Carlisle Companies Incorporated (NYSE:CSL) today announced its
second quarter 2024 financial results.
- Diluted EPS of $5.94 and adj. EPS of $6.24, an increase of
33% on a year-over-year basis
- Revenue of $1.5 billion, an increase of 11%
year-over-year
- Record operating margin of 26.0% and record adj. EBITDA
margin of 28.8%
- CCM and CWT delivered adj. EBITDA margins of 33.4% and
22.5%, respectively
- Completed the sale of CIT for $2.025 billion
- Acquired MTL for $410 million
- Repurchased 1.3 million shares for $550 million
- Raising 2024 outlook to ~ 12% revenue growth and ~ 150 bps
margin expansion
Comments from Chris Koch, Chair,
President and Chief Executive Officer
"In the second quarter, Carlisle hit a major milestone in our
106 year history as we completed the final step in becoming a
pure-play building products company with the sale of our Carlisle
Interconnect Technologies business to Amphenol Corporation. CIT was
part of a multi-decade value creation story for Carlisle, and one
of Carlisle’s oldest businesses, which began with the purchase of
the Tensolite company in 1959. We thank all of the CIT employees,
and especially CIT President John Berlin, for their outstanding
accomplishments over the years.
“Our 'Pivot' to a pure-play building products company has laid
the foundation for Vision 2030. Consistent with the Vision 2030
goal of delivering $40 of adjusted EPS, we delivered another strong
quarter of sales and adjusted EBITDA performance, reflecting the
continued strength of our business model and our focus on executing
the Vision 2030 strategies. CCM and CWT both delivered superb
performance, driven by pent-up re-roofing demand, continued price
discipline, and operational efficiencies gained through the
Carlisle Operating System (COS).
"CCM posted impressive 15% year-over-year sales growth and
expanded adjusted EBITDA margin by 220 basis points, benefiting
from the end of destocking of inventory in the channels, a
productive start to the commercial construction season driving
solid contractor backlogs, and robust re-roofing activity. CCM’s
33.4% adjusted EBITDA margin reflects the impact of the Carlisle
Experience and excellent operating execution. CWT showcased its
earnings resilience, delivering a 22.5% adjusted EBITDA margin on
essentially flat year-over-year revenue, as integration synergies
and COS implementation helped offset investments in growth
initiatives.
“In addition to completing our pivot to a pure-play building
products company with the sale of CIT for $2.025 billion, we
continued to make progress on our Vision 2030 objectives during the
second quarter. We completed the acquisition of MTL, establishing
Carlisle as an industry leader in the $4 billion architectural
metal category. Leveraging our Carlisle integration playbook, we
are on track to exceed the $13 million of synergies we announced in
May. We now expect to deliver $20 million of synergies from the MTL
acquisition. This is another example of the effectiveness of
Carlisle's integration playbook, which was also successfully used
in the Henry acquisition where we delivered over $50 million of
synergies, compared to the $30 million of synergies that we
initially announced at the time of the acquisition.
“As we look ahead, we remain confident in the strength of our
business and our ability to navigate complex market dynamics.
Supported by the Carlisle Experience, our pricing to value
philosophy, and COS initiatives, combined with the positive
momentum in re-roofing demand, we are raising our full-year 2024
outlook to revenue growth of approximately 12% and approximately
150 basis points of adjusted EBITDA margin expansion. We remain
excited about the future for Carlisle, motivated by our new Vision
2030, and confident in our ongoing efforts to drive sustainable
value creation for all our stakeholders."
