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Carlisle Companies Incorporated (CSL - Free Report) reported impressive first-quarter 2022 results wherein both the bottom and the top line surpassed the Zacks Consensus Estimate.
CSL’s shares gained 0.1% on Monday, ending the trading session at $259.51.
Carlisle’s adjusted earnings were $4.26 per share, beating the consensus estimate of $2.54 by 67.7%. The bottom line increased 59.6% on a year-over-year basis, supported by higher sales, partially offset by a rise in corporate expense.
Image Source: Zacks Investment Research
In the past three months, CSL's shares have decreased 18.3% compared with the industry’s decline of 11.1%.
Inside the Headlines
In the reported quarter, Carlisle’s revenues came in at $1,496.3 million, up 59.0% year over year. This increase was attributable to a 44.8% rise in organic revenues and a 14.7% benefit from acquired assets, partially offset by an adverse impact of 0.5% from adverse changes in foreign exchange rates.
The top line surpassed the Zacks Consensus Estimate of $1,338 million by 11.9%.
CSL reports results under four segments, namely Carlisle Construction Materials (CCM), Carlisle Weatherproofing Technologies (CWT), Carlisle Interconnect Technologies (CIT) and Carlisle Fluid Technologies (CFT).
The quarterly segmental results are briefly discussed below.
Revenues from CCM totaled $ 881.1 million, increasing 58.4% year over year. It represented 58.8% of the total revenues. Organic revenues grew 58.9% on the back of strong demand for U.S. commercial roofing, price and strength across all product lines.
CWT revenues, representing 24% of total revenues, were $359.1 million, up 120.4% year over year. The increase was driven by 36.0% growth in organic revenues on account of price, Henry's acquisition and strength in the product lines.
CIT revenues, accounting for 12.5% of total revenues, were $185.0 million, up 18.7% (all organic) year over year. The increase was driven by improving aerospace and medical end markets.
CFT revenues, reflecting 4.7% of total revenues, were $71.1 million, up 8.1% year over year. Organic revenues increased 9.9% on account of strength in its businesses and a solid price realization.
Carlisle Companies Incorporated Price, Consensus and EPS Surprise
In the reported quarter, Carlisle’s cost of sales increased 44.5% to $1,005.4 million. It represented 67.2% of net sales compared with 74% a year ago.
Selling and administrative expenses increased 34.6% to $ 203 million. The same represented 13.6% of net sales compared with 16% in the year-ago quarter. Research and development expenses totaled $12.3 million, up 18.3%.
Operating income was $ 277.3 million, up from $ 84.7 million year over year, while margin increased 900 basis points to 18.5%.
Balance Sheet and Cash Flow
Exiting the first quarter, Carlisle had cash and cash equivalents of $291.7 million compared with $324.4 million at the end of the previous quarter. Long-term debt (including current portion) was $2,928.8 million, up from $2,927.4 million sequentially.
In the first three months of 2022, the company generated net cash of $44.3 million from operating activities compared with $67.6 million in the year-ago period.
In the first quarter of 2022, Carlisle rewarded its shareholders with a dividend payout of $28.7 million, relatively stable year over year. Amount spent on buying back shares totaled $125 million, down 16.7%.
Outlook
In 2022, Carlisle expects revenue growth of about 30% from the year-ago reported figure in the CCM segment, driven by strength across the U.S. commercial roofing market and the Henry acquisition. 55-60% growth is anticipated in the CWT segment on the back of strong demand for product lines and the accretive Henry acquisition. Revenues from CIT and CFT segments are expected to increase in low-double digit and about 10%, respectively, on the back of strength in the markets.
Zacks Rank & Stocks to Consider
With a market capitalization of $13.5 billion, CSL currently carries a Zacks Rank #3 (Hold).
In the past 60 days, earnings estimates for GFF have increased 9% for fiscal 2022 (ending September 2022). The stock has inclined 4.1% in the past three months.
Donaldson Company, Inc. (DCI - Free Report) presently carries a Zacks Rank #2 (Buy). DCI delivered a trailing four-quarter earnings surprise of 4.2%, on average.
Earnings estimates for DCI have increased 0.7% for fiscal 2022 (ending July 2022) in the past 60 days. Its shares have decreased 10.2% in the past three months.
Ferguson plc (FERG - Free Report) is presently Zacks #2 Ranked. FERG’s earnings surprise in the last four quarters was 14.2%, on average.
In the past 60 days, earnings estimates for FERG have increased 6.5% for fiscal 2022 (ending July 2022). The stock has declined 21% in the past three months.
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Carlisle (CSL) Q1 Earnings & Revenues Surpass Estimates
Carlisle Companies Incorporated (CSL - Free Report) reported impressive first-quarter 2022 results wherein both the bottom and the top line surpassed the Zacks Consensus Estimate.
