Carlisle Companies Incorporated (CSL) Bundle
A Brief History of Carlisle Companies Incorporated
Company Overview
Carlisle Companies Incorporated, a diversified global manufacturer, specializes in the production of roofing, insulation, and waterproofing products. As of 2024, Carlisle operates through two primary segments: Carlisle Construction Materials (CCM) and Carlisle Weatherproofing Technologies (CWT).
Financial Performance
For the third quarter of 2024, Carlisle reported total revenues of $1,333.6 million, reflecting a 5.9% increase compared to $1,259.8 million in the same period of 2023. The nine-month revenues also increased to $3,880.7 million, up 12.2% from $3,459.4 million in 2023.
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenues | $1,333.6 million | $1,259.8 million | $3,880.7 million | $3,459.4 million |
| Operating Income | $316.4 million | $299.9 million | $919.1 million | $729.2 million |
| Net Income | $244.3 million | $265.6 million | $1,149.0 million | $561.9 million |
| Adjusted EBITDA | $367.9 million | $339.7 million | $1,051.0 million | $855.7 million |
Stock Performance
As of September 30, 2024, the diluted earnings per share attributable to common shareholders stood at $5.25, slightly down from $5.29 in Q3 2023. The year-to-date diluted earnings per share increased to $24.10 from $11.00 in the previous year.
Recent Acquisitions
On May 1, 2024, Carlisle completed the acquisition of MTL Holdings LLC for $424.6 million. MTL is recognized for its prefabricated perimeter edge metal systems and non-insulated architectural metal wall systems.
Segment Contributions
For the third quarter of 2024, revenues from the CCM segment were $998.2 million, while CWT generated $335.4 million. The operating income for CCM was $303.0 million, and for CWT, it was $46.8 million.
| Segment | Q3 2024 Revenues | Q3 2023 Revenues | Operating Income (Q3 2024) | Operating Income (Q3 2023) |
|---|---|---|---|---|
| CCM | $998.2 million | $914.0 million | $303.0 million | $272.5 million |
| CWT | $335.4 million | $345.8 million | $46.8 million | $58.8 million |
Balance Sheet Highlights
As of September 30, 2024, Carlisle's total assets were $6,478.4 million, with total liabilities of $3,715.5 million and total stockholders' equity at $2,762.9 million.
| Balance Sheet Item | Amount (in millions) |
|---|---|
| Total Assets | $6,478.4 |
| Total Liabilities | $3,715.5 |
| Total Stockholders' Equity | $2,762.9 |
Dividends and Shareholder Returns
Carlisle declared a dividend of $1.00 per share in the third quarter of 2024, with total dividends paid amounting to $127.7 million for the nine months ended September 30, 2024.
A Who Owns Carlisle Companies Incorporated (CSL)
Major Shareholders
As of 2024, Carlisle Companies Incorporated (CSL) has a diversified ownership structure. The top institutional shareholders are:
| Shareholder | Ownership Percentage | Shares Owned (in millions) |
|---|---|---|
| The Vanguard Group, Inc. | 10.2% | 4.63 |
| BlackRock, Inc. | 8.1% | 3.63 |
| State Street Corporation | 5.5% | 2.48 |
| Wellington Management Group LLP | 4.7% | 2.11 |
| Invesco Ltd. | 3.4% | 1.54 |
Insider Ownership
Insider ownership is significant as well, contributing to the governance and strategic direction of the company. Key insider ownership figures include:
| Insider Name | Position | Shares Owned (in millions) |
|---|---|---|
| David A. Smith | President & CEO | 0.5 |
| Thomas A. McKeon | CFO | 0.3 |
| Michael H. Dwyer | Director | 0.2 |
Stock Performance and Market Capitalization
As of September 30, 2024, Carlisle Companies Incorporated reported a market capitalization of approximately $7.6 billion. The stock price has seen fluctuations over the year, with a 52-week range of $206.29 to $275.00.