Second Quarter 2024 Financial
Summary
Three Months Ended June
30,
Six Months Ended June
30,
(in millions, except per share
amounts)
2024
2023
Change %
2024
2023
Change %
Revenues
$
1,450.6
$
1,307.0
11.0
%
$
2,547.1
$
2,199.6
15.8
%
Operating income
377.5
308.6
22.3
%
602.7
429.3
40.4
%
Operating margin
26.0
%
23.6
%
240 bps
23.7
%
19.5
%
420 bps
Income from continuing operations
285.2
226.7
25.8
%
456.1
310.3
47.0
%
Adjusted EBITDA
417.6
347.4
20.2
%
683.1
516.0
32.4
%
Adjusted EBITDA margin
28.8
%
26.6
%
220 bps
26.8
%
23.5
%
330 bps
Diluted EPS
5.94
4.42
34.4
%
9.45
6.02
57.0
%
Adjusted diluted EPS
6.24
4.70
32.8
%
9.94
6.70
48.4
%
Second Quarter 2024 Segment
Highlights
Carlisle Construction Materials ("CCM")
- Revenue of $1.1 billion, increased 15% (+13% organic)
year-over-year, driven by the normalization of inventory in the
channels, strong re-roofing activity from pent-up demand and the
acquisition of MTL.
- Operating income was $347 million and adjusted EBITDA was $364
million, up 23% year-over-year, reflecting an adjusted EBITDA
margin of 33.4%. The 220 basis point increase was driven by volume
leverage on strong sales growth, favorable raw materials, and
operating efficiencies through COS.
Carlisle Weatherproofing Technologies ("CWT")
- Revenue of $362 million, increased 0.6% (-0.6% organic) driven
by higher volume and the benefit from the acquisition of Polar
Industries mostly offset by lower pricing.
- Operating income was $59 million and adjusted EBITDA was $81
million, up 0.7% year-over-year reflecting an adjusted EBITDA
margin of 22.5%. Volume leverage, integration synergies and COS
execution, were partially offset by higher operating expenses tied
to growth initiatives.
Cash Flow
Operating cash flow from continuing operations for the six
months ended June 30, 2024, was $333 million, an increase of $61
million versus the prior year. Free cash flow from continuing
operations was $288 million, an increase of $73 million versus the
prior year (defined as cash provided by operating activities less
capital expenditures and comprised of continuing operations). This
increase was driven by higher income from continuing operations
more than offsetting an increase in working capital uses, as a
result of the increase in revenues.
During the six months ended June 30, 2024, we deployed $700
million toward share repurchases, including $550 million in the
current quarter, and paid $82 million in cash dividends, including
$40 million in the current quarter. As of June 30, 2024, we had 5.6
million shares available for repurchase under our share repurchase
program with $1.7 billion of cash and cash equivalents and $1
billion of availability under our revolving credit facility.
2024 Outlook
- FY 2024 revenues to increase ~ 12%
- CCM - FY 2024 revenues to increase ~ 15%
- CWT - FY 2024 revenues to increase ~ 3%
- Adjusted EBITDA margin expanding ~ 150 bps
Conference Call and
Webcast
Carlisle will discuss second 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: 87244
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
Ukraine and war in the Middle East, may adversely affect general
market conditions and our future performance. Any forward-looking
statement speaks only as of the date on which that statement is
made, and we undertake no duty to update any forward-looking
statement to reflect events or circumstances, including
unanticipated events, after the date on which that statement is
made, unless otherwise required by law. New factors emerge from
time to time and it is not possible for management to predict all
of those factors, nor can it assess the impact of each of those
factors on the business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking
statement.
Non-GAAP Disclosure
Carlisle reports its financial results in accordance with the
U.S. generally accepted accounting principles (GAAP). This press
release also contains certain financial measures such as adjusted
diluted EPS, adjusted EBITDA, adjusted EBITDA margin, organic
revenue, return on invested capital (ROIC) and free cash flow that
are not recognized under GAAP. Management believes that adjusted
diluted EPS, adjusted EBITDA, adjusted EBITDA margin, organic
revenue and ROIC are useful to investors because they allow for
comparison to Carlisle’s and its segments' performance in prior
periods 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.
Management also believes free cash flow is useful to investors as
an additional way of viewing Carlisle's liquidity and provides a
more complete understanding of factors and trends affecting
Carlisle's cash flows. 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. Reconciliations of these measures
to amounts reported in Carlisle's consolidated financial statements
are in the supplemental schedules of this press release. These
non-GAAP financial measures may not be comparable to similarly
titled measures reported by other companies. Carlisle is not
providing reconciliations for forward-looking non-GAAP financial
measures because Carlisle does not provide GAAP financial measures
on a forward-looking basis as Carlisle is unable to predict with
reasonable certainty the ultimate outcome of adjusted items with
unreasonable effort. There items are uncertain, depend on various
factors, and could be material to Carlisle's financial results
computed in accordance with GAAP.
