CSW Industrials Reports Record Fiscal 2025 Second Quarter Results
CSW Industrials (CSWI) reported record results for fiscal 2025 Q2. Total revenue increased 11.9% to $227.9 million, with organic growth of 6.2% and inorganic growth of 5.7%. Net income rose 20% to $36.1 million, with EPS up 17.1% to $2.26. EBITDA grew 14.8% to $60.8 million with margin expansion of 70 bps to 26.7%. The company completed a successful follow-on equity offering of 1.265 million shares at $285 per share, generating net proceeds of $347.4 million, which was used to pay down all outstanding debt of $115 million on the revolver.
CSW Industrials (CSWI) ha riportato risultati record per il secondo trimestre dell'esercizio fiscale 2025. Il fatturato totale è aumentato dell'11,9% arrivando a 227,9 milioni di dollari, con una crescita organica del 6,2% e una crescita inorganica del 5,7%. L'utile netto è salito del 20% a 36,1 milioni di dollari, con un utile per azione (EPS) in aumento del 17,1% a 2,26 dollari. L'EBITDA è cresciuto del 14,8% a 60,8 milioni di dollari, con un'espansione del margine di 70 punti base al 26,7%. L'azienda ha completato un'offerta di equity secondaria di successo, emettendo 1,265 milioni di azioni a 285 dollari per azione, generando proventi netti di 347,4 milioni di dollari, che sono stati utilizzati per estinguere tutto il debito in sospeso di 115 milioni di dollari sul revolver.
CSW Industrials (CSWI) informó resultados récord para el segundo trimestre del ejercicio fiscal 2025. Los ingresos totales aumentaron un 11.9% alcanzando los 227.9 millones de dólares, con un crecimiento orgánico del 6.2% y un crecimiento inorganic del 5.7%. El ingreso neto creció un 20% hasta 36.1 millones de dólares, con un EPS que aumentó un 17.1% a 2.26 dólares. El EBITDA creció un 14.8% hasta 60.8 millones de dólares, con una expansión del margen de 70 puntos básicos al 26.7%. La compañía completó una exitosa oferta de acciones de seguimiento de 1.265 millones de acciones a 285 dólares por acción, generando ingresos netos de 347.4 millones de dólares, que se utilizaron para pagar toda la deuda pendiente de 115 millones de dólares en el revolver.
CSW Industrials (CSWI)는 회계 연도 2025년 2분기 기록적인 성과를 보고했습니다. 총 수익은 11.9% 증가하여 2억 2790만 달러에 달했으며, 유기적 성장률은 6.2%, 비유기적 성장률은 5.7%에 이릅니다. 순이익은 20% 증가하여 3천610만 달러에 도달했으며, 주당순이익(EPS)은 17.1% 상승하여 2.26달러에 이르렀습니다. EBITDA는 14.8% 성장하여 6천80만 달러에 도달하였고, 마진은 70bp 확장되어 26.7%에 이르렀습니다. 회사는 주당 285달러에 126만 5천 주의 후속 주식 발행을 성공적으로 완료하였으며, 3억 4740만 달러의 순수익을 창출하여, 1억 1500만 달러의 모든 미결제 채무를 상환하는 데 사용했습니다.
CSW Industrials (CSWI) a annoncé des résultats record pour le deuxième trimestre de l'exercice fiscal 2025. Le chiffre d'affaires total a augmenté de 11,9 % pour atteindre 227,9 millions de dollars, avec une croissance organique de 6,2 % et une croissance inorganique de 5,7 %. Le revenu net a grimpé de 20 % pour s'élever à 36,1 millions de dollars, avec un BPA en hausse de 17,1 % à 2,26 dollars. L'EBITDA a connu une croissance de 14,8 % pour atteindre 60,8 millions de dollars, avec une expansion de la marge de 70 points de base à 26,7 %. L'entreprise a réalisé une offre de suivi d'actions réussie de 1,265 million d'actions à 285 dollars par action, générant des produits nets de 347,4 millions de dollars, qui ont été utilisés pour rembourser l'ensemble de sa dette en cours de 115 millions de dollars sur le revolver.
