities: |
|
|
|
|
||||
Proceeds from sale of discontinued operation, net of cash disposed |
|
|
1,998.0 |
|
|
|
— |
|
Acquisitions, net of cash acquired |
|
|
(414.3 |
) |
|
|
— |
|
Capital expenditures |
|
|
(76.7 |
) |
|
|
(106.3 |
) |
Investment in securities |
|
|
0.6 |
|
|
|
0.9 |
|
Other investing activities, net |
|
|
1.3 |
|
|
|
18.7 |
|
Net cash provided by (used in) investing activities |
|
|
1,508.9 |
|
|
|
(86.7 |
) |
|
|
|
|
|
||||
Financing activities: |
|
|
|
|
||||
Repayments of notes |
|
|
— |
|
|
|
(300.0 |
) |
Borrowings from revolving credit facility |
|
|
22.0 |
|
|
|
84.0 |
|
Repayments of revolving credit facility |
|
|
(22.0 |
) |
|
|
(84.0 |
) |
Repurchases of common stock |
|
|
(1,166.1 |
) |
|
|
(580.0 |
) |
Dividends paid |
|
|
(127.4 |
) |
|
|
(119.3 |
) |
Proceeds from exercise of stock options |
|
|
73.1 |
|
|
|
17.7 |
|
Withholding tax paid related to stock-based compensation |
|
|
(17.7 |
) |
|
|
(10.4 |
) |
Other financing activities, net |
|
|
(4.8 |
) |
|
|
(2.5 |
) |
Net cash used in financing activities |
|
|
(1,242.9 |
) |
|
|
(994.5 |
) |
|
|
|
|
|
||||
Effect of foreign currency exchange rate changes on cash and cash equivalents |
|
|
(0.6 |
) |
|
|
— |
|
Change in cash and cash equivalents |
|
|
925.1 |
|
|
|
(268.8 |
) |
Less: change in cash and cash equivalents of discontinued operations |
|
|
(28.8 |
) |
|
|
(12.0 |
) |
Cash and cash equivalents at beginning of period |
|
|
576.7 |
|
|
|
364.8 |
|
Cash and cash equivalents at end of period |
|
$ |
1,530.6 |
|
|
$ |
108.0 |
|
Carlisle Companies Incorporated Unaudited Selected Consolidated Balance Sheet Data |
||||||||
(in millions) |
|
September 30,
|
|
December 31,
|
||||
Cash and cash equivalents |
|
$ |
1,530.6 |
|
|
$ |
576.7 |
|
Long-term debt, including current portion |
|
|
2,290.2 |
|
|
2,289.4 |
||
Total stockholders' equity |
|
|
2,762.9 |
|
|
|
2,829.0 |
|
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 September 30, |
||||||||||||||||
(in millions, except percentages) |
|
CSL |
|
CCM |
|
CWT |
||||||||||||
2023 Revenue (GAAP) |
|
$ |
1,259.8 |
|
|
|
$ |
914.0 |
|
|
|
$ |
345.8 |
|
|
|||
Organic |
|
|
35.9 |
|
2.9 |
% |
|
|
50.8 |
|
5.6 |
% |
|
|
(14.9 |
) |
(4.3 |
)% |
Acquisitions |
|
|
38.1 |
|
3.0 |
% |
|
|
33.3 |
|
3.6 |
% |
|
|
4.8 |
|
1.4 |
% |
FX impact |
|
|
(0.2 |
) |
— |
% |
|
|
0.1 |
|
— |
% |
|
|
(0.3 |
) |
(0.1 |
)% |
Total change |
|
|
73.8 |
|
5.9 |
% |
|
|
84.2 |
|
9.2 |
% |
|
|
(10.4 |
) |
(3.0 |
)% |
2024 Revenue (GAAP) |
|
$ |
1,333.6 |
|
|
|
$ |
998.2 |
|
|
|
$ |
335.4 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Nine Months Ended September 30, |
||||||||||||||||
(in millions, except percentages) |
|
CSL |
|
CCM |
|
CWT |
||||||||||||
2023 Revenues (GAAP) |
|
$ |
3,459.4 |
|
|
|
$ |
2,437.5 |
|
|
|
$ |
1,021.9 |
|
|
|||
Organic |
|
|
353.1 |
|
10.2 |
% |
|
|
378.1 |
|
15.5 |
% |
|
|
(25.0 |
) |
(2.4 |
)% |
Acquisitions |
|
|
69.0 |
|
2.0 |
% |
|
|
55.2 |
|
2.3 |
% |
|
|
13.8 |
|
1.3 |
% |
FX impact |
|
|
(0.8 |
) |
— |
% |
|
|
