Financial Performance - In 2024, Carlisle reported diluted earnings per share (EPS) from continuing operations of $18.34, reflecting a 29% increase over 2023[94]. - Total revenues for 2024 were $5,003.6 million, representing a 9.1% increase from $4,586.9 million in 2023[99]. - Operating income increased to $1,143.1 million in 2024, with an operating margin of 22.8%, up from 21.4% in 2023[105]. - Gross profit for 2024 was $1,887.7 million, with a gross profit margin of 37.7%, compared to 35.6% in 2023[101]. - Net income for 2024 reached $1,311.8 million, a significant increase from $767.4 million in 2023[157]. - Adjusted EBITDA for 2024 was $1,332.7 million, compared to $1,152.8 million in 2023, reflecting an adjusted EBITDA margin of 26.6%, up from 25.1%[157]. Segment Performance - Revenues for the Carlisle Construction Materials segment increased to $3,704.3 million in 2024, up 13.9% from $3,253.4 million in 2023, driven by higher sales in the non-residential end market[113]. - Operating income for the Carlisle Construction Materials segment rose to $1,084.3 million in 2024, an increase of 18.6% compared to $913.9 million in 2023[113]. - Adjusted EBITDA for the Carlisle Construction Materials segment was $1,163.8 million in 2024, compared to $976.8 million in 2023, reflecting improved operational performance[113]. - Revenues for the Carlisle Weatherproofing Technologies segment decreased to $1,299.3 million in 2024, down 2.6% from $1,333.5 million in 2023, primarily due to lower sales in the residential end market[115]. Cash Flow and Capital Management - Cash provided by investing activities in 2024 was $1,229.6 million, primarily from the sale of the CIT business, offset by $676.9 million used for acquisitions and capital expenditures[124]. - Cash used in financing activities totaled $2,110.2 million in 2024, mainly for share repurchases of $1,585.9 million and the redemption of 2024 Notes of $400.0 million[126]. - The total cash and cash equivalents increased to $753.5 million as of December 31, 2024, compared to $576.7 million at the end of 2023, primarily due to cash generated from operations and the sale of the CIT business[117]. - The company anticipates sufficient cash on hand and operating cash flows to meet business requirements for at least the next 12 months[119]. - The company repurchased approximately 3.9 million shares in 2024, utilizing $1,585.9 million of cash on hand, as part of its capital return strategy[128]. Tax and Impairment - The effective tax rate for 2024 was 22.1%, slightly down from 22.7% in 2023, with a provision for income taxes of $245.8 million[109]. - Goodwill allocated to reporting units totaled $1,478.0 million as of December 31, 2024, an increase from $1,202.5 million in 2023[140]. - The company conducted an annual impairment test for goodwill on November 1, 2024, and determined that it was not likely that the fair value of reporting units was less than their carrying values[141]. - A valuation allowance of $51.7 million was recorded on deferred tax assets related to net operating loss and credit carryforwards, indicating potential realizability concerns[154]. - The company recognized an impairment charge for intangible assets only when the carrying amount exceeded the fair value, with no significant impairments reported for indefinite-lived intangible assets[146]. Strategic Initiatives - The company deployed $1.6 billion for share repurchases in 2024, funded by the divestiture of Carlisle Interconnect Technologies (CIT)[95]. - Carlisle's acquisition strategy included nearly $700 million spent on enhancing building envelope capabilities, notably acquiring MTL Holdings LLC and PFB Holdco, Inc[95]. - Research and development expenses rose to $35.4 million in 2024, a 23.3% increase from $28.7 million in 2023, focusing on new product development[103]. - The company expects mid single-digit revenue growth for CCM in 2025, driven by continued strength in re-roofing and a full year of MTL[159]. - Capital expenditures for 2025 are projected to be around $150 million, focusing on new product and capacity expansion, business sustaining projects, and cost reduction efforts[161]. Market Dynamics - Revenues from the non-residential construction market increased by $468.6 million, while residential construction revenues decreased by $58.1 million[99]. - International revenues accounted for 9.5% of total revenues in 2024, with the United States contributing 90.5%[100]. - Raw material costs accounted for approximately 66% of the company's cost of goods sold in 2024, highlighting the significant impact of material price volatility on financial performance[72]. - The company has committed to achieving net zero GHG emissions by 2050, which may require significant resources and could increase operational costs[75]. - The company anticipates high single-digit revenue growth for Carlisle Weatherproofing Technologies in 2025, supported by market share gains and acquisitions[159]. Risks and Challenges - Non-operating expenses for the corporate and unallocated segment were $19.7 million in 2024, compared to $(2.9) million in 2023, indicating a significant increase in costs[158]. - The company faces risks from widespread health emergencies, which could adversely affect demand, supply chains, and overall financial performance[78].

Core Insights - Warren Buffett emphasizes two fundamental rules for investing: never lose money and always remember the first rule [2]. Summary by Categories Investment Philosophy - The core investment philosophy of Warren Buffett revolves around the importance of avoiding losses, as financial setbacks can have a lasting impact on one's financial future [2].