CSW Industrials (CSWI) hat für das zweite Quartal des Geschäftsjahres 2025 Rekordresultate gemeldet. Der Gesamtumsatz stieg um 11,9 % auf 227,9 Millionen Dollar, mit einem organischen Wachstum von 6,2 % und einem anorganischen Wachstum von 5,7 %. Der Nettogewinn stieg um 20 % auf 36,1 Millionen Dollar, während der Gewinn pro Aktie (EPS) um 17,1 % auf 2,26 Dollar anstieg. Das EBITDA wuchs um 14,8 % auf 60,8 Millionen Dollar, mit einer Margenexpansion von 70 Basispunkten auf 26,7 %. Das Unternehmen schloss eine erfolgreiche Folge-Equity-Offerte von 1,265 Millionen Aktien zu 285 Dollar pro Aktie ab, was Nettomittel in Höhe von 347,4 Millionen Dollar generierte, die zur Tilgung aller ausstehenden Schulden von 115 Millionen Dollar im Revolver verwendet wurden.
- Record quarterly revenue of $227.9 million, up 11.9%
- Net income increased 20% to $36.1 million
- EPS grew 17.1% to $2.26
- EBITDA increased 14.8% to $60.8 million with margin expansion
- Operating cash flow up 49.5% to $66.8 million
- Successfully raised $347.4 million through equity offering
- Eliminated all outstanding debt on revolver ($115 million paid down)
- Increased quarterly dividend by 14.3% to $0.24 per share
- Share dilution from issuance of 1.265 million new shares
- Operating expenses increased to $52.4 million from $49.0 million
- Other expense of $0.7 million compared to prior year income of $1.9 million
Insights
CSWI delivered an exceptional fiscal Q2 2025 with multiple record-breaking metrics.
The successful
All three segments showed healthy growth and margin improvement, with Contractor Solutions leading at
The strategic acquisitions of Dust Free and PSP Products are proving transformative, expanding CSWI's market presence in the profitable electrical and HVAC/R sectors. The successful integration is evident in the margin improvements across segments, particularly in Contractor Solutions where operating margins expanded to
Strong performance in core end markets (HVAC/R, electrical, plumbing) and improved manufacturing efficiencies indicate sustainable growth momentum. The record backlog conversion in Engineered Building Solutions suggests robust demand pipeline. Notably, the
The successful equity offering and subsequent debt elimination positions CSWI for opportunistic M&A while maintaining financial flexibility. Market response to the upsized offering indicates strong institutional confidence in CSWI's growth strategy and execution capabilities.
DALLAS, Oct. 30, 2024 (GLOBE NEWSWIRE) -- CSW Industrials, Inc. (Nasdaq: CSWI or the "Company") today reported record results for the fiscal 2025 second quarter period ended September 30, 2024.
