Generated record fourth quarter revenues of
CCM delivered record revenues and profitability despite supply chain disruptions and with proactive pricing actions offsetting inflation
Reported record fourth quarter GAAP Diluted EPS of
CIT and CFT bookings and backlog returning to pre-pandemic levels
Henry integration exceeding expectations with synergies tracking above original
Share repurchases continued in the fourth quarter, totaling 1.9 million shares for
Comments from
'I am extremely pleased with the outstanding performance delivered by our entire Carlisle team in the fourth quarter. This performance would not have been possible without the team's resilience and perseverance, which has been demonstrated since the beginning of this pandemic. This resilience and perseverance is rooted in our entrepreneurial and continuous improvement culture, and is guided by the clarity of mission that Vision 2025 provides. Despite significant challenges, including supply chain turmoil and raw material inflation, our team delivered record revenues, record Adjusted EBITDA, and record Adjusted Diluted EPS in the fourth quarter of 2021.
Entering 2021, we maintained a resolute conviction in the strength of underlying and pent up re-roofing and new construction demand, and labor constraints in the channel. Based on this conviction, our teams proactively managed price, successfully secured raw materials, built inventory and maintained appropriate staffing levels, all in an effort to continue to deliver the Carlisle Experience to our customers and channel partners. As a result, we were able to deliver on our goal of price/cost neutrality for the full year.
Fourth quarter and full year 2021 results were even more satisfying given the severe demand fluctuations and continued pandemic influenced operating conditions throughout 2021. In contrast to the steep declines of 2020, we entered a period of accelerating demand recovery from the middle of 2021. There is no doubt the past two years have been very difficult for everyone on personal and professional levels, yet our teams have overcome these difficulties, rising to the challenge every time - the fourth quarter was no different.
Vision 2025 continues to provide the Carlisle team with the clarity to know who we are and what we are trying to achieve. It is this clarity, coupled with our teams' resilience, that gave us the confidence that we would emerge from the economic pressures of 2020 in a stronger position as a company, significantly closer to our goal of delivering over
When Vision 2025 was introduced, we committed to a leaner, more focused portfolio and a pivot towards investing in our highest-returning businesses, particularly CCM. CCM's outstanding performance in the fourth quarter of 2021 again confirmed that our strategy is well-founded. By leveraging the Carlisle Experience, CCM's best-in-class team delivered record fourth quarter revenues with sales increasing over 20% year-over-year across our platforms, including core single-ply roofing systems, Architectural Metals, Spray Foam Insulation, and
We also continued to make substantial progress on our ESG journey. Key accomplishments in the fourth quarter included:
Breaking ground on our state-of-the-art polyiso insulation facility in
Progressing on energy audits of our manufacturing facilities. These audits will form the baseline on which we will make a formal commitment to net-zero carbon emissions in the near future.
Increased recognition of our ESG efforts with Carlisle's inclusion in Newsweek's list of America's Most Responsible Companies, 2022.
We are committed to maintaining a balanced approach to capital deployment, which includes returning capital to shareholders. We increased our dividend for the 45th consecutive year in August, returning
While our businesses continue to navigate significant supply chain and inflationary challenges, solid demand fundamentals for all of our businesses remain intact, including: a strong multi-year re-roofing cycle, positive new construction environment, continued pent up demand from pandemic-related challenges in 2020 and 2021, and growing customer demand for energy-efficient products for the
In closing, I want to again express my gratitude for the resilience and perseverance of Carlisle's dedicated employees in delivering a truly remarkable 2021. With all of our segments trending positively both from a demand and operational perspective, Carlisle is well positioned to drive continued profitable growth in 2022 and beyond.'
Fourth Quarter 2021
Revenue of
Operating income for the fourth quarter of
Diluted EPS for the fourth quarter of
Fourth Quarter 2021 Segment Highlights
Revenues of
Operating income was
Adjusted EBITDA was
We expect full year 2022 sales, including Henry, to increase approximately 30% year-over-year.
Revenues of
Operating income was
Adjusted EBITDA was
We expect full year 2022 sales to increase approximately 10% year-over-year.
Revenues of
Operating income was
Adjusted EBITDA was
We expect full year 2022 sales to increase approximately 10% year-over-year.
Cash Flow
Operating cash flow from continuing operations for the year ended
During the year ended
Conference Call and Webcast
Carlisle will discuss fourth quarter 2021 results on a conference call at
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the potential or expected impacts of the global coronavirus (COVID-19) pandemic. Forward-looking statements generally use words such as 'expect,' 'foresee,' 'anticipate,' 'believe,' 'project,' 'should,' 'estimate,' 'will,' 'plans,' 'forecast,' and similar expressions, and reflect our expectations concerning the future. 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: risks from the global COVID-19 pandemic including, for example, expectations regarding the impact of the COVID-19 pandemic 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, 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 which cannot be recovered in product pricing; domestic and foreign governmental and public policy changes including environmental and industry regulations; threats associated with and efforts to combat terrorism; protection and validity of patent and other intellectual property rights; the successful identification, completion and integration of our strategic acquisitions; the 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; and the outcome of pending and future litigation and governmental proceedings. 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 interest rate and currency exchange rate fluctuations. Further, any conflict in the international arena may adversely affect general market conditions and our future performance. We refer you to the documents we file from time to time with the
Non-GAAP Disclosure
This press release also contains certain financial measures such as adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin, organic revenue and free cash flow which are not recognized under
About
EPS referenced in this release is from continuing operations unless otherwise noted.
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)
After-tax impact includes discrete items related to indemnification asset write-offs, which had a zero impact to net income and diluted EPS
(4)
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.
(5)
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.
See more at: https://www.carlisle.com/investors/news/press-release-details/2022/Carlisle-Companies-Reports-Record-Fourth-Quarter-Results/default.aspx
Vice President of Investor Relations
(480) 781-5135
jgiannakouros@carlisle.com
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