Core Insights - Carlisle Companies Incorporated (CSL) reported fourth-quarter 2024 adjusted earnings of $4.47 per share, slightly missing the Zacks Consensus Estimate of $4.48, but showing a 7% year-over-year increase [1] - Total revenues for the fourth quarter were $1.12 billion, which also fell short of the consensus estimate of $1.15 billion, reflecting a 0.4% decrease year over year [1] Financial Performance - For the full year 2024, CSL reported net revenues of $5 billion, marking a 9.1% increase year over year, with adjusted earnings of $20.20 per share, up 30.2% year over year [2] - The Carlisle Construction Materials segment saw revenues increase by 2.2% year over year to $856.3 million, with organic revenues rising 1.8% due to strong re-roofing activity [3] - Conversely, revenues from the Carlisle Weatherproofing Technologies segment decreased by 7% year over year to $289 million, attributed to soft residential end markets and lower pricing in select product categories [4] Margin Analysis - The cost of sales increased by 1.4% year over year to $717.4 million, while selling and administrative expenses rose by 11% to $174.9 million [5] - Operating income was reported at $224.0 million, down 11.7% year over year, leading to a decrease in operating margin by 260 basis points to 19.9% [5] Balance Sheet and Cash Flow - At the end of the fourth quarter, CSL had cash and cash equivalents of $753.5 million, an increase from $576.7 million at the end of 2023, while long-term debt decreased to $1.89 billion from $2.29 billion [6] - The company generated net cash of $1.03 billion from operating activities in 2024, slightly up from $1.02 billion in the previous year [6] Shareholder Returns - CSL rewarded shareholders with a dividend payment of $172.4 million, reflecting a 7.6% year-over-year increase, and repurchased shares worth $1.59 billion, up 76.2% year over year [7] Future Outlook - Management anticipates mid-single-digit revenue growth in 2025, with expected earnings growth of over 10% year over year and an adjusted EBITDA margin expansion of approximately 50 basis points [8]

Core Insights - Carlisle (CSL) reported revenue of $1.12 billion for the quarter ended December 2024, a decrease of 0.4% year-over-year, with EPS at $4.47 compared to $4.17 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $1.15 billion, resulting in a surprise of -2.61%, while the EPS also missed the consensus estimate of $4.48 by -0.22% [1] Financial Performance Metrics - Carlisle Construction Materials (CCM) generated revenues of $833.60 million, below the four-analyst average estimate of $850.75 million, reflecting a year-over-year increase of 2.2% [4] - Carlisle Weatherproofing Technologies (CWT) reported revenues of $289.30 million, missing the four-analyst average estimate of $302.30 million, with a year-over-year decline of 7.2% [4] - Adjusted EBIT for CCM was $222.80 million, lower than the estimated $233.48 million, while CWT's adjusted EBIT was $30.20 million, also below the average estimate of $38.23 million [4] - The corporate and unallocated adjusted EBIT was reported at -$17.30 million, outperforming the average estimate of -$30.79 million [4] Stock Performance - Over the past month, shares of Carlisle have returned +2.7%, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Fourth Quarter 2024 Earnings Call February 4, 2025 Forward Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "intends," "forecast," and similar expressions, and reflect our expectations concerning the future. Such statements are mad ...

Financial Performance - Carlisle reported quarterly earnings of $4.47 per share, slightly missing the Zacks Consensus Estimate of $4.48 per share, but showing an increase from $4.17 per share a year ago, representing an earnings surprise of -0.22% [1] - The company posted revenues of $1.12 billion for the quarter ended December 2024, missing the Zacks Consensus Estimate by 2.61%, and down from $1.13 billion year-over-year [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $4.20 on revenues of $1.16 billion, and for the current fiscal year, it is $22.59 on revenues of $5.34 billion [7] - The estimate revisions trend for Carlisle is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Market Performance - Carlisle shares have increased by approximately 3.4% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] - The outlook for the industry, specifically the Diversified Operations sector, is currently in the bottom 38% of Zacks industries, which may impact the stock's performance [8]