Fiscal 2025 Second Quarter Highlights (comparisons to fiscal 2024 second quarter)
- Total revenue increased
11.9% to an all-time quarterly high of$227.9 million , driven by organic growth of6.2% and inorganic growth of5.7% from the recent acquisitions of Dust Free and PSP Products - Net income attributable to CSWI increased
20.0% to$36.1 million , compared to$30.1 million - Earnings per diluted share ("EPS") increased
17.1% to$2.26 , compared to$1.93 - EBITDA grew
14.8% to$60.8 million , including margin expansion of 70 bps to26.7% - Cash flow from operations increased
49.5% to$66.8 million , compared to$44.7 million - Issued and sold 1.265 million shares of stock at
$285 per share in a successful follow-on equity offering, resulting in net proceeds of$347.4 million - Paid down
$115.0 million , or all outstanding debt on the revolver following the equity offering, further improving the strength of the balance sheet
Fiscal 2025 First Half Highlights (comparisons to fiscal 2024 first half)
- Total revenue increased
11.6% to$454.1 million , of which7.0% , or$28.3 million was organic growth, and$18.8 million , or4.6% , was inorganic growth from recent acquisitions - Net income attributable to CSWI increased
23.0% to$74.6 million , as compared to$60.7 million - EPS improved
21.5% to$4.73 , compared to$3.90 - EBITDA increased
17.4% to$126.1 million , including margin expansion of 140 bps to27.8% - Cash flow from operations increased
36.4% to$129.5 million , compared to$94.9 million - Invested
$32.3 million in acquisitions and$8.6 million in organic capital expenditures, while returning total cash of$15.4 million to shareholders through share repurchases of$8.9 million and dividends of$6.5 million
Comments from the Chairman, President, and Chief Executive Officer
Joseph B. Armes, CSW Industrials’ Chairman, President, and Chief Executive Officer, commented, "I am pleased to announce these outstanding results for the fiscal second quarter of 2025. CSWI's record revenue for the quarter was driven by organic volume growth, pricing actions, and our strategic acquisitions of Dust Free and PSP Products. The team also achieved all-time record operating cash flow and record fiscal second quarter net income, earnings per diluted share, and EBITDA for the quarter."
Armes continued, "During the second fiscal quarter 2025, CSWI issued equity to the public for the first time in our history. Strong investor demand, after the public announcement of our follow-on equity offering, allowed the Company to issue a total of 1.265 million shares of common stock proving that our track record of building long-term shareholder value is attractive to both pre-existing and new shareholders, while also being accretive to our earnings due to the full repayment of our debt and investment in interest-bearing accounts. In addition, our disciplined capital allocation philosophy led us to acquire PSP Products in the quarter, adding innovative products within the profitable electrical end market for CSWI. Subsequent to quarter end, the Company announced a mid-year,
Fiscal 2025 Second Quarter Consolidated Results
Fiscal second quarter revenue was
Gross profit in the fiscal second quarter was
Operating expenses as a percentage of revenue were
Operating income in the current period was
Interest expense was
Other expense was
Net income attributable to CSWI (net of non-controlling interest in the joint venture) increased
Fiscal 2025 second quarter EBITDA increased
During the fiscal second quarter 2025, the Company issued equity to the public for the first time. On September 4, 2024, CSWI announced the commencement of an underwritten public offering of one million shares of common stock. The following day, the Company announced the upsize of the public offering to 1.1 million shares of common stock at a price of
During the fiscal second quarter, the Company paid down
Following quarter-end, the Company announced its twenty-third consecutive regular quarterly cash dividend. This dividend was increased by
The Company’s effective tax rate for the fiscal second quarter was
Fiscal 2025 Second Quarter Segment Results
The Contractor Solutions segment revenue was
The Specialized Reliability Solutions segment revenue was
The Engineered Building Solutions segment revenue was a record
Fiscal 2025 First Half Consolidated Results
Fiscal first half revenue was
Gross profit in the fiscal first half was
Operating expenses as a percentage of revenue were
In the current period, operating income was
Interest expense was
Other expense was
In the current period, reported net income attributable to CSWI improved to
Fiscal 2025 first half EBITDA increased
Net cash provided by operating activities for the fiscal 2025 first half was a record
The Company’s effective tax rate for the fiscal first half was
Fiscal 2025 First Half Segment Results
Contractor Solutions segment revenue was
Specialized Reliability Solutions segment revenue grew to
Engineered Building Solutions segment revenue was
All percentages are calculated based upon the attached financial statements. Share count used in determining the diluted EPS is based on a weighted average of outstanding shares throughout the measurement period.
Conference Call Information
The Company will host a conference call today at 10:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. A live webcast of the call can be accessed at https://cswindustrials.gcs-web.com/. To access the call, participants may dial 1-877-407-0784, international callers may use 1-201-689-8560, and request to join the CSW Industrials earnings call.
