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Sep 30, 2023
Carlisle Q3 2023 Earnings Report
Carlisle Companies' third quarter results were announced, marking the completion of the company's restructuring into a pure-play building products company. The company demonstrated resilience and delivered strong margin results in a challenging environment.
Key Takeaways
Carlisle Companies reported a decrease in revenue by 15.8% year-over-year, amounting to $1.3 billion for the third quarter of 2023. Despite the revenue decline, the company improved its adjusted EBITDA margin by 100 bps. The adjusted EPS was $4.68, a 7.1% decrease year-over-year.
GAAP diluted EPS was $4.32, and adjusted EPS was $4.68, a decrease of 7.1% year-over-year.
Third quarter revenues were $1.3 billion, a decline of 15.8% year-over-year.
The company's operating margin was 24%, and adjusted EBITDA margin improved by 100 bps.
1.2 million shares were repurchased for $330 million during the quarter.
Revenue by Segment
Forward Guidance
Looking ahead to the fourth quarter, Carlisle acknowledges headwinds in residential and non-residential construction markets but remains confident in its long-term vision and strategies.
Positive Outlook
- CCM and CWT are poised to capitalize on growing demand for green building solutions and energy-efficient systems.
- There is an increasing need for innovative products that simplify installation processes and reduce labor.
- CCM derives approximately 70% of its revenue from non-discretionary re-roofing demand, providing a reliable and sustainable growth path.
- The vast majority of destocking is now behind us.
- Vision 2030 will be released in December and will provide comprehensive details about our path to further value creation for all our stakeholders.
Challenges Ahead
- Headwinds are present in the residential and non-residential construction markets.
- The Federal Reserve’s tightening actions and a desire to reduce inflation pose a challenge.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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