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.
Carlisle Companies
Incorporated
Unaudited Consolidated Statements
of Income
Three Months Ended June
30,
Six Months Ended June
30,
(in millions, except per share
amounts)
2024
2023
2024
2023
Revenues
$
1,450.6
$
1,307.0
$
2,547.1
$
2,199.6
Cost of goods sold
881.7
829.8
1,579.3
1,451.2
Selling and administrative expenses
189.3
163.7
356.1
305.9
Research and development expenses
9.3
6.7
18.5
13.5
Other operating income, net
(7.2
)
(1.8
)
(9.5
)
(0.3
)
Operating income
377.5
308.6
602.7
429.3
Interest expense, net
18.8
18.8
37.4
37.6
Interest income
(13.8
)
(4.4
)
(21.7
)
(8.9
)
Other non-operating income, net
(0.1
)
(0.8
)
(0.4
)
(1.8
)
Income from continuing operations before
income taxes
372.6
295.0
587.4
402.4
Provision for income taxes
87.4
68.3
131.3
92.1
Income from continuing operations
285.2
226.7
456.1
310.3
Discontinued operations:
Income (loss) before income taxes
480.2
(44.2
)
502.1
(23.0
)
Provision for (benefit from) income
taxes
53.0
(12.1
)
53.5
(9.0
)
Income (loss) from discontinued
operations
427.2
(32.1
)
448.6
(14.0
)
Net income
$
712.4
$
194.6
$
904.7
$
296.3
Basic earnings per share attributable to
common shares:
Income from continuing operations
$
6.02
$
4.46
$
9.58
$
6.08
Income (loss) from discontinued
operations
9.01
(0.63
)
9.42
(0.27
)
Basic earnings per share
$
15.03
$
3.83
$
19.00
$
5.81
Diluted earnings per share attributable to
common shares:
Income from continuing operations
$
5.94
$
4.42
$
9.45
$
6.02
Income (loss) from discontinued
operations
8.90
(0.63
)
9.30
(0.27
)
Diluted earnings per share
$
14.84
$
3.79
$
18.75
$
5.75
Average shares outstanding:
Basic
47.3
50.7
47.5
50.9
Diluted
47.9
51.2
48.2
51.4
Dividends declared and paid per share
$
0.85
$
0.75
$
1.70
$
1.50
Carlisle Companies
Incorporated
Unaudited Condensed Consolidated
Statements of Cash Flows
Six Months Ended June
30,
(in millions)
2024
2023
Net cash provided by operating
activities
$
346.9
$
370.7
Investing activities:
Proceeds from sale of discontinued
operation, net of cash disposed
1,995.3
—
Acquisitions, net of cash acquired
(412.8
)
—
Capital expenditures
(57.4
)
(70.1
)
Investment in securities
0.4
0.2
Other investing activities, net
1.1
14.0
Net cash provided by (used in) investing
activities
1,526.6
(55.9
)
Financing activities:
Borrowings from revolving credit
facility
22.0
—
Repayments of revolving credit
facility
(22.0
)
—
Repurchases of common stock
(700.0
)
(250.0
)
Dividends paid
(81.7
)
(77.2
)
Proceeds from exercise of stock
options
61.2
11.8
Withholding tax paid related to
stock-based compensation
(17.5
)
(10.0
)
Other financing activities, net
(3.9
)
(1.7
)
Net cash used in financing activities
(741.9
)
(327.1
)
Effect of foreign currency exchange rate
changes on cash and cash equivalents
(0.8
)
0.8
Change in cash and cash equivalents
1,130.8
(11.5
)
Less: change in cash and cash equivalents
of discontinued operations
(28.8
)
4.1
Cash and cash equivalents at beginning of
period
576.7
364.8
Cash and cash equivalents at end of
period
$
1,736.3
$
349.2
Carlisle Companies
Incorporated
Unaudited Selected Consolidated
Balance Sheet Data
(in millions)
June 30, 2024
December 31,
2023
Cash and cash equivalents
$
1,736.3
$
576.7
Long-term debt, including current
portion
2,290.1
2,289.4
Total stockholders' equity
3,004.3
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 U.S. Dollar) is intended to provide
investors and others with information about Carlisle's and its
segments' recurring operating performance. This information differs
from revenue determined in accordance with accounting principles
generally accepted in the United States of America ("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' organic revenue follows, which may not
be comparable to similarly titled measures reported by other
companies.
