Yahoo Finance Carlisle (CSL) Q1 Earnings & Revenues Beat Estimates, Up Y/Y
Carlisle Companies CSL reported first-quarter 2024 adjusted earnings of $3.72 per share, which surpassed the Zacks Consensus Estimate of $2.74. The bottom line increased 85.1% year over year.
Carlisle’s total revenues of $1.1 billion beat the consensus estimate of $0.99 billion. Also, the top line increased 22.8% year over year.
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 36% year over year to $784 million. Organic revenues increased 35.9%, driven by growing re-roof activity and end-of-channel destocking. Adjusted EBITDA of $227 million increased 65.8% year over year.
Revenues from the Carlisle Weatherproofing Technologies segment declined 1.2% year over year to $313 million due to lower pricing. Organic revenues slipped 2.5%. Our estimate for segmental revenues was $349.5 million. Adjusted EBITDA of $65 million jumped 20% year over year.
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 increased 12.3% year over year to $697.6 million. Selling and administrative expenses increased 17.3% to $166.8 million. Research and development expenses totaled $9.2 million in first-quarter 2024, up 35.3% year over year.
CSL recorded operating income of $225.2 million, up 86.6% year over year. Operating margin increased to 20.5% compared with 13.5% in the year-ago quarter. Our estimate for operating margin was pegged at 15.3%.
Balance Sheet and Cash Flow
At the end of first-quarter 2024, Carlisle had cash and cash equivalents of $552.6 million compared with $576.7 million at the end of fourth-quarter 2023. Long-term debt (including the current portion) was $2.3 billion, relatively stable on a sequential basis.
In the first three months of 2024, CSL generated net cash of $163.5 million from operating activities compared with $149.6 million a year ago.
In the same period, CSL rewarded its shareholders with a dividend payment of $41.5 million, up 6.7% year over year. The company bought back shares worth $150 million, up 200% year over year.
2024 Outlook
Management expects revenues to increase 10% from a year ago. Revenues from the Carlisle Construction Materials segment are estimated to increase in low-double digits, while that from the Carlisle Weatherproofing Technologies segment is projected to grow in mid-single digits.
It anticipates adjusted EBITDA margin to expand more than 100 bps.
Zacks Rank & Other Stocks to Consider
CSL currently carries a Zacks Rank #2 (Buy). Some other top-ranked companies are discussed below:
Applied Industrial Technologies, Inc. AIT presently sports a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter average earnings surprise of 10.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for AIT’s fiscal 2024 (ending June 2024) earnings has increased 0.8% in the past 60 days.
Ingersoll Rand plc IR currently carries a Zacks Rank of 2. IR delivered a trailing four-quarter average earnings surprise of 15.9%.
In the past 60 days, the Zacks Consensus Estimate for Ingersoll Rand’s 2024 earnings has increased 1.6%.
Luxfer Holdings LXFR presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 82.7%.
In the past 60 days, the Zacks Consensus Estimate for LXFR’s 2024 earnings has increased 111.4%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Applied Industrial Technologies, Inc. (AIT) : Free Stock Analysis Report
Ingersoll Rand Inc. (IR) : Free Stock Analysis Report
Carlisle Companies Incorporated (CSL) : Free Stock Analysis Report
Luxfer Holdings PLC (LXFR) : Free Stock Analysis Report
