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CARLISLE COMPANIES INCORPORATED

(CSL)
  Report
Real-time Estimate Cboe BZX  -  12:16:31 2023-01-30 pm EST
247.21 USD   -0.51%
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01/18Baird Adjusts Carlisle Companies' Price Target to $315 From $330, Keeps Outperform Rating
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01/05Carlisle Companies to Announce Fourth Quarter 2022 Results on February 7, 2023
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CARLISLE COMPANIES INC Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

10/28/2022 | 01:57pm EST
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


In the third quarter, the Carlisle team continued to focus on delivering and
enhancing the Carlisle Experience, which is our commitment to meeting the needs
of our end users, distributors and contractors by providing industry-leading,
energy-efficient solutions with the highest quality standards, to drive
outstanding results. The performance delivered by the entire Carlisle team this
quarter was especially remarkable given the macroeconomic environment, which has
been a challenge for several years, and is becoming even more complicated with
rising interest rates, high inflation and war in Europe. Despite another year of
uncertainty and volatility in global markets, the Carlisle team came together to
deliver on our commitments, leveraging strong underlying non-residential
construction demand and mitigating market pressures to deliver a sixth
consecutive quarter of record year-over-year sales and earnings performance in
the midst of a global pandemic and recovery.

As we move into the fourth quarter, these results continue to demonstrate Carlisle's progress towards achieving our goals as laid out in Vision 2025, including delivering $15 of GAAP earnings per share.

U.S. non-residential construction demand remains strong, and we are optimistic that solid underlying trends will overcome recent and well-understood macroeconomic pressures. Additionally, pricing at all of our businesses continues to be positive, and improvements in supply chain and greater availability of materials are leading us toward a more normalized operating environment.


Residential markets are facing increased pressure due to interest rate hikes,
significant inflation, and, at the consumer level, a reduction in building
products expenditures. While impactful in the short term, we believe that longer
term fundamentals in residential markets remain attractive given the undersupply
of homes in the U.S. and growing demand for energy-efficient building solutions,
particularly given recent supporting legislation and rising energy costs.

Aerospace markets continue their recovery, driving record backlogs and increased
profitability in our CIT business on the back of restructuring actions taken
over the past few years. We are very optimistic about the prospects for
continued recovery in the aerospace markets, supported by a well-known shortage
of aircraft, which has caused U.S. airlines to cut back on flights as they
struggle to cope with the rebound in passenger demand.

In the first nine months of 2022, we used cash generated from operations to
return $95.6 million to stockholders in the form of dividends and increased our
dividend 39%, continuing our 46 year trend of continued and annually increasing
dividends, and repurchased $201.1 million of shares, adding to our cumulative
share repurchases since 2017 of over $2 billion. We invested $130.5 million into
our businesses in the form of capital expenditures to drive innovation and the
Carlisle Experience as exemplified by the third quarter launch of our
industry-first 16' TPO line in Carlisle, PA.

                                       22
--------------------------------------------------------------------------------

The resilience and experience of the Carlisle team have helped us deliver record
results throughout 2022 and will continue to provide Carlisle a competitive
advantage as we navigate in this highly complex environment. We remain
optimistic for the remainder of 2022, and are excited to continue our drive to
exceed Carlisle's commitments under Vision 2025.

Summary of Financial Results

                                                                        Three Months Ended                     Nine Months Ended
                                                                           September 30,                         September 30,
(in millions, except per share amounts)                               2022               2021               2022               2021
Revenues                                                          $ 1,794.1          $ 1,315.6          $ 5,137.3          $ 3,434.3
Operating income                                                  $   348.2          $   166.5          $ 1,036.1          $   385.0
Operating margin                                                       19.4  %            12.7  %            20.2  %            11.2  %
Income from continuing operations                                 $   255.2 

$ 113.0 $ 745.4 $ 256.2 (Loss) income from discontinued operations

                        $    

(0.5) $ 29.1 $ 4.4 $ 37.4 Diluted earnings per share attributable to common shares: Income from continuing operations

                                 $    4.84 

$ 2.12 $ 14.12 $ 4.80 (Loss) income from discontinued operations

                        $   (0.01)         $    0.55          $    0.08          $    0.70

Adjusted EBITDA(1)                                                $   437.8          $   250.3          $ 1,254.8          $   579.8
Adjusted EBITDA margin(1)                                              24.4  %            19.0  %            24.4  %            16.9  %


(1)Adjusted EBITDA and adjusted EBITDA margin are intended to provide investors
and others with information about Carlisle's and our 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 third quarter and the first nine months of 2022
primarily reflecting positive pricing across all segments, contributions from
the acquisition of ASP Henry Holdings, Inc. ("Henry") in the CWT segment and
higher sales volumes in the CCM and CIT segments, partially offset by
unfavorable foreign currency impacts.

The increase in operating margin percentage in the third quarter and the first
nine 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 in the third quarter of 2022 primarily reflecting improved operating income performance ($2.60 per share), a lower effective tax rate ($0.09 per share) and reduced average shares outstanding ($0.04 per share).


Diluted earnings per share from continuing operations increased in the first
nine months of 2022 primarily reflecting improved operating performance ($9.25
per share) and reduced average shares outstanding ($0.14 per share), partially
offset by higher interest expense ($0.10 per share) and a higher effective tax
rate ($0.03 per share).

We generated $588.6 million in operating cash flow in the first nine 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

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