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 our 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

Carlisle continued our outstanding performance this quarter, especially as we
operate in this highly challenging and uncertain environment. Despite these
challenges, the Carlisle team continues to live our culture of perseverance,
continuous improvement and unwavering focus on delivering results.

As we move past the mid-point of 2022 and reflect on our Vision 2025 strategic
plan that we launched in 2018, we are encouraged by our second quarter results.
We believe these results clearly demonstrate Carlisle is exceeding expectations
and is on pace to achieve much of what we set out to accomplish in Vision 2025,
including our goal to deliver $15 of earnings per share.

Achievements in the second quarter included:



•Our pivot to a more concentrated building products platform continued with the
first full quarter of performance for our new CCM and CWT divisions. Both teams
experienced a second quarter marked by strong demand, robust backlogs and solid
execution;

•A further reinforcement of our differentiated approach to pricing that reflects the value of the Carlisle Experience, and the benefits of our products that contribute to the energy efficiency of buildings;

•A continued and disciplined approach to capital allocation, including acquisitions, highlighted by ASP Henry Holdings, Inc. ("Henry"), which continues to exceed expectations and deliver on our synergy commitments of $30 million;

•Investing in our businesses to expand capacity, drive innovation, and develop world-class capabilities, including:

•Ongoing construction of our state-of-the-art polyiso insulation facility built to LEED specifications in Sikeston, Missouri, which is on track to be operational in the second quarter of 2023; and



•Launching of our 6th TPO line in Carlisle, Pennsylvania, which, in September,
will introduce to the market an industry-first 16-foot-wide TPO membrane, and is
expected to result in significant labor savings, improved installation quality
and less packaging waste for our installers;

•A continued commitment to the introduction of new products, which accounted for over $100 million of revenues in the second quarter;



In the first six months of 2022, we returned $56.7 million in the form of
dividends, continuing our 45 year trend of continuous and annually increasing
dividends, and repurchased $175.0 million of shares, adding to our cumulative
share repurchases since 2017 of nearly $2 billion.

Vision 2025 continues to provide the Carlisle team with the clarity to navigate
a complex and rapidly evolving environment, a culture of continuous improvement,
and a drive to employ and develop the best talent, all the while ensuring our
teams know who we are and what we are trying to achieve. Our outlook remains
optimistic for the rest of 2022 and the long term.

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Summary of Financial Results
                                                                        Three Months Ended                     Six Months Ended
                                                                             June 30,                              June 30,
(in millions, except per share amounts)                               2022               2021               2022               2021
Revenues                                                          $ 1,846.9          $ 1,177.8          $ 3,343.2          $ 2,118.7
Operating income                                                  $   410.6          $   133.8          $   687.9          $   218.5
Operating margin                                                       22.2  %            11.4  %            20.6  %            10.3  %
Income from continuing operations                                 $   295.9

$ 94.1 $ 490.2 $ 143.2 Income from discontinued operations

$     5.6

$ 5.2 $ 4.9 $ 8.3 Diluted earnings per share attributable to common shares: Income from continuing operations

$    5.62

$ 1.77 $ 9.28 $ 2.68 Income from discontinued operations

$    0.11          $    0.10          $    0.09          $    0.16

Adjusted EBITDA(1)                                                $   472.2          $   191.7          $   817.0          $   329.5
Adjusted EBITDA margin(1)                                              25.6  %            16.3  %            24.4  %            15.6  %


(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 more information about, and a detailed reconciliation of these
items.

Revenues increased in the second quarter and the first six months of 2022
primarily reflecting positive pricing 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 second quarter and the first six months of 2022 primarily reflected positive pricing, higher volumes and favorable product mix, partially offset by raw material and wage inflation across all segments.



Diluted earnings per share from continuing operations increased primarily
reflecting improved operating income performance ($3.93 per share in the second
quarter of 2022 and $6.64 per share in the first six months of 2022) and reduced
average shares outstanding ($0.06 per share in the second quarter of 2022 and
$0.11 per share in the first six months of 2022) resulting from purchases under
our share repurchase program, partially offset by a higher effective tax rate
($0.08 per share in the second quarter of 2022 and $0.10 per share in the first
six months of 2022) and higher interest expense ($0.05 per share in the second
quarter of 2022 and $0.09 per share in the first six months of 2022).

We generated $223.5 million in operating cash flow in the first six 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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