A telephonic replay will be available shortly after the conclusion of the call and until Wednesday, November 13, 2024. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13749338. The call will also be available for replay via webcast link on the Investors portion of the CSWI website www.cswindustrials.com.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations, and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates, and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
Non-GAAP Financial Measures
This press release includes an analysis of adjusted diluted earnings per share attributable to CSWI, adjusted net income attributable to CSWI, adjusted operating income and free cash flows, which are non-GAAP financial measures of performance. Attributable to CSWI is defined to exclude the income attributable to the non-controlling interest in the Whitmore JV.
CSWI utilizes adjusted EBITDA (earnings before interest, tax, depreciation and amortization) as an additional consolidated, non-GAAP financial measure, which consists of consolidated net income including income attributable to the non-controlling interest in the Whitmore JV, adjusted to remove the impact of income taxes, interest expense, depreciation, amortization and impairment, and significant nonrecurring items.
For a reconciliation of these measures to the most directly comparable GAAP measures and for a discussion of why we consider these non-GAAP measures useful, see the “Reconciliation of Non-GAAP Measures” section of this release.
About CSW Industrials, Inc.
CSW Industrials is a diversified industrial growth company with industry-leading operations in three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. CSWI provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general industrial, architecturally-specified building products, energy, mining, and rail transportation. For more information, please visit www.cswindustrials.com.
Investor Relations
Alexa Huerta
Vice President, Investor Relations and Treasurer
214-489-7113
alexa.huerta@cswindustrials.com
CSW INDUSTRIALS, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
(Amounts in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues, net | $ | 227,926 | $ | 203,653 | $ | 454,103 | $ | 407,013 | ||||||||
Cost of revenues | (124,025 | ) | (112,694 | ) | (242,781 | ) | (223,887 | ) | ||||||||
Gross profit | 103,901 | 90,959 | 211,322 | 183,126 | ||||||||||||
Selling, general and administrative expenses | (52,352 | ) | (48,966 | ) | (104,712 | ) | (95,927 | ) | ||||||||
Operating income | 51,549 | 41,993 | 106,610 | 87,199 | ||||||||||||
Interest expense, net | (1,341 | ) | (3,306 | ) | (3,861 | ) | (7,315 | ) | ||||||||
Other income (expense), net | (677 | ) | 1,926 | (418 | ) | 2,240 | ||||||||||
Income before income taxes | 49,531 | 40,613 | 102,331 | 82,124 | ||||||||||||
Provision for income taxes | (12,910 | ) | (10,431 | ) | (26,859 | ) | (20,885 | ) | ||||||||
Net income | 36,621 | 30,182 | 75,472 | 61,239 | ||||||||||||
Less: Income attributable to redeemable noncontrolling interest | (570 | ) | (127 | ) | (828 | ) | (572 | ) | ||||||||
Net income attributable to CSW Industrials, Inc. | $ | 36,051 | $ | 30,055 | $ | 74,644 | $ | 60,667 | ||||||||
Net income per share attributable to CSW Industrials, Inc. | ||||||||||||||||
Basic | $ | 2.27 | $ | 1.93 | $ | 4.75 | $ | 3.91 | ||||||||
Diluted | 2.26 | 1.93 | 4.73 | 3.90 | ||||||||||||
Weighted average number of shares outstanding: | ||||||||||||||||
Basic | 15,866 | 15,544 | 15,701 | 15,532 | ||||||||||||
Diluted | 15,941 | 15,588 | 15,770 | 15,568 |
CSW INDUSTRIALS, INC. CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(Amounts in thousands, except for per share amounts) | September 30, 2024 | March 31, 2024 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 273,220 | $ | 22,156 | ||||
Accounts receivable, net of allowance for expected credit losses of | 135,265 | 142,665 | ||||||
Inventories, net | 183,731 | 150,749 | ||||||
Prepaid expenses and other current assets | 17,281 | 15,840 | ||||||
Total current assets | 609,497 | 331,410 | ||||||
Property, plant and equipment, net of accumulated depreciation of | 95,128 | 92,811 | ||||||
