Carlisle Companies Inc (CSL) SEC Filing 10-Q Quarterly Report for the period ending Friday, March 31, 2023

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CSL Quarterly Reports

Carlisle Companies Inc

CIK: 790051 Ticker: CSL
Exhibit 99.1
Carlisle Companies Reports First Quarter Results
SCOTTSDALE, ARIZONA, April 27, 2023 - Carlisle Companies Incorporated (NYSE:CSL) today announced its first quarter 2023 financial results.
First quarter revenues of $1.2 billion, declined 21.2% year-over-year
Reported first quarter GAAP Diluted EPS of $1.92 and Adjusted EPS of $2.57, down 39.7%
Channel inventory destock and inclement weather continued to be headwinds
Contractor end market demand remains robust
Pricing remained strong with year-over-year improvements in all segments
Repurchased 200 thousand shares for $50 million in the quarter
Comments from Chris Koch, Chair, President and Chief Executive Officer

"As expected and previously communicated, the first quarter of 2023 continued to reflect the destocking efforts by distributors and contractors in the building products industry. Additionally, inclement weather during the first quarter disrupted contractors' ability to complete jobs and better address pent-up demand.

Underlying demand in the non-residential construction markets remains strong, with secular positives such as growing demand for energy-efficient solutions for buildings and a multi-year backlog of re-roofing projects. We remain mindful of growing concerns over continued Fed interest rate hikes and the possibility of a recession in the back half of 2023. For CCM however, where approximately two-thirds of revenue is tied to non-discretionary re-roofing demand, we continue to expect healthy activity both for the remainder of this year and for the foreseeable future.

Notably, the anticipated seasonal ramp in construction activity for 2023 is underway, with sequentially improved orders and shipments in April. Given strong contractor backlogs, the visible pipeline is robust. The latest non-residential construction indicators such as the ABI, Dodge Momentum Index, and ABC Contractor Backlog continued to support our confidence in a solid demand backdrop this year. Additionally, constrained labor markets continue to limit contractors' ability to service and complete the backlog and growing demand for the market's energy-efficient building envelope solutions. As a result, backlogs continue to be strong, new products that remove labor from the job site are desired, and the value brought to the contractor through the Carlisle Experience continues to be in high demand.

I am pleased our teams remain committed to delivering on Vision 2025, which includes meeting the needs of our end users, distributors and contractors by providing industry-leading, energy-efficient solutions with the highest quality standards. We also remain committed to and are increasing investment in innovation that addresses contractor labor constraints that pressure their ability to service current demand effectively and cost efficiently. Recent product launches that reduce installation times for our customers include our 16-foot TPO product (fewer seams), our ReadyFlash technology (improves flash-off time), and our Self-Adhering technology on 12' and 16' TPO. We aim to be our customers' manufacturer of choice, competing on and earning a fair price for the value we create. We are excited about our product launches this year that demonstrate both our commitment to helping facilitate ease of installation as well as to meeting the growing demand for "circular" products. As a reminder, circular products reduce waste to a minimum by being productively used and reused, as opposed to a single use product ultimately destined for the landfill.

Several months after announcing our commitment to achieve Net-Zero greenhouse gas (GHG)

The following information was filed by Carlisle Companies Inc (CSL) on Thursday, April 27, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Carlisle Companies Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Income And Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Stockholders??? Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders??? Equity (Unaudited) (Parenthetical)
Accrued And Other Current Liabilities
Accrued And Other Current Liabilities (Tables)
Accrued And Other Current Liabilities - Accrued Liabilities (Details)
Accrued And Other Current Liabilities - Change In Standard Product Warranty Liabilities (Details)
Acquisitions (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Commitments And Contingencies
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Tables)
Discontinued Operations - Summary Of Cash Flows From Discontinued Operations (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Employee Benefit Plans (Tables)
Exit And Disposal And Other Restructuring Activities
Exit And Disposal And Other Restructuring Activities (Details)
Exit And Disposal And Other Restructuring Activities (Tables)
Exit And Disposal And Other Restructuring Activities - Components Of Exit And Disposal Activities (Details)
Exit And Disposal And Other Restructuring Activities - Exit And Disposal Activity Liability (Details)
Financial Instruments
Financial Instruments (Details)
Financial Instruments (Tables)
Income Taxes
Income Taxes (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Change In Contract Assets (Details)
Revenue Recognition - Change In Contract Liabilities (Details)
Revenue Recognition - Remaining Performance Obligation (Details)
Revenue Recognition - Timing Of Revenue Recognition And Reconciliation Of Disaggregate Revenue (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)

Material Contracts, Statements, Certifications & more

Carlisle Companies Inc provided additional information to their SEC Filing as exhibits

Ticker: CSL
CIK: 790051
Form Type: 10-Q Quarterly Report
Accession Number: 0000790051-23-000068
Submitted to the SEC: Fri Apr 28 2023 2:19:10 PM EST
Accepted by the SEC: Fri Apr 28 2023
Period: Friday, March 31, 2023
Industry: Fabricated Rubber Products

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