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Carlisle Companies (CSL - Free Report) reported fourth-quarter 2023 adjusted earnings (excluding 26 cents from non-recurring items) of $4.17 per share, which surpassed the Zacks Consensus Estimate of $3.47. The bottom line increased 6.4% year over year.
Carlisle’s total revenues of $1.13 billion beat the consensus estimate of $1.08 billion. However, the top line decreased 2% year over year, with a 2.3% decline in organic revenues.
Segmental Discussion
Carlisle has divested its Carlisle Interconnect Technologies segment. The company now reports under the following two segments.
Revenues from the Carlisle Construction Materials segment increased 1.9% year over year to $815.9 million. Our estimate for segmental revenues was $763.7 million. Organic revenues increased 1.7% due to weakness in end markets. Adjusted EBITDA of $254.9 million increased 11.8% year over year.
Revenues from Carlisle Weatherproofing Technologies declined 10.8% year over year to $311.6 million due to residential demand weakness and the exit of a non-core business. Our estimate for segmental revenues was $314.1 million. Organic revenues slipped 11.6%. Adjusted EBITDA of $69.3 million jumped 54.3% year over year. Our estimate for segmental adjusted EBITDA was $58.0 million.
Carlisle Companies Incorporated Price, Consensus and EPS Surprise
Carlisle’s cost of sales declined 10.9% year over year to $707.8 million. Selling and administrative expenses increased 10.9% to $157.6 million. Research and development expenses totaled $8.0 million in fourth-quarter 2023, up 66.7% year over year.
CSL recorded operating income of $253.6 million, up 21.1% year over year. Operating margin increased to 22.5% compared with 18.2% in the year-ago quarter.
Balance Sheet and Cash Flow
At the end of the fourth quarter, Carlisle had cash and cash equivalents of $576.7 million compared with $364.8 million at the end of fourth-quarter 2022. Long-term debt (including the current portion) was $2.3 billion compared with $2.6 billion at the end of fourth-quarter 2022.
In 2023, Carlisle generated net cash of $1.2 billion from operating activities compared with $1.0 billion in the year-ago period.
In the same period, CSL, carrying a Zacks Rank #3 (Hold), rewarded its shareholders with a dividend payment of $160.3 million, up 19.3% year over year. The company bought back shares worth $900 million, up more than 100% year over year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Conglomerates Companies
General Electric Company (GE - Free Report) reported fourth-quarter 2023 adjusted earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 90 cents. However, the bottom line decreased 16.9% year over year.
Total segment revenues of $18.5 billion beat the consensus estimate of $17.8 billion. The top line increased 15.3% year over year.
3M Company (MMM - Free Report) delivered adjusted earnings of $2.42 per share, surpassing the Zacks Consensus Estimate of $2.31 in the fourth quarter. The metric increased from earnings of $2.18 per share reported in the year-ago quarter.
The company’s net sales of $8.0 billion outperformed the Zacks Consensus Estimate of $7.7 billion. However, the top line declined 0.8% year over year due to a 1.9% decrease in organic sales. Foreign currency translation had a positive impact of 0.9%, while acquisitions boosted the top line by 0.2%.
Danaher Corporation’s (DHR - Free Report) fourth-quarter 2023 adjusted earnings (excluding 59 cents from non-recurring items) of $2.09 per share surpassed the Zacks Consensus Estimate of $1.90. The bottom line declined 17.7% year over year.
Danaher’s net sales of $6.4 billion outperformed the consensus estimate of $6.0 billion. However, the metric declined 10.2% year over year due to a decrease in sales of COVID-related products and weakness in the Biotechnology and Diagnostics segments.
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Carlisle (CSL) Q4 Earnings Beat Estimates, Revenues Decline Y/Y
Carlisle Companies (CSL - Free Report) reported fourth-quarter 2023 adjusted earnings (excluding 26 cents from non-recurring items) of $4.17 per share, which surpassed the Zacks Consensus Estimate of $3.47. The bottom line increased 6.4% year over year.
Carlisle’s total revenues of $1.13 billion beat the consensus estimate of $1.08 billion. However, the top line decreased 2% year over year, with a 2.3% decline in organic revenues.
Segmental Discussion
Carlisle has divested its Carlisle Interconnect Technologies segment. The company now reports under the following two segments.
Revenues from the Carlisle Construction Materials segment increased 1.9% year over year to $815.9 million. Our estimate for segmental revenues was $763.7 million. Organic revenues increased 1.7% due to weakness in end markets. Adjusted EBITDA of $254.9 million increased 11.8% year over year.
Revenues from Carlisle Weatherproofing Technologies declined 10.8% year over year to $311.6 million due to residential demand weakness and the exit of a non-core business. Our estimate for segmental revenues was $314.1 million. Organic revenues slipped 11.6%. Adjusted EBITDA of $69.3 million jumped 54.3% year over year. Our estimate for segmental adjusted EBITDA was $58.0 million.
Carlisle Companies Incorporated Price, Consensus and EPS Surprise
Carlisle Companies Incorporated price-consensus-eps-surprise-chart | Carlisle Companies Incorporated Quote
Margin Profile
Carlisle’s cost of sales declined 10.9% year over year to $707.8 million. Selling and administrative expenses increased 10.9% to $157.6 million. Research and development expenses totaled $8.0 million in fourth-quarter 2023, up 66.7% year over year.
CSL recorded operating income of $253.6 million, up 21.1% year over year. Operating margin increased to 22.5% compared with 18.2% in the year-ago quarter.
Balance Sheet and Cash Flow
At the end of the fourth quarter, Carlisle had cash and cash equivalents of $576.7 million compared with $364.8 million at the end of fourth-quarter 2022. Long-term debt (including the current portion) was $2.3 billion compared with $2.6 billion at the end of fourth-quarter 2022.
In 2023, Carlisle generated net cash of $1.2 billion from operating activities compared with $1.0 billion in the year-ago period.
In the same period, CSL, carrying a Zacks Rank #3 (Hold), rewarded its shareholders with a dividend payment of $160.3 million, up 19.3% year over year. The company bought back shares worth $900 million, up more than 100% year over year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Conglomerates Companies
General Electric Company (GE - Free Report) reported fourth-quarter 2023 adjusted earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 90 cents. However, the bottom line decreased 16.9% year over year.
Total segment revenues of $18.5 billion beat the consensus estimate of $17.8 billion. The top line increased 15.3% year over year.
3M Company (MMM - Free Report) delivered adjusted earnings of $2.42 per share, surpassing the Zacks Consensus Estimate of $2.31 in the fourth quarter. The metric increased from earnings of $2.18 per share reported in the year-ago quarter.
The company’s net sales of $8.0 billion outperformed the Zacks Consensus Estimate of $7.7 billion. However, the top line declined 0.8% year over year due to a 1.9% decrease in organic sales. Foreign currency translation had a positive impact of 0.9%, while acquisitions boosted the top line by 0.2%.
Danaher Corporation’s (DHR - Free Report) fourth-quarter 2023 adjusted earnings (excluding 59 cents from non-recurring items) of $2.09 per share surpassed the Zacks Consensus Estimate of $1.90. The bottom line declined 17.7% year over year.
Danaher’s net sales of $6.4 billion outperformed the consensus estimate of $6.0 billion. However, the metric declined 10.2% year over year due to a decrease in sales of COVID-related products and weakness in the Biotechnology and Diagnostics segments.