(0.1 |
) |
— |
% |
|
|
(0.7 |
) |
(0.1 |
)% |
Total change |
|
|
421.3 |
|
12.2 |
% |
|
|
433.2 |
|
17.8 |
% |
|
|
(11.9 |
) |
(1.2 |
)% |
2024 Revenues (GAAP) |
|
$ |
3,880.7 |
|
|
|
$ |
2,870.7 |
|
|
|
$ |
1,010.0 |
|
|
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 Carlisle'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
|
|
Nine Months Ended
|
||||||||||||
(in millions) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Operating cash flow (GAAP) |
|
$ |
312.8 |
|
|
$ |
441.7 |
|
|
$ |
659.7 |
|
|
$ |
812.4 |
|
Less: operating cash flow from discontinued operations |
|
|
(15.9 |
) |
|
|
51.6 |
|
|
|
(1.8 |
) |
|
|
150.5 |
|
Operating cash flow from continuing operations |
|
$ |
328.7 |
|
|
$ |
390.1 |
|
|
$ |
661.5 |
|
|
$ |
661.9 |
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures (GAAP) |
|
$ |
(19.3 |
) |
|
$ |
(36.2 |
) |
|
$ |
(76.7 |
) |
|
$ |
(106.3 |
) |
Less: capital expenditures from discontinued operations |
|
|
— |
|
|
|
(6.2 |
) |
|
|
(12.4 |
) |
|
|
(19.3 |
) |
Capital expenditures from continuing operations |
|
$ |
(19.3 |
) |
|
$ |
(30.0 |
) |
|
$ |
(64.3 |
) |
|
$ |
(87.0 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Operating cash flow from continuing operations |
|
$ |
328.7 |
|
|
$ |
390.1 |
|
|
$ |
661.5 |
|
|
$ |
661.9 |
|
Capital expenditures from continuing operations |
|
|
(19.3 |
) |
|
|
(30.0 |
) |
|
|
(64.3 |
) |
|
|
(87.0 |
) |
Free cash flow from continuing operations |
|
$ |
309.4 |
|
|
$ |
360.1 |
|
|
$ |
597.2 |
|
|
$ |
574.9 |
|
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 Carlisle'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 Carlisle's businesses and evaluate Carlisle'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
|
|
Nine Months Ended
|
||||||||||||
(in millions, except percentages) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income (GAAP) |
|
$ |
244.3 |
|
|
$ |
265.6 |
|
|
$ |
1,149.0 |
|
|
$ |
561.9 |
|
Less: (Loss) income from discontinued operations |
|
|
(2.3 |
) |
|
|
48.7 |
|
|
|
446.3 |
|
|
|
34.7 |
|
Income from continuing operations (GAAP) |
|
|
246.6 |
|
|
|
216.9 |
|
|
|
702.7 |
|
|
|
527.2 |
|
Provision for income taxes |
|
|
74.9 |
|
|
|
66.6 |
|
|
|
206.2 |
|
|
|
158.7 |
|
Interest expense, net |
|
|
18.6 |
|
|
|
19.4 |
|
|
|
56.0 |
|
|
|
57.0 |
|
Interest income |
|
|
(22.6 |
) |
|
|
(3.6 |
) |
|
|
(44.3 |
) |
|
|
(12.5 |
) |
EBIT |
|
|
317.5 |
|
|
|
299.3 |
|
|
|
920.6 |
|
|
|
730.4 |
|
Exit and disposal, and facility rationalization costs |
|
|
1.9 |
|
|
|
1.7 |
|
|
|
2.7 |
|
|
|
4.5 |
|
Inventory step-up amortization and transaction costs |
|
|
2.7 |
|
|
|
— |
|
|
|
4.8 |
|
|
|
1.6 |
|
Impairment charges |
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
1.8 |
|
(Gains) losses from acquisitions and disposals |
|
|
(0.3 |
) |
|
|
(0.7 |
) |
|
|
(0.6 |
) |
|
|
1.8 |
|
Gains from insurance |
|
|
— |
|
|
|
— |
|
|
|
(5.0 |
) |
|
|
— |
|
Losses (gains) from litigation |
|
|
1.5 |
|
|
|
(0.1 |
) |
|
|
1.9 |
|
|
|
(0.2 |
) |
Total non-comparable items |