CSL’s shares gained 0.1% on Monday, ending the trading session at $259.51.
Carlisle’s adjusted earnings were $4.26 per share, beating the consensus estimate of $2.54 by 67.7%. The bottom line increased 59.6% on a year-over-year basis, supported by higher sales, partially offset by a rise in corporate expense.
Image Source: Zacks Investment Research
In the past three months, CSL's shares have decreased 18.3% compared with the industry’s decline of 11.1%.
Inside the Headlines
In the reported quarter, Carlisle’s revenues came in at $1,496.3 million, up 59.0% year over year. This increase was attributable to a 44.8% rise in organic revenues and a 14.7% benefit from acquired assets, partially offset by an adverse impact of 0.5% from adverse changes in foreign exchange rates.
The top line surpassed the Zacks Consensus Estimate of $1,338 million by 11.9%.
CSL reports results under four segments, namely Carlisle Construction Materials (CCM), Carlisle Weatherproofing Technologies (CWT), Carlisle Interconnect Technologies (CIT) and Carlisle Fluid Technologies (CFT).
The quarterly segmental results are briefly discussed below.
Revenues from CCM totaled $ 881.1 million, increasing 58.4% year over year. It represented 58.8% of the total revenues. Organic revenues grew 58.9% on the back of strong demand for U.S. commercial roofing, price and strength across all product lines.
CWT revenues, representing 24% of total revenues, were $359.1 million, up 120.4% year over year. The increase was driven by 36.0% growth in organic revenues on account of price, Henry's acquisition and strength in the product lines.
CIT revenues, accounting for 12.5% of total revenues, were $185.0 million, up 18.7% (all organic) year over year. The increase was driven by improving aerospace and medical end markets.
CFT revenues, reflecting 4.7% of total revenues, were $71.1 million, up 8.1% year over year. Organic revenues increased 9.9% on account of strength in its businesses and a solid price realization.
Carlisle Companies Incorporated Price, Consensus and EPS Surprise
Carlisle Companies Incorporated price-consensus-eps-surprise-chart | Carlisle Companies Incorporated Quote
Operating Margin Details
In the reported quarter, Carlisle’s cost of sales increased 44.5% to $1,005.4 million. It represented 67.2% of net sales compared with 74% a year ago.
Selling and administrative expenses increased 34.6% to $ 203 million. The same represented 13.6% of net sales compared with 16% in the year-ago quarter. Research and development expenses totaled $12.3 million, up 18.3%.
Operating income was $ 277.3 million, up from $ 84.7 million year over year, while margin increased 900 basis points to 18.5%.
Balance Sheet and Cash Flow
Exiting the first quarter, Carlisle had cash and cash equivalents of $291.7 million compared with $324.4 million at the end of the previous quarter. Long-term debt (including current portion) was $2,928.8 million, up from $2,927.4 million sequentially.
In the first three months of 2022, the company generated net cash of $44.3 million from operating activities compared with $67.6 million in the year-ago period.
In the first quarter of 2022, Carlisle rewarded its shareholders with a dividend payout of $28.7 million, relatively stable year over year. Amount spent on buying back shares totaled $125 million, down 16.7%.
Outlook
In 2022, Carlisle expects revenue growth of about 30% from the year-ago reported figure in the CCM segment, driven by strength across the U.S. commercial roofing market and the Henry acquisition. 55-60% growth is anticipated in the CWT segment on the back of strong demand for product lines and the accretive Henry acquisition. Revenues from CIT and CFT segments are expected to increase in low-double digit and about 10%, respectively, on the back of strength in the markets.
Zacks Rank & Stocks to Consider
With a market capitalization of $13.5 billion, CSL currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks are discussed below:
Griffon Corporation (GFF - Free Report) presently sports a Zacks Rank #1 (Strong Buy). Griffon’s earnings surprise in the last four quarters was 97%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, earnings estimates for GFF have increased 9% for fiscal 2022 (ending September 2022). The stock has inclined 4.1% in the past three months.
Donaldson Company, Inc. (DCI - Free Report) presently carries a Zacks Rank #2 (Buy). DCI delivered a trailing four-quarter earnings surprise of 4.2%, on average.
Earnings estimates for DCI have increased 0.7% for fiscal 2022 (ending July 2022) in the past 60 days. Its shares have decreased 10.2% in the past three months.
Ferguson plc (FERG - Free Report) is presently Zacks #2 Ranked. FERG’s earnings surprise in the last four quarters was 14.2%, on average.
In the past 60 days, earnings estimates for FERG have increased 6.5% for fiscal 2022 (ending July 2022). The stock has declined 21% in the past three months.