Goodwill | 255,899 | 247,191 | ||||||
Intangible assets, net | 333,326 | 318,819 | ||||||
Other assets | 65,446 | 53,095 | ||||||
Total assets | $ | 1,359,296 | $ | 1,043,326 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 63,191 | $ | 48,387 | ||||
Accrued and other current liabilities | 96,259 | 67,449 | ||||||
Total current liabilities | 159,450 | 115,836 | ||||||
Long-term debt | — | 166,000 | ||||||
Retirement benefits payable | 1,093 | 1,114 | ||||||
Other long-term liabilities | 148,404 | 125,298 | ||||||
Total liabilities | 308,947 | 408,248 | ||||||
Commitments and contingencies (See Note 13) | ||||||||
Redeemable noncontrolling interest | 20,183 | 19,355 | ||||||
Equity: | ||||||||
Common shares, | 177 | 164 | ||||||
Additional paid-in capital | 494,535 | 137,253 | ||||||
Treasury shares, at cost (982 and 952 shares, respectively) | (106,636 | ) | (95,643 | ) | ||||
Retained earnings | 651,145 | 583,075 | ||||||
Accumulated other comprehensive loss | (9,055 | ) | (9,126 | ) | ||||
Total equity | 1,030,166 | 615,723 | ||||||
Total liabilities, redeemable noncontrolling interest and equity | $ | 1,359,296 | $ | 1,043,326 |
CSW INDUSTRIALS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | ||||||||
Six Months Ended September 30, | ||||||||
(Amounts in thousands) | 2024 | 2023 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 75,472 | $ | 61,239 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 7,045 | 6,613 | ||||||
Amortization of intangible and other assets | 13,214 | 11,730 | ||||||
Provision for inventory reserves | 840 | 2,490 | ||||||
Provision for doubtful accounts | 723 | 227 | ||||||
Share-based compensation | 6,891 | 5,556 | ||||||
Net gain on disposals of property, plant and equipment | (39 | ) | (1,446 | ) | ||||
Net pension benefit | 33 | 33 | ||||||
Impairment of assets | — | 91 | ||||||
Net deferred taxes | 1,516 | 411 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 11,301 | (3,917 | ) | |||||
Inventories | (25,282 | ) | 7,739 | |||||
Prepaid expenses and other current assets | (2,085 | ) | (5,478 | ) | ||||
Other assets | 153 | (466 | ) | |||||
Accounts payable and other current liabilities | 39,626 | 8,975 | ||||||
Retirement benefits payable and other liabilities | 61 | 1,139 | ||||||
Net cash provided by operating activities | 129,469 | 94,936 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (8,587 | ) | (7,785 | ) | ||||
Proceeds from sale of assets held for investment | — | 1,665 | ||||||
Proceeds from sale of assets | 43 | 42 | ||||||
Cash paid for investments | (500 | ) | — | |||||
Cash paid for acquisitions | (32,305 | ) | (2,623 | ) | ||||
Net cash used in investing activities | (41,349 | ) | (8,701 | ) | ||||
Cash flows from financing activities: | ||||||||
Borrowings on line of credit | 32,723 | 38,681 | ||||||
Repayments of line of credit and term loan | (198,723 | ) | (118,681 | ) | ||||
Purchase of treasury shares | (12,287 | ) | (3,928 | ) | ||||
Proceeds from equity issuance | 347,407 | — | ||||||
Dividends | (6,523 | ) | (5,900 | ) | ||||
Net cash provided by (used in) financing activities | 162,597 | (89,828 | ) | |||||
Effect of exchange rate changes on cash and equivalents | 347 | (1,016 | ) | |||||
Net change in cash and cash equivalents | 251,064 | (4,609 | ) | |||||
Cash and cash equivalents, beginning of period | 22,156 | 18,455 | ||||||
Cash and cash equivalents, end of period | $ | 273,220 | $ | 13,846 |
Reconciliation of Non-GAAP Measures
We use adjusted earnings per share attributable to CSWI, adjusted net income attributable to CSWI, adjusted operating income, and adjusted EBITDA, together with financial measures prepared in accordance with GAAP, such as revenue, cost of revenue, operating expense, operating income and net income attributable to CSWI, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. Free cash flow is a non-GAAP financial measure and is defined as cash flow from operations less capital expenditures. We also believe these measures are useful for investors to assess the operating performance of our business without the effect of non-recurring items. In the following tables, there could be immaterial differences in amounts presented due to rounding.
