Carlisle(CSL)2025-02-04 21:21Financial 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]