Carlisle Companies Inc (CSL) SEC Filing 10-Q Quarterly Report for the period ending Friday, June 30, 2023

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CSL Quarterly Reports

Carlisle Companies Inc

CIK: 790051 Ticker: CSL
Exhibit 99.1
Carlisle Companies Reports Second Quarter Results
SCOTTSDALE, ARIZONA, July 26, 2023 - Carlisle Companies Incorporated (NYSE:CSL) today announced its second quarter 2023 financial results.
Second quarter revenues of $1.5 billion, declined 14.0% year-over-year
Reported second quarter GAAP diluted EPS from continuing operations of $4.71 and adjusted EPS of $5.18, down 13.7% year-over-year
CCM operating income margin was 29.6% and adjusted EBITDA margin returned to 30%+
CWT operating income margin grew 350 basis points year-over-year to 16.6%, and adjusted EBITDA margin grew 390 basis points to 22.5%, driven by integration and efficiency gains
Announced an agreement to sell CFT, completing another major step in our portfolio optimization strategy
Repurchased 900 thousand shares for $200 million in the quarter
Comments from Chris Koch, Chair, President and Chief Executive Officer
"The second quarter proved to be a nice recovery story for us at Carlisle with greater evidence of our collective efforts to improve earnings and create value for all stakeholders. Our teams continue to provide compelling energy-efficient solutions to building owners and improve upon Carlisle's leadership position as the manufacturer of choice to contractors and our distribution partners. Despite the channel destocking activity in the second quarter, our teams collectively drove excellent profitability from a combination of price discipline, cost management and efficiency gains through COS.

We continue to see strong underlying demand for our building products, particularly in non-residential construction markets. New construction is buoyed by growth in manufacturing construction projects and government-funded activity. Notably, CCM generates two-thirds of its revenue from non-discretionary re-roofing demand that provides sustainable growth runway. Contractor backlogs remain strong, and new products that remove labor from the job site are strongly desired. That said, rising interest rates, concerns of an economic slowdown, weather disruptions and labor constraints are watch items that may hinder construction activity.

The CWT team continues to demonstrate outstanding performance by driving operational efficiencies, pricing to value, and executing its multi-pronged commercial and operational integration. Despite year-over-year volume declines in residential markets, the team achieved a remarkable 390 basis points of adjusted EBITDA margin expansion to 22.5% in the second quarter.

CIT continues to benefit from healthy aerospace demand while reaping benefits from past restructuring actions. With its position as a leading aerospace components supplier, CIT is poised to leverage increasing aircraft production rates of both Boeing and Airbus. Additionally, CIT is improving the profitability of its medical and industrial platforms through customer and product line rationalization, as well as enhanced efficiencies through COS. The CIT team drove impressive adjusted EBITDA margin expansion of 520 basis points year-over-year to 17.9% in the second quarter, and we expect significant year-over-year margin improvement for the full year 2023 and beyond.

In line with our strategy to 'pivot' to a pure-play premier building products company, we signed a definitive agreement to sell Carlisle Fluid Technologies for $520 million. This move represents a significant step forward in our efforts to build a diversified portfolio of premier energy-efficient building envelope solutions and demonstrates our commitment to be superior capital allocators.

The following information was filed by Carlisle Companies Inc (CSL) on Wednesday, July 26, 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 - Balance Sheet (Details)
Discontinued Operations - Results From Discontinued Operations (Details)
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)
Insider Trading Arrangements
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Long-Term Debt - Schedule Of Long Term Debt (Details)
Pay Vs Performance Disclosure
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: 0000790051-23-000134
Submitted to the SEC: Thu Jul 27 2023 2:57:22 PM EST
Accepted by the SEC: Thu Jul 27 2023
Period: Friday, June 30, 2023
Industry: Fabricated Rubber Products

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