|
|
5.8 |
|
|
|
1.4 |
|
|
|
3.8 |
|
|
|
9.5 |
|
Adjusted EBIT |
|
|
323.3 |
|
|
|
300.7 |
|
|
|
924.4 |
|
|
|
739.9 |
|
Depreciation |
|
|
17.5 |
|
|
|
16.8 |
|
|
|
51.7 |
|
|
|
48.9 |
|
Amortization |
|
|
27.1 |
|
|
|
22.2 |
|
|
|
74.9 |
|
|
|
66.9 |
|
Adjusted EBITDA |
|
$ |
367.9 |
|
|
$ |
339.7 |
|
|
$ |
1,051.0 |
|
|
$ |
855.7 |
|
Divided by: |
|
|
|
|
|
|
|
|
||||||||
Total revenues |
|
$ |
1,333.6 |
|
|
$ |
1,259.8 |
|
|
$ |
3,880.7 |
|
|
$ |
3,459.4 |
|
Adjusted EBITDA margin |
|
|
27.6 |
% |
|
|
27.0 |
% |
|
|
27.1 |
% |
|
|
24.7 |
% |
Carlisle Companies Incorporated Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin |
||||||||||||
|
|
Three Months Ended September 30, 2024 |
||||||||||
(in millions, except percentages) |
|
CCM |
|
CWT |
|
Corporate and
|
||||||
Operating income (loss) (GAAP) |
|
$ |
303.0 |
|
|
$ |
46.8 |
|
|
$ |
(33.4 |
) |
Non-operating (income) expense, net(1) |
|
|
(0.5 |
) |
|
|
0.3 |
|
|
|
(0.9 |
) |
EBIT |
|
|
303.5 |
|
|
|
46.5 |
|
|
|
(32.5 |
) |
Exit and disposal, and facility rationalization costs |
|
|
1.3 |
|
|
|
0.6 |
|
|
|
— |
|
Inventory step-up amortization and transaction costs |
|
|
0.1 |
|
|
|
— |
|
|
|
2.6 |
|
Gains from acquisitions and disposals |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
— |
|
Losses from litigation |
|
|
1.0 |
|
|
|
0.5 |
|
|
|
— |
|
Total non-comparable items |
|
|
2.3 |
|
|
|
0.9 |
|
|
|
2.6 |
|
Adjusted EBIT |
|
|
305.8 |
|
|
|
47.4 |
|
|
|
(29.9 |
) |
Depreciation |
|
|
13.0 |
|
|
|
4.1 |
|
|
|
0.4 |
|
Amortization |
|
|
8.8 |
|
|
|
17.8 |
|
|
|
0.5 |
|
Adjusted EBITDA |
|
$ |
327.6 |
|
|
$ |
69.3 |
|
|
$ |
(29.0 |
) |
Divided by: |
|
|
|
|
|
|
||||||
Total revenues |
|
$ |
998.2 |
|
|
$ |
335.4 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
32.8 |
% |
|
|
20.7 |
% |
|
|
NM |
|
(1) | Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income. |
|
|
Three Months Ended September 30, 2023 |
||||||||||
(in millions, except percentages) |
|
CCM |
|
CWT |
|
Corporate and
|
||||||
Operating income (loss) (GAAP) |
|
$ |
272.5 |
|
|
$ |
58.8 |
|
|
$ |
(31.4 |
) |
Non-operating expense (income), net(1) |
|
|
0.3 |
|
|
|
(0.2 |
) |
|
|
0.5 |
|
EBIT |
|
|
272.2 |
|
|
|
59.0 |
|
|
|
(31.9 |
) |
Exit and disposal, and facility rationalization costs |
|
|
1.7 |
|
|
|
— |
|
|
|
— |
|
Impairment charges |
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
Gains from acquisitions and disposals |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
|
|
— |
|
Gains from litigation |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
Total non-comparable items |
|
|
1.5 |
|
|
|
— |
|
|
|
(0.1 |
) |
Adjusted EBIT |
|
|
273.7 |
|
|
|
59.0 |
|
|
|
(32.0 |
) |
Depreciation |
|
|
11.7 |
|
|
|
4.1 |
|
|
|
1.0 |
|
Amortization |
|
|
4.0 |
|
|
|
17.7 |
|
|
|
0.5 |
|
Adjusted EBITDA |
|
$ |
289.4 |
|
|
$ |
80.8 |
|
|
$ |
(30.5 |
) |
Divided by: |
|
|
|
|
|
|
||||||
Total revenues |
|
$ |
914.0 |
|
|
$ |
345.8 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
31.7 |
% |
|
|
23.4 |
% |
|
|
