Carlisle Companies Incorporated ("Carlisle", the "Company", "we", "us" or "our") is a leading supplier of innovative building envelope products and energy-efficient solutions for customers creating sustainable buildings of the future. Through itsCarlisle Construction Materials ("CCM") and CarlisleWeatherproofing Technologies ("CWT") businesses and family of leading brands, Carlisle delivers innovative, labor-reducing and environmentally responsible products and solutions to customers across the world through the Carlisle Experience. Over the life of a building, Carlisle's products help drive lower greenhouse gas emissions, improve energy savings for building owners and operators, and increase a building's resiliency to the elements. Driven by our strategic plan, Vision 2025, Carlisle is committed to generating superior stockholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases. Carlisle also is a leading provider of products to the aerospace, medical technologies and general industrial markets through itsCarlisle Interconnect Technologies ("CIT") andCarlisle Fluid Technologies ("CFT") business segments. Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is designed to provide a reader of our financial statements with a narrative from the perspective of Company management. All references to "Notes" refer to our Notes to Condensed Consolidated Financial Statements in Item 1 of this Quarterly Report on Form 10-Q.
Executive Overview
As we move into the second quarter of 2022 and realize the benefits of the diminishing effects of the COVID-19 pandemic, we are saddened by the continued humanitarian crisis occurring inUkraine . While a majority of our business is North American focused, and we have minimal direct exposure toRussia andUkraine , we are monitoring any broader economic impact from the current crisis, especially on commodities, and geographic proximity to the rest ofEurope , where we conduct business. We hope peace and resolution will come quickly to the conflict. The entire Carlisle team drove outstanding performance in the first quarter, while navigating continuing and unprecedented demand, supply chain constraints, and industry-wide labor and raw material challenges. CCM and CWT continue to benefit from strong re-roofing demand, solid new construction demand, and a growing push to install energy-efficient solutions. Our teams continue to secure raw materials, appropriately staff at all levels, and strive to meet our customers' expectations. Our goal is to always deliver the Carlisle Experience. Our proactive and value-added approach to pricing enabled us to neutralize the effects of significant raw material inflation last year and offset continued pressures we experienced in the first quarter, which we expect will persist throughout 2022. The integration ofASP Henry Holdings, Inc. ("Henry") continues to exceed expectations and deliver on our synergy commitments. Additionally, CIT's backlog continues to grow, driven by the recertification and accelerating deliveries of the 737 MAX, the anticipated resumption of 787 deliveries later this year, and improved capital spending in medical markets. Our pivot towards our highest returning building products businesses that began in 2017 continues to prove to be the right strategic direction for Carlisle, which is reflected in our record first quarter sales and profits. We have invested$1.2 billion over the past decade to expand capacity, drive innovation, and develop world-class processes without which, our record results would not be possible.
Our business model continues to follow environmental, social and governance ("ESG") trends as our products enable a more efficient usage of energy by buildings. We continue to make progress toward our goal of delivering a net zero commitment in 2022.
We remain committed to superior capital allocation, which includes returning capital to stockholders. In the first quarter of 2022, we returned$28.7 million in the form of dividends. We also repurchased$125.0 million of shares, bringing our cumulative share repurchases since 2017 to over$1.9 billion , driving a 19.5% net reduction in our shares outstanding.
With demand accelerating across our businesses, and our new segment structure in place to focus our teams, Carlisle is well positioned to drive continued profitable growth in 2022 and deliver Vision 2025.
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Summary of Financial Results
Three Months Ended March 31, (in millions, except per share amounts) 2022 2021 Revenues$ 1,496.3 $ 940.9 Operating income$ 277.3 $ 84.7 Operating margin 18.5 % 9.0 % Income from continuing operations$ 194.3 $ 49.1 (Loss) income from discontinued operations$ (0.7) $ 3.1
Diluted earnings per share attributable to common shares: Income from continuing operations
$ 3.67 $ 0.91 (Loss) income from discontinued operations$ (0.01) $ 0.06 Adjusted EBITDA(1)$ 344.8 $ 137.8 Adjusted EBITDA margin(1) 23.0 % 14.6 % (1)Adjusted EBITDA and adjusted EBITDA margin are intended to provide investors and others with information about Carlisle 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. Refer to Non-GAAP Financial Measures in this MD&A for a detailed reconciliation of these items.
Revenues increased in the first quarter of 2022 primarily reflecting price realization and higher volumes in all segments and contributions from the acquisition of Henry in the CWT segment, partially offset by unfavorable foreign currency impacts.
The increase in operating margin percentage in the first quarter of 2022 primarily reflected price realization, higher volumes and savings from the Carlisle Operating System ("COS"), partially offset by raw material and wage inflation across all segments.
Diluted earnings per share from continuing operations increased primarily due to improved operating income performance ($2.72 per share in the first quarter of 2022) and reduced average shares outstanding ($0.05 per share in the first quarter of 2022) resulting from purchases under our share repurchase program, partially offset by a higher effective tax rate ($0.03 per share in the first quarter of 2022). We generated$44.3 million in operating cash flow in the first three months of 2022 and utilized cash on hand and cash provided by operations to return capital to stockholders through dividends and share repurchases, and to fund capital expenditures.
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