CSW Industrials, Inc. | ||||||||||||||||
Reconciliation of Net Income Attributable to CSWI to EBITDA | ||||||||||||||||
(unaudited) | ||||||||||||||||
(Amounts in thousands) | Three months ended September 30, | Six Months ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net Income attributable to CSWI | $ | 36,051 | $ | 30,055 | $ | 74,644 | $ | 60,667 | ||||||||
Plus: Income attributable to redeemable noncontrolling interest | 570 | 127 | 828 | 572 | ||||||||||||
Net Income | $ | 36,621 | $ | 30,182 | $ | 75,472 | $ | 61,239 | ||||||||
Adjusting Items: | ||||||||||||||||
Interest expense, net | 1,341 | 3,306 | 3,861 | 7,315 | ||||||||||||
Income tax expense | 12,909 | 10,431 | 26,859 | 20,886 | ||||||||||||
Depreciation & amortization | 9,951 | 9,045 | 19,883 | 17,960 | ||||||||||||
EBITDA | $ | 60,823 | $ | 52,964 | $ | 126,075 | $ | 107,399 | ||||||||
EBITDA % Revenue | 26.7 | % | 26.0 | % | 27.8 | % | 26.4 | % |
CSW Industrials, Inc. | |||||||||||||||
Reconciliation of Segment Operating Income to Segment EBITDA | |||||||||||||||
(unaudited) | |||||||||||||||
(Amounts in thousands) | Three months ended September 30, 2024 | ||||||||||||||
Contractor Solutions | Specialized Reliability Solutions | Engineered Building Solutions | Corporate and Other | Consolidated | |||||||||||
Revenue, net | $ | 158,835 | $ | 38,535 | $ | 32,673 | $ | (2,115 | ) | $ | 227,927 | ||||
Operating Income | $ | 46,254 | $ | 5,819 | $ | 6,082 | $ | (6,606 | ) | $ | 51,550 | ||||
% Revenue | 29.1 | % | 15.1 | % | 18.6 | % | 22.6 | % | |||||||
Adjusting Items: | |||||||||||||||
Other income (expense), net | (543 | ) | (121 | ) | (12 | ) | (2 | ) | (678 | ) | |||||
Depreciation & amortization | 8,002 | 1,409 | 494 | 45 | 9,951 | ||||||||||
EBITDA | $ | 53,713 | $ | 7,108 | $ | 6,564 | $ | (6,562 | ) | $ | 60,823 | ||||
% Revenue | 33.8 | % | 18.4 | % | 20.1 | % | 26.7 | % | |||||||
(Amounts in thousands) | Three months ended September 30, 2023 | ||||||||||||||
Contractor Solutions | Specialized Reliability Solutions | Engineered Building Solutions | Corporate and Other | Consolidated | |||||||||||
Revenue, net | $ | 139,902 | $ | 36,614 | $ | 29,211 | $ | (2,075 | ) | $ | 203,653 | ||||
Operating Income | $ | 39,025 | $ | 4,829 | $ | 5,233 | $ | (7,095 | ) | $ | 41,993 | ||||
% Revenue | 27.9 | % | 13.2 | % | 17.9 | % | 20.6 | % | |||||||
Adjusting Items: | |||||||||||||||
Other income (expense), net | 575 | (54 | ) | 3 | 1,402 | 1,926 | |||||||||
Depreciation & amortization | 7,045 | 1,505 | 453 | 42 | 9,045 | ||||||||||
EBITDA | $ | 46,645 | $ | 6,280 | $ | 5,690 | $ | (5,651 | ) | $ | 52,964 | ||||