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 |
||||||||||||
|
|
Nine Months Ended September 30, 2024 |
||||||||||
(in millions) |
|
CCM |
|
CWT |
|
Corporate and
|
||||||
Operating income (loss) (GAAP) |
|
$ |
861.0 |
|
|
$ |
148.2 |
|
|
$ |
(90.1 |
) |
Non-operating income, net(1) |
|
|
— |
|
|
|
— |
|
|
|
(1.5 |
) |
EBIT |
|
|
861.0 |
|
|
|
148.2 |
|
|
|
(88.6 |
) |
Exit and disposal, and facility rationalization costs |
|
|
1.6 |
|
|
|
1.1 |
|
|
|
— |
|
Inventory step-up amortization and acquisition costs |
|
|
1.9 |
|
|
|
— |
|
|
|
2.9 |
|
Gains from acquisitions and disposals |
|
|
(0.2 |
) |
|
|
(0.4 |
) |
|
|
— |
|
Gains from insurance |
|
|
(5.0 |
) |
|
|
— |
|
|
|
— |
|
Losses from litigation |
|
|
1.0 |
|
|
|
0.9 |
|
|
|
— |
|
Total non-comparable items |
|
|
(0.7 |
) |
|
|
1.6 |
|
|
|
2.9 |
|
Adjusted EBIT |
|
|
860.3 |
|
|
|
149.8 |
|
|
|
(85.7 |
) |
Depreciation |
|
|
38.1 |
|
|
|
12.4 |
|
|
|
1.2 |
|
Amortization |
|
|
20.2 |
|
|
|
53.2 |
|
|
|
1.5 |
|
Adjusted EBITDA |
|
$ |
918.6 |
|
|
$ |
215.4 |
|
|
$ |
(83.0 |
) |
Total revenues |
|
$ |
2,870.7 |
|
|
$ |
1,010.0 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
32.0 |
% |
|
|
21.3 |
% |
|
|
NM |
|
(1) | Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income. |
|
|
Nine Months Ended September 30, 2023 |
||||||||||
(in millions) |
|
CCM |
|
CWT |
|
Corporate and
|
||||||
Operating income (loss) (GAAP) |
|
$ |
675.6 |
|
|
$ |
142.4 |
|
|
$ |
(88.8 |
) |
Non-operating income, net(1) |
|
|
— |
|
|
|
— |
|
|
|
(1.2 |
) |
EBIT |
|
|
675.6 |
|
|
|
142.4 |
|
|
|
(87.6 |
) |
Exit and disposal, and facility rationalization costs |
|
|
1.8 |
|
|
|
2.7 |
|
|
|
— |
|
Inventory step-up amortization and acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
1.6 |
|
Impairment charges |
|
|
— |
|
|
|
1.8 |
|
|
|
— |
|
(Gains) losses from acquisitions and disposals |
|
|
(0.5 |
) |
|
|
2.4 |
|
|
|
(0.1 |
) |
Gains from litigation |
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
Total non-comparable items |
|
|
1.3 |
|
|
|
6.9 |
|
|
|
1.3 |
|
Adjusted EBIT |
|
|
676.9 |
|
|
|
149.3 |
|
|
|
(86.3 |
) |
Depreciation |
|
|
32.8 |
|
|
|
13.2 |
|
|
|
2.9 |
|
Amortization |
|
|
12.2 |
|
|
|
53.0 |
|
|
|
1.7 |
|
Adjusted EBITDA |
|
$ |
721.9 |
|
|
$ |
215.5 |
|
|
$ |
(81.7 |
) |
|
|
|
|
|
|
|
||||||
Total revenues |
|
$ |
2,437.5 |
|
|
$ |
1,021.9 |
|
|
$ |
— |
|
Adjusted EBITDA margin |
|
|
29.6 |
% |
|
|
21.1 |
% |
|
|
NM |
|
(1) | Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income. |
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 Carlisle'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) |
|
|
|
$ |
244.3 |
|
|
$ |
5.25 |
|
|
|
|
$ |
265.6 |
|
|
$ |
5.29 |
|
||
Less: Income (loss) from discontinued operations (GAAP) |
|
|
|
|
(2.3 |
) |
|
|
(0.05 |
) |
|
|
|
|
48.7 |
|
|
|
0.97 |
|
||
Income from continuing operations (GAAP) |
|
|
|
|
246.6 |
|
|
|
5.30 |
|
|
|
|
|
216.9 |
|
|
|
4.32 |
|
||
Exit and disposal, and facility rationalization costs |
|
1.9 |
|
|
|
1.5 |
|
|
|
0.03 |
|
