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Carlisle Companies Incorporated (CSL - Free Report) reported impressive second-quarter 2022 results, wherein both the bottom and the top line surpassed the Zacks Consensus Estimate. Following this stellar performance, shares of CSL gained 1.4% in after-hours trading on Jul 28.
Carlisle’s adjusted earnings were $6.15 per share, beating the consensus estimate of $4.99 by 23.3%. The bottom line increased 184.7% on a year-over-year basis, supported by higher sales.
Inside the Headlines
In the reported quarter, Carlisle’s revenues came in at $1,847 million, up 56.8% year over year. This increase was attributable to a 42.2% rise in organic revenues and a 15.5% benefit from acquired assets, partially offset by an adverse impact of 0.9% from unfavorable changes in foreign exchange rates.
The top line surpassed the Zacks Consensus Estimate of $1,693 million by 9.1%.
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 $1,113.4 million, increasing 54% year over year. The same represented 60.3% of the total revenues. Organic revenues grew 54.9% on the back of strong demand for U.S. commercial roofing, price and strength in all product lines.
CWT revenues, representing 24.3% of total revenues, were $448.9 million, up 109.3% year over year. The increase was driven by 24.4% growth in organic revenues on account of price, Henry's acquisition and strength in the product lines.
CIT revenues, accounting for 11.5% of total revenues, were $212.6 million, up 25.9% year over year. The increase was driven by improving aerospace and medical end markets.
CFT revenues, reflecting 3.9% of total revenues, were $72 million, up 8.1% year over year. Organic revenues increased 9.9% on solid price realization.
Carlisle Companies Incorporated Price and Consensus
In the reported quarter, Carlisle’s cost of sales increased 39.6% to $1,214.9 million. It represented 65.8% of net sales compared with 73.9% a year ago.
Selling and administrative expenses increased 30.6% to $210.6 million. The same represented 11.4% of net sales compared with 13.7% in the year-ago quarter. Research and development expenses totaled $12.6 million, down 8.7%.
Operating income was $410.6 million, up from $133.8 million year over year, while margin grew 1,080 basis points to 22.2%.
Balance Sheet and Cash Flow
While exiting the second quarter, Carlisle had cash and cash equivalents of $353.2 million compared with $324.4 million at the end of fourth-quarter 2021. Long-term debt (including current portion) was $2,929.9 million, up from $2,927.4 million at the end of fourth-quarter 2021.
In the first six months of 2022, Carlisle generated net cash of $223.5 million from operating activities compared with $171.5 million in the year-ago period.
In the first six months of 2022, Carlisle rewarded its shareholders with a dividend payout of $56.7 million, relatively stable year over year. Amount spent on share buyback totaled $175 million, down 34.1%.
Outlook
In 2022, Carlisle expects revenue growth of about 40% from the year-ago reported figure in the CCM segment, driven by strength across the re-roofing and new construction end markets, favorable pricing measures and robust demand for energy-efficient building products. Approximately 60% growth is anticipated in the CWT segment on the back of strong demand for product lines and the accretive Henry acquisition. Revenues from the CIT segment are expected to increase about 20%, driven by increasing backlogs in the Commercial Aerospace and Medical end markets. The CFT segment is anticipated to grow about 10% on the back of rising backlog and product introductions.
Zacks Rank & Stocks to Consider
CSL currently carries a Zacks Rank #2 (Buy).
Some other top-ranked companies are discussed below.
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Greif, Inc. (GEF - Free Report) presently flaunts a Zacks Rank of 1. GEF delivered a trailing four-quarter earnings surprise of 22.9%, on average.
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Carlisle (CSL) Q2 Earnings & Revenues Surpass Estimates
Carlisle Companies Incorporated (CSL - Free Report) reported impressive second-quarter 2022 results, wherein both the bottom and the top line surpassed the Zacks Consensus Estimate. Following this stellar performance, shares of CSL gained 1.4% in after-hours trading on Jul 28.
Carlisle’s adjusted earnings were $6.15 per share, beating the consensus estimate of $4.99 by 23.3%. The bottom line increased 184.7% on a year-over-year basis, supported by higher sales.