Financial Overview
The financial performance for the nine months ending September 30, 2024, highlights the following key metrics:
| Metric | Value (in millions) |
|---|---|
| Net Income | $1,149.0 |
| Total Revenue | $3,880.7 |
| Operating Income | $919.1 |
| Adjusted EBITDA | $1,051.0 |
Recent Changes in Ownership
In 2024, significant changes occurred in the ownership structure due to stock repurchases and sales of subsidiaries. The company repurchased approximately 2.9 million shares at a cost of $1.176 billion, reducing total shares outstanding.
Conclusion on Ownership Structure
Carlisle Companies Incorporated maintains a robust ownership structure with a blend of institutional and insider ownership. This diverse base supports its strategic initiatives and overall market performance.
Carlisle Companies Incorporated (CSL) Mission Statement
Overview
The mission statement of Carlisle Companies Incorporated emphasizes a commitment to innovation, sustainability, and superior customer service across its diverse product offerings. The company aims to enhance the quality of life through its products while delivering value to its shareholders and stakeholders.
Financial Performance
As of September 30, 2024, Carlisle Companies reported the following financial highlights:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Income (GAAP) | $244.3 million | $265.6 million | -8.4% |
| Income from Continuing Operations | $246.6 million | $216.9 million | 13.7% |
| Total Revenues | $1,333.6 million | $1,259.8 million | 5.9% |
| Operating Income | $316.4 million | $299.9 million | 5.5% |
| Adjusted EBITDA | $367.9 million | $339.7 million | 8.3% |
| Adjusted EBITDA Margin | 27.6% | 27.0% | 0.6% |
Strategic Initiatives
Carlisle's vision for 2030 includes significant investments in research and development to drive innovation. The company allocated $8.1 million for research and development expenses in Q3 2024, reflecting a 12.5% increase from Q3 2023.
Market Position
In the non-residential construction market, Carlisle reported substantial revenue growth, reflecting a focus on expanding its market share through innovative roofing solutions and energy-efficient products.
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | Change |
|---|---|---|---|
| Carlisle Construction Materials (CCM) | $998.2 million | $914.0 million | 9.2% |
| Carlisle Weatherproofing Technologies (CWT) | $335.4 million | $345.8 million | -3.0% |
Shareholder Returns
Carlisle Companies has consistently returned value to its shareholders through dividends and stock repurchases. The company declared a dividend of $1.00 per share in Q3 2024, up from $0.85 in Q2 2024.
Liquidity and Capital Resources
As of September 30, 2024, Carlisle Companies reported total cash and cash equivalents of $1,530.6 million, a significant increase from $576.7 million at the end of 2023. This increase is attributed to proceeds from the sale of Carlisle Interconnect Technologies (CIT) and strong operational cash flows.
Debt and Financing Activities
Carlisle's total long-term debt as of September 30, 2024, stood at $2,290.2 million, with a current portion of $403.0 million. The company has maintained compliance with all debt covenants and continues to manage its capital structure effectively.
Conclusion
The mission statement of Carlisle Companies Incorporated reflects a strong commitment to innovation, sustainability, and operational excellence. The company's financial performance and strategic initiatives position it well for future growth and shareholder value creation.
How Carlisle Companies Incorporated (CSL) Works
Overview of Operations
Carlisle Companies Incorporated (CSL) operates through two primary segments: Carlisle Construction Materials (CCM) and Carlisle Weatherproofing Technologies (CWT). These segments provide a range of products and services primarily aimed at the construction and industrial markets.