Financial Performance - Carlisle reported a record full year adjusted EPS of $20.20, a 30% increase over 2023, with full year revenue growth of 9%[2] - Fourth quarter revenue was $1.1 billion, a decline of 0.4% year-over-year, while adjusted EPS for the quarter was $4.47, an increase of 7% year-over-year[7] - Operating income for the year ended December 31, 2024, increased to $1,143.1 million, up from $982.8 million in 2023, representing a growth of 16.4%[20] - Net income for the year ended December 31, 2024, was $1,311.8 million, compared to $767.4 million in 2023, reflecting a significant increase of 71.1%[20] - Basic earnings per share for 2024 were $28.17, up from $15.35 in 2023, indicating an increase of 83.0%[20] - Adjusted net income for the year ended December 31, 2024, was $952.9 million, resulting in an adjusted EPS of $20.20, compared to $784.3 million and $15.52 in 2023, reflecting a 21.5% increase in adjusted net income[42] - Income from continuing operations for the year ended December 31, 2024, was $865.1 million, up 20.3% from $718.9 million in 2023[33] - The company reported EBIT of $1,123 million for 2024, showcasing strong operational performance[45] Revenue and Growth - The company expects mid-single-digit revenue growth for 2025, with approximately 50 basis points of adjusted EBITDA margin expansion[6] - The company reported organic revenue growth of 9.1% for the year ended December 31, 2024, driven by strong performance across segments[27] - Total revenues for the year ended December 31, 2024, reached $5,003.6 million, an increase of 9.0% compared to $4,586.9 million in 2023[33] Cash Flow and Investments - Operating cash flow from continuing operations for 2024 was $1.0 billion, with free cash flow of $938 million, an increase of $12 million from the prior year[10] - Free cash flow from continuing operations for the year ended December 31, 2024, was $938.3 million, slightly up from $925.9 million in 2023[30] - The company engaged in significant investing activities, with net cash provided by investing activities amounting to $1,229.6 million in 2024, compared to $352.4 million in 2023[22] - Carlisle deployed a record $1.6 billion for share repurchases in 2024, including $420 million in Q4[4] Margins and Efficiency - The company achieved a record adjusted EBITDA margin of 25.1% in Q4 2024, despite macroeconomic pressures[8] - Carlisle's operating margin for the full year 2024 was 22.8%, an increase of 140 basis points compared to 2023[8] - The adjusted EBITDA margin for the year ended December 31, 2024, was 31.4%, compared to 30.0% in 2023, indicating improved operational efficiency[37] Challenges and Outlook - The company anticipates continued challenges in the construction market into the first half of 2025 but remains optimistic about underlying business trends[6] - The company reported a total non-comparable items impact of $32.4 million for Q4 2024, significantly higher than $6.3 million in Q4 2023[33] Shareholder Returns - The company declared and paid dividends of $3.70 per share in 2024, compared to $3.20 per share in 2023, marking an increase of 15.6%[20] Environmental Commitment - The company is committed to achieving net-zero greenhouse gas emissions by 2050 as part of its long-term strategy[17] Other Financial Metrics - Cash and cash equivalents at the end of 2024 were $753.5 million, an increase from $576.7 million at the end of 2023[24] - Total stockholders' equity decreased to $2,463.3 million in 2024 from $2,829.0 million in 2023, a decline of 12.9%[24] - Interest expense for the year ended December 31, 2024, was $73.3 million, a decrease from $75.6 million in 2023[33] - The provision for income taxes for 2024 was $245 million, contributing to the overall financial performance[45] - Acquisition-related amortization for 2024 was $96.3 million, which impacts the earnings before interest and amortization[45] - The average invested capital for 2024 was $3,317.7 million, reflecting a strategic approach to capital management[45] - The impact of losses from pension settlement in 2024 was $21.1 million, affecting the overall financial results[42]

Core Insights - Analysts expect Carlisle (CSL) to report quarterly earnings of $4.48 per share, reflecting a year-over-year increase of 7.4% [1] - Revenue projections stand at $1.15 billion, indicating a 2.3% increase from the previous year [1] - The consensus EPS estimate has remained unchanged over the past 30 days, suggesting stability in analysts' projections [1] Revenue and EBIT Projections - Revenue for Carlisle Construction Materials (CCM) is forecasted to reach $850.75 million, representing a year-over-year increase of 4.3% [4] - Revenue for Carlisle Weatherproofing Technologies (CWT) is expected to be $302.30 million, indicating a year-over-year decline of 3% [4] - Adjusted EBIT for Carlisle Construction Materials (CCM) is projected at $233.48 million, down from $254.90 million in the previous year [4] - Adjusted EBIT for Carlisle Weatherproofing Technologies (CWT) is estimated at $38.23 million, a decrease from $69.30 million year-over-year [5] Stock Performance - Carlisle shares have returned +4.9% over the past month, outperforming the Zacks S&P 500 composite, which saw a +2.7% change [6] - Carlisle holds a Zacks Rank 3 (Hold), indicating expectations to mirror overall market performance in the near future [6]

The Zacks Diversified Operations industry has been grappling with persistent weakness in the manufacturing sector. Industry participants have also been facing concerns due to the ongoing impact of supply-chain issues, particularly regarding the availability of electronic components.The industry is benefiting from the strength across aerospace, defense and oil & gas industries. Growth in the commercial aviation sector and solid demand across medical and life science end markets have been allowing the industr ...

Corporate Events and Investment Opportunities - The premium service "Value in Corporate Events" covers major earnings events, M&A, IPOs, and other significant corporate events, providing actionable investment ideas [1] - The service offers coverage of 10 major events per month, focusing on identifying the best investment opportunities [1] - Members of the investing group Value In Corporate Events can capitalize on IPOs, mergers & acquisitions, earnings reports, and changes in corporate capital allocation [1] Carlisle Companies (CSL) Stock Performance - Shares of Carlisle Companies (NYSE: CSL) have experienced a significant pullback, with a decline of around 25% [1] - Despite the recent pullback, the company maintains an impressive long-term track record [1]