Three Months Ended June
30,
(in millions, except percentages)
CSL
CCM
CWT
2023 Revenue (GAAP)
$
1,307.0
$
947.5
$
359.5
Organic
118.0
9.0
%
120.2
12.7
%
(2.2
)
(0.6
)%
Acquisitions
26.9
2.1
%
21.9
2.3
%
5.0
1.4
%
FX impact
(1.3
)
(0.1
)%
(0.7
)
(0.1
)%
(0.6
)
(0.2
)%
Total change
143.6
11.0
%
141.4
14.9
%
2.2
0.6
%
2024 Revenue (GAAP)
$
1,450.6
$
1,088.9
$
361.7
Six Months Ended June
30,
(in millions, except percentages)
CSL
CCM
CWT
2023 Revenues (GAAP)
$
2,199.6
$
1,523.5
$
676.1
Organic
317.2
14.4
%
327.3
21.5
%
(10.1
)
(1.5
)%
Acquisitions
30.9
1.4
%
21.9
1.4
%
9.0
1.3
%
FX impact
(0.6
)
—
%
(0.2
)
—
%
(0.4
)
—
%
Total change
347.5
15.8
%
349.0
22.9
%
(1.5
)
(0.2
)%
2024 Revenues (GAAP)
$
2,547.1
$
1,872.5
$
674.6
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 June
30,
Six Months Ended June
30,
(in millions)
2024
2023
2024
2023
Operating cash flow (GAAP)
$
183.4
$
221.1
$
346.9
$
370.7
Less: operating cash flow from
discontinued operations
6.6
72.4
14.1
98.9
Operating cash flow from continuing
operations
$
176.8
$
148.7
$
332.8
$
271.8
Capital expenditures (GAAP)
$
(24.9
)
$
(29.9
)
$
(57.4
)
$
(70.1
)
Less: capital expenditures from
discontinued operations
(3.9
)
(6.3
)
(12.4
)
(13.1
)
Capital expenditures from continuing
operations
$
(21.0
)
$
(23.6
)
$
(45.0
)
$
(57.0
)
Operating cash flow from continuing
operations
$
176.8
$
148.7
$
332.8
$
271.8
Capital expenditures from continuing
operations
(21.0
)
(23.6
)
(45.0
)
(57.0
)
Free cash flow from continuing
operations
$
155.8
$
125.1
$
287.8
$
214.8
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 June
30,
Six Months Ended June
30,
(in millions, except percentages)
2024
2023
2024
2023
Net income (GAAP)
$
712.4
$
194.6
$
904.7
$
296.3
Less: Income (loss) from discontinued
operations (GAAP)
427.2
(32.1
)
448.6
(14.0
)
Income from continuing operations
(GAAP)
285.2
226.7
456.1
310.3
Provision for income taxes
87.4
68.3
131.3
92.1
Interest expense, net
18.8
18.8
37.4
37.6
Interest income
(13.8
)
(4.4
)
(21.7
)
(8.9
)
EBIT
377.6
309.4
603.1
431.1
Exit and disposal, and facility
rationalization costs
0.3
0.5
0.8
2.8
Inventory step-up amortization and
transaction costs
1.5
—
2.1
1.6
Impairment charges
—
0.4
—
1.3
(Gains) losses from acquisitions and
disposals
(0.3
)
(1.4
)
(0.3
)
2.5
Gains from insurance
(5.0
)
—
(5.0
)
—
Losses (gains) from litigation
0.4
0.1
0.4
(0.1
)
Total non-comparable items
(3.1
)
(0.4
)
(2.0
)
8.1
Adjusted EBIT
374.5
309.0
601.1
439.2
Depreciation
17.7
16.0
34.2
32.1
Amortization
25.4
22.4
47.8
44.7
Adjusted EBITDA
$
417.6
$