Inside the Headlines
In the reported quarter, Carlisle’s revenues came in at $1,847 million, up 56.8% year over year. This increase was attributable to a 42.2% rise in organic revenues and a 15.5% benefit from acquired assets, partially offset by an adverse impact of 0.9% from unfavorable changes in foreign exchange rates.
The top line surpassed the Zacks Consensus Estimate of $1,693 million by 9.1%.
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 $1,113.4 million, increasing 54% year over year. The same represented 60.3% of the total revenues. Organic revenues grew 54.9% on the back of strong demand for U.S. commercial roofing, price and strength in all product lines.
CWT revenues, representing 24.3% of total revenues, were $448.9 million, up 109.3% year over year. The increase was driven by 24.4% growth in organic revenues on account of price, Henry's acquisition and strength in the product lines.
CIT revenues, accounting for 11.5% of total revenues, were $212.6 million, up 25.9% year over year. The increase was driven by improving aerospace and medical end markets.
CFT revenues, reflecting 3.9% of total revenues, were $72 million, up 8.1% year over year. Organic revenues increased 9.9% on solid price realization.
Carlisle Companies Incorporated Price and Consensus
Carlisle Companies Incorporated price-consensus-chart | Carlisle Companies Incorporated Quote
Operating Margin Details
In the reported quarter, Carlisle’s cost of sales increased 39.6% to $1,214.9 million. It represented 65.8% of net sales compared with 73.9% a year ago.
Selling and administrative expenses increased 30.6% to $210.6 million. The same represented 11.4% of net sales compared with 13.7% in the year-ago quarter. Research and development expenses totaled $12.6 million, down 8.7%.
Operating income was $410.6 million, up from $133.8 million year over year, while margin grew 1,080 basis points to 22.2%.
Balance Sheet and Cash Flow
While exiting the second quarter, Carlisle had cash and cash equivalents of $353.2 million compared with $324.4 million at the end of fourth-quarter 2021. Long-term debt (including current portion) was $2,929.9 million, up from $2,927.4 million at the end of fourth-quarter 2021.
In the first six months of 2022, Carlisle generated net cash of $223.5 million from operating activities compared with $171.5 million in the year-ago period.
In the first six months of 2022, Carlisle rewarded its shareholders with a dividend payout of $56.7 million, relatively stable year over year. Amount spent on share buyback totaled $175 million, down 34.1%.
Outlook
In 2022, Carlisle expects revenue growth of about 40% from the year-ago reported figure in the CCM segment, driven by strength across the re-roofing and new construction end markets, favorable pricing measures and robust demand for energy-efficient building products. Approximately 60% growth is anticipated in the CWT segment on the back of strong demand for product lines and the accretive Henry acquisition. Revenues from the CIT segment are expected to increase about 20%, driven by increasing backlogs in the Commercial Aerospace and Medical end markets. The CFT segment is anticipated to grow about 10% on the back of rising backlog and product introductions.
Zacks Rank & Stocks to Consider
CSL currently carries a Zacks Rank #2 (Buy).
Some other top-ranked companies are discussed below.
Griffon Corporation (GFF - Free Report) presently sports a Zacks Rank #1 (Strong Buy). GFF’s earnings surprise in the last four quarters was 104.6%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
In the past 60 days, Griffon’s earnings estimates have increased 28.9% for fiscal 2022 (ending September 2022). The stock has rallied 31.3% in the past six months.
Greif, Inc. (GEF - Free Report) presently flaunts a Zacks Rank of 1. GEF delivered a trailing four-quarter earnings surprise of 22.9%, on average.
GEF’s earnings estimates have increased 17.8% for fiscal 2022 (ending October 2022) in the past 60 days. Its shares have risen 18.3% in the past six months.
Titan International, Inc. presently flaunts a Zacks Rank of 1. Its earnings surprise in the last four quarters was 56.4%, on average.
In the past 60 days, TWI’s earnings estimates have increased 43.3% for 2022. The stock has surged 66% in the past six months.