% Revenue | 33.3 | % | 17.2 | % | 19.5 | % | 26.0 | % | |||||||
CSW Industrials, Inc. | |||||||||||||||
Reconciliation of Segment Operating Income to Segment EBITDA | |||||||||||||||
(unaudited) | |||||||||||||||
(Amounts in thousands) | Six Months ended September 30, 2024 | ||||||||||||||
Contractor Solutions | Specialized Reliability Solutions | Engineered Building Solutions | Corporate and Other | Consolidated | |||||||||||
Revenue, net | $ | 319,252 | $ | 75,327 | $ | 63,566 | $ | (4,041 | ) | $ | 454,104 | ||||
Operating Income | $ | 96,138 | $ | 12,970 | $ | 11,806 | $ | (14,304 | ) | $ | 106,610 | ||||
% Revenue | 30.1 | % | 17.2 | % | 18.6 | % | 23.5 | % | |||||||
Adjusting Items: | |||||||||||||||
Other income (expense), net | (147 | ) | (183 | ) | (19 | ) | (68 | ) | (418 | ) | |||||
Depreciation & amortization | 15,985 | 2,832 | 979 | 87 | 19,883 | ||||||||||
EBITDA | $ | 111,976 | $ | 15,619 | $ | 12,766 | $ | (14,285 | ) | $ | 126,075 | ||||
% Revenue | 35.1 | % | 20.7 | % | 20.1 | % | 27.8 | % | |||||||
(Amounts in thousands) | Six Months ended September 30, 2023 | ||||||||||||||
Contractor Solutions | Specialized Reliability Solutions | Engineered Building Solutions | Corporate and Other | Consolidated | |||||||||||
Revenue, net | $ | 279,857 | $ | 74,326 | $ | 56,798 | $ | (3,967 | ) | $ | 407,014 | ||||
Operating Income | $ | 78,692 | $ | 11,794 | $ | 9,493 | $ | (12,780 | ) | $ | 87,199 | ||||
% Revenue | 28.1 | % | 15.9 | % | 16.7 | % | 21.4 | % | |||||||
Adjusting Items: | |||||||||||||||
Other income (expense), net | 747 | (91 | ) | 11 | 1,573 | 2,240 | |||||||||
Depreciation & amortization | 13,940 | 3,035 | 895 | 90 | 17,960 | ||||||||||
EBITDA | $ | 93,380 | $ | 14,738 | $ | 10,398 | $ | (11,117 | ) | $ | 107,399 | ||||
% Revenue | 33.4 | % | 19.8 | % | 18.3 | % | 26.4 | % | |||||||
CSW INDUSTRIALS, INC. | |||||||||||||||
Reconciliation of Operating Cash Flow to Free Cash Flow | |||||||||||||||
(Unaudited) | |||||||||||||||
(Amounts in thousands) | Three Months Ended September 30, | Six Months ended September 30, | |||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net cash provided by operating activities | $ | 66,814 | $ | 44,679 | $ | 129,469 | $ | 94,936 | |||||||
Less: Capital expenditures | (5,486 | ) | (2,814 | ) | (8,587 | ) | (7,785 | ) | |||||||
Free cash flow | $ | 61,328 | $ | 41,865 | $ | 120,882 | $ | 87,151 | |||||||
Free cash flow % EBITDA | 100.8 | % | 79.0 | % | 95.9 | % | 81.1 | % |
FAQ
What was CSWI's revenue growth in Q2 fiscal 2025?
How much did CSWI raise in their follow-on equity offering?
What was CSWI's EPS for Q2 fiscal 2025?