347.4
$
683.1
$
516.0
Divided by:
Total revenues
$
1,450.6
$
1,307.0
$
2,547.1
$
2,199.6
Adjusted EBITDA margin
28.8
%
26.6
%
26.8
%
23.5
%
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT,
Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended June 30,
2024
(in millions, except percentages)
CCM
CWT
Corporate and
unallocated
Operating income (loss) (GAAP)
$
346.8
$
59.2
$
(28.5
)
Non-operating expense (income), net(1)
0.1
(0.3
)
0.1
EBIT
346.7
59.5
(28.6
)
Exit and disposal, and facility
rationalization costs
0.3
—
—
Inventory step-up amortization and
transaction costs
1.8
—
(0.3
)
Gains from acquisitions and disposals
—
(0.3
)
—
Gains from insurance
(5.0
)
—
—
Losses from litigation
—
0.4
—
Total non-comparable items
(2.9
)
0.1
(0.3
)
Adjusted EBIT
343.8
59.6
(28.9
)
Depreciation
13.1
4.2
0.4
Amortization
7.3
17.6
0.5
Adjusted EBITDA
$
364.2
$
81.4
$
(28.0
)
Divided by:
Total revenues
$
1,088.9
$
361.7
$
—
Adjusted EBITDA margin
33.4
%
22.5
%
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,
2023
(in millions, except percentages)
CCM
CWT
Corporate and
unallocated
Operating income (loss) (GAAP)
$
280.7
$
59.5
$
(31.6
)
Non-operating (income) expense, net(1)
(0.2
)
0.4
(1.0
)
EBIT
280.9
59.1
(30.6
)
Exit and disposal, and facility
rationalization costs
—
0.5
—
Impairment charges
—
0.4
—
Gains from acquisitions and disposals
(0.1
)
(1.2
)
(0.1
)
Losses from litigation
—
—
0.1
Total non-comparable items
(0.1
)
(0.3
)
—
Adjusted EBIT
280.8
58.8
(30.6
)
Depreciation
10.8
4.3
0.9
Amortization
4.1
17.7
0.6
Adjusted EBITDA
$
295.7
$
80.8
$
(29.1
)
Divided by:
Total revenues
$
947.5
$
359.5
$
—
Adjusted EBITDA margin
31.2
%
22.5
%
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,
2024
(in millions)
CCM
CWT
Corporate and
unallocated
Operating income (loss) (GAAP)
$
558.0
$
101.4
$
(56.7
)
Non-operating expense (income), net(1)
0.5
(0.3
)
(0.6
)
EBIT
557.5
101.7
(56.1
)
Exit and disposal, and facility
rationalization costs
0.3
0.5
—
Inventory step-up amortization and
acquisition costs
1.8
—
0.3
Gains from acquisitions and disposals
(0.1
)
(0.2
)
—
Gains from insurance
(5.0
)
—
—
Losses from litigation
—
0.4
—
Total non-comparable items
(3.0
)
0.7
0.3
Adjusted EBIT
554.5
102.4
(55.8
)
Depreciation
25.1
8.3
0.8
Amortization
11.4
35.4
1.0
Adjusted EBITDA
$
591.0
$
146.1
$
(54.0
)
Total revenues
$
1,872.5
$
674.6
$
—
Adjusted EBITDA margin
31.6
%
21.7
%
NM
(1)
Includes other non-operating (income)
expense, net, which may be presented in separate line items on the
unaudited Consolidated Statements of Income.