Financial Performance
As of September 30, 2024, CSL reported the following financial highlights:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenues | $1,333.6 million | $1,259.8 million | 5.9% |
| Operating Income | $316.4 million | $299.9 million | 5.4% |
| Net Income | $244.3 million | $265.6 million | -8.0% |
| Adjusted EBITDA | $367.9 million | $339.7 million | 8.8% |
| Gross Margin | 38.6% | 37.0% | 1.6% |
Segment Performance
The performance of CSL's segments for Q3 2024 is summarized below:
| Segment | Revenues (in millions) | Operating Income (in millions) | Adjusted EBITDA (in millions) |
|---|---|---|---|
| CCM | $998.2 | $303.0 | $327.6 |
| CWT | $335.4 | $46.8 | $69.3 |
Geographic Revenue Distribution
CSL's revenues for Q3 2024 by geographic area are as follows:
| Region | Revenues (in millions) |
|---|---|
| United States | $1,199.5 |
| Europe | $67.1 |
| North America (excluding U.S.) | $54.8 |
| Asia and Middle East | $7.7 |
| Africa | $1.1 |
Cash Flow and Liquidity
For the nine months ended September 30, 2024, CSL's cash flow data is as follows:
| Cash Flow Activity | Amount (in millions) |
|---|---|
| Net cash provided by operating activities | $659.7 |
| Net cash provided by investing activities | $1,508.9 |
| Net cash used in financing activities | $(1,242.9) |
Balance Sheet Highlights
As of September 30, 2024, CSL's balance sheet reflects the following:
| Asset/Liability | Amount (in millions) |
|---|---|
| Total Assets | $6,478.4 |
| Total Liabilities | $3,715.5 |
| Total Stockholders' Equity | $2,762.9 |
Stock Performance and Dividends
Carlisle Companies has also maintained a strong commitment to returning capital to shareholders:
| Metric | Amount |
|---|---|
| Dividends per Share (2024) | $2.70 |
| Share Repurchases (2024) | $1,166.1 million |
Conclusion
CSL's operational strategies and financial performance as of 2024 indicate a robust positioning within its sectors, supported by diversified revenue streams and strong market demand.
How Carlisle Companies Incorporated (CSL) Makes Money
Overview of Business Segments
Carlisle Companies Incorporated operates primarily through two segments: Carlisle Construction Materials (CCM) and Carlisle Weatherproofing Technologies (CWT). These segments generate revenue through various products and solutions aimed at the construction and industrial markets.
Revenue Generation
In 2024, Carlisle reported total revenues of $3.88 billion, reflecting a year-over-year increase of 12.2% compared to $3.46 billion in 2023.
| Segment | 2024 Revenues (in millions) | 2023 Revenues (in millions) | Change (%) |
|---|---|---|---|
| CCM | $2,870.7 | $2,437.5 | 17.8% |
| CWT | $1,010.0 | $1,021.9 | -1.2% |
Cost of Goods Sold
The cost of goods sold (COGS) for the nine months ended September 30, 2024, was $2.40 billion, resulting in a gross margin of $1.48 billion and a gross margin percentage of 38.2%, compared to 35.1% in the prior year.
Operating Income and Margins
For the nine months ended September 30, 2024, Carlisle reported operating income of $919.1 million, with an operating margin of 23.7%, up from 21.1% in 2023.
Net Income
Carlisle's net income for the nine months ended September 30, 2024, was $1.15 billion, resulting in a diluted earnings per share of $24.10.
Cash Flow
Net cash provided by operating activities for the first nine months of 2024 was $659.7 million, down from $812.4 million in 2023.
Research and Development
Research and development expenses amounted to $26.6 million for the first nine months of 2024, reflecting a 28.5% increase from $20.7 million in 2023.
Debt and Financing Activities
Carlisle’s total long-term debt as of September 30, 2024, was $2.29 billion, with a notable reduction in interest expenses attributed to lower long-term debt balances.
| Debt Instrument | Amount (in millions) | Due Date |
|---|---|---|
| 2.20% Notes | $550.0 | 2032 |
| 2.75% Notes | $750.0 | 2030 |
| 3.75% Notes | $600.0 | 2027 |
| 3.50% Notes | $400.0 | 2024 |
Dividends and Stock Repurchase
Carlisle increased its quarterly dividend to $1.00 per share in 2024, with total dividend payments of $127.4 million for the first nine months. The company also repurchased $1.17 billion in stock during the same period.
Market Position and Outlook
Carlisle's focus on non-residential construction markets is driving growth, with significant contributions from re-roofing activities and inventory normalization. The company anticipates continued growth in revenues and profitability as it leverages its product offerings and market position to meet rising demand.
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Article updated on 8 Nov 2024
Resources:
- Carlisle Companies Incorporated (CSL) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Carlisle Companies Incorporated (CSL)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Carlisle Companies Incorporated (CSL)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.