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 its Carlisle Construction Materials ("CCM") and Carlisle
Weatherproofing 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 its Carlisle Interconnect Technologies ("CIT") and
Carlisle 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 in Ukraine. While a majority of our business is
North American focused, and we have minimal direct exposure to Russia and
Ukraine, we are monitoring any broader economic impact from the current crisis,
especially on commodities, and geographic proximity to the rest of Europe, 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 of ASP 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.


                                       19
--------------------------------------------------------------------------------

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.

© Edgar Online, source Glimpses