|
1.7 |
|
|
|
1.1 |
|
|
|
0.02 |
|
Inventory step-up amortization and transaction costs |
|
2.7 |
|
|
|
2.0 |
|
|
|
0.04 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Impairment charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
0.5 |
|
|
|
0.3 |
|
|
|
0.01 |
|
Gains from acquisitions and disposals |
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
— |
|
|
(0.7 |
) |
|
|
(0.4 |
) |
|
|
(0.01 |
) |
Losses from insurance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Losses from litigation |
|
1.5 |
|
|
|
1.1 |
|
|
|
0.03 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition-related amortization(3) |
|
25.4 |
|
|
|
19.2 |
|
|
|
0.41 |
|
|
20.9 |
|
|
|
15.8 |
|
|
|
0.32 |
|
Discrete tax items(4) |
|
— |
|
|
|
(1.3 |
) |
|
|
(0.03 |
) |
|
— |
|
|
|
1.1 |
|
|
|
0.02 |
|
Total adjustments |
|
|
|
|
22.3 |
|
|
|
0.48 |
|
|
|
|
|
17.9 |
|
|
|
0.36 |
|
||
Adjusted net income |
|
|
|
$ |
268.9 |
|
|
$ |
5.78 |
|
|
|
|
$ |
234.8 |
|
|
$ |
4.68 |
|
(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, excess tax benefits from stock compensation, 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
|
|
Nine Months Ended
|
|
Nine Months Ended September 30, 2023 |
||||||||||||||||||
(in millions, except per share amounts) |
|
Pre-tax
|
|
After-tax
|
|
Impact to
|
|
Pre-tax
|
|
After-tax
|
|
Impact to
|
||||||||||
Net income (GAAP) |
|
|
|
$ |
1,149.0 |
|
|
$ |
24.10 |
|
|
|
|
$ |
561.9 |
|
|
$ |
11.00 |
|
||
Less: Income (loss) from discontinued operations (GAAP) |
|
|
|
|
446.3 |
|
|
|
9.36 |
|
|
|
|
|
34.7 |
|
|
|
0.68 |
|
||
Income from continuing operations (GAAP) |
|
|
|
|
702.7 |
|
|
|
14.74 |
|
|
|
|
|
527.2 |
|
|
|
10.32 |
|
||
Exit and disposal, and facility rationalization costs |
|
2.7 |
|
|
|
2.1 |
|
|
|
0.04 |
|
|
4.5 |
|
|
|
3.3 |
|
|
|
0.06 |
|
Inventory step-up amortization and acquisition costs |
|
4.8 |
|
|
|
3.6 |
|
|
|
0.08 |
|
|
1.6 |
|
|
|
1.2 |
|
|
|
0.02 |
|
Impairment charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
1.8 |
|
|
|
1.3 |
|
|
|
0.03 |
|
(Gains) losses from acquisitions and disposals |
|
(0.6 |
) |
|
|
(0.4 |
) |
|
|
(0.01 |
) |
|
1.8 |
|
|
|
1.4 |
|
|
|
0.03 |
|
Gains from insurance |
|
(5.0 |
) |
|
|
(3.8 |
) |
|
|
(0.08 |
) |
|
— |
|
|
|
— |
|
|
|
— |
|
Losses (gains) from litigation |
|
1.9 |
|
|
|
1.4 |
|
|
|
0.03 |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
— |
|
Acquisition-related amortization(3) |
|
70.5 |
|
|
|
53.1 |
|
|
|
1.11 |
|
|
63.0 |
|
|
|
47.4 |
|
|
|
0.93 |
|
Discrete tax items(4) |
|
— |
|
|
|
(9.8 |
) |
|
|
(0.20 |
) |
|
— |
|
|
|
(1.8 |
) |
|
|
(0.04 |
) |
Total adjustments |
|
|
|
|
46.2 |
|
|
|
0.97 |
|
|
|
|
|
52.7 |
|
|
|
1.03 |
|
||
Adjusted net income |
|
|
|
$ |
748.9 |
|
|
$ |
15.71 |
|
|
|
|
$ |
579.9 |
|
|
$ |
11.35 |
|
(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/20241024117034/en/
Mehul Patel
Vice President, Investor Relations
(310) 592-9668
mpatel@carlisle.com
Source: Carlisle Companies Incorporated
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