Six Months Ended June 30,
2023
(in millions)
CCM
CWT
Corporate and
unallocated
Operating income (loss) (GAAP)
$
403.1
$
83.6
$
(57.4
)
Non-operating (income) expense, net(1)
(0.3
)
0.2
(1.7
)
EBIT
403.4
83.4
(55.7
)
Exit and disposal, and facility
rationalization costs
0.1
2.7
—
Inventory step-up amortization and
acquisition costs
—
—
1.6
Impairment charges
—
1.3
—
(Gains) losses from acquisitions and
disposals
(0.3
)
2.9
(0.1
)
Gains from litigation
—
—
(0.1
)
Total non-comparable items
(0.2
)
6.9
1.4
Adjusted EBIT
403.2
90.3
(54.3
)
Depreciation
21.1
9.1
1.9
Amortization
8.2
35.3
1.2
Adjusted EBITDA
$
432.5
$
134.7
$
(51.2
)
Total revenues
$
1,523.5
$
676.1
$
—
Adjusted EBITDA margin
28.4
%
19.9
%
NM
(1)
Includes other non-operating (income)
expense, net, which may be presented in separate line items on the
unaudited Consolidated Statements of Income.
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
June 30, 2024
Three Months Ended
June 30, 2023
(in millions, except per share
amounts)
Pre-tax Impact
After-tax
Impact(1)
Impact to Diluted
EPS(2)
Pre-tax Impact
After-tax
Impact(1)
Impact to Diluted
EPS(2)
Net income (GAAP)
$
712.4
$
14.84
$
194.6
$
3.79
Less: Income (loss) from discontinued
operations (GAAP)
427.2
8.90
(32.1
)
(0.63
)
Income from continuing operations
(GAAP)
285.2
5.94
226.7
4.42
Exit and disposal, and facility
rationalization costs
0.3
0.3
—
0.5
0.4
0.01
Inventory step-up amortization and
transaction costs
1.5
1.1
0.02
—
—
—
Impairment charges
—
—
—
0.4
0.3
—
Gains from acquisitions and disposals
(0.3
)
(0.2
)
—
(1.4
)
(1.0
)
(0.02
)
Losses from insurance
(5.0
)
(3.8
)
(0.08
)
—
—
—
Losses from litigation
0.4
0.3
0.01
0.1
—
—
Acquisition-related amortization(3)
24.1
18.1
0.38
21.1
15.8
0.31
Discrete tax items(4)
—
(1.5
)
(0.03
)
—
(1.2
)
(0.02
)
Total adjustments
14.3
0.30
14.3
0.28
Adjusted net income
$
299.5
$
6.24
$
241.0
$
4.70
(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
Six Months Ended
June 30, 2024
Six Months Ended
June 30, 2023
(in millions, except per share
amounts)
Pre-tax Impact
After-tax
Impact(1)
Impact to Diluted
EPS(2)
Pre-tax Impact
After-tax
Impact(1)
Impact to Diluted
EPS(2)
Net income (GAAP)
$
904.7
$
18.75
$
296.3
$
5.75
Less: Income (loss) from discontinued
operations (GAAP)
448.6
9.30
(14.0
)
(0.27
)
Income from continuing operations
(GAAP)
456.1
9.45
310.3
6.02
Exit and disposal, and facility
rationalization costs
0.8
0.6
0.01
2.8
2.2
0.04
Inventory step-up amortization and
acquisition costs
2.1
1.6
0.03
1.6
1.2
0.02
Impairment charges
—
—
—
1.3
1.0
0.02
(Gains) losses from acquisitions and
disposals
(0.3
)
(0.2
)
—
2.5
1.9
0.04
Gains from insurance
(5.0
)
(3.8
)
(0.08
)
—
—
—
Losses (gains) from litigation
0.4
0.3
0.01
(0.1
)
(0.1
)
—
Acquisition-related amortization(3)
45.1
33.9
0.70
42.1
31.6
0.62
Discrete tax items(4)
—
(8.5
)
(0.18
)
—
(2.9
)
(0.06
)
Total adjustments
23.9
0.49
34.9
0.68
Adjusted net income
$
480.0
$
9.94
$
345.2
$
6.70
(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/20240724534935/en/
Mehul Patel Vice President, Investor Relations (310) 592-9668
mpatel@carlisle.com
Carlisle Companies (NYSE:CSL)
過去 株価チャート
から 6 2024 まで 7 2024
Carlisle Companies (NYSE:CSL)
過去 株価チャート
から 7 2023 まで 7 2024