Carlisle(CSL)2025-04-23 20:10Revenue and Earnings - Revenue for Q1 2025 was $1.1 billion, essentially flat year-over-year, with diluted EPS of $3.13 and adjusted EPS of $3.61[2] - Revenue for Carlisle Construction Materials (CCM) was $799 million, a 2% increase year-over-year, while Carlisle Weatherproofing Technologies (CWT) revenue declined by 5%[12] - Total revenues for the three months ended March 31, 2025, were $1,095.8 million, slightly down from $1,096.5 million in the same period of 2024[28] - Adjusted net income for the three months ended March 31, 2025, was $161.5 million, with an adjusted EPS of $3.61, compared to $180.5 million and $3.72 for the same period in 2024[38] - Income from continuing operations (GAAP) for Q1 2025 was $140.1 million, resulting in a diluted EPS of $3.13, down from $170.9 million and $3.52 in Q1 2024[38] - The company reported a decrease in net income (GAAP) to $143.3 million in Q1 2025 from $192.3 million in Q1 2024[38] Operating Performance - Operating income decreased by 18.5% year-over-year to $183.6 million, with an operating margin of 16.8%[9] - Adjusted EBITDA for the three months ended March 31, 2025, was $238.4 million, compared to $265.5 million in 2024, reflecting a decrease in adjusted EBITDA margin from 24.2% to 21.8%[34] - The company’s income from continuing operations for the three months ended March 31, 2025, was $140.1 million, down from $170.9 million in 2024[34] Cash Flow and Investments - Free cash flow is expected to generate approximately $1 billion in 2025, with share repurchase target raised from $800 million to $1 billion[6] - Operating cash flow used by continuing operations was $1.4 million, with free cash flow used by continuing operations decreasing by $162 million year-over-year[11] - Free cash flow from continuing operations was negative $30.4 million for the three months ended March 31, 2025, down from $132.0 million in 2024[31] - The company reported a net cash used in investing activities of $78.9 million, compared to $32.0 million in the prior year, primarily due to acquisitions totaling $49.9 million[23] Acquisitions and Synergies - Recent acquisitions contributed $50 million in revenue during Q1 2025, with expectations to exceed original synergy projections[5] - The company incurred $6.8 million in costs related to acquisitions, which contributed $5.2 million and $0.12 to adjusted net income[38] - Acquisition-related amortization for Q1 2025 was $28.4 million, impacting adjusted net income by $21.6 million and $0.48 per share[38] Market Trends and Outlook - The company anticipates mid-single-digit revenue growth for FY 2025, with adjusted EBITDA margins expected to expand by approximately 50 basis points[15] - The Carlisle Market Survey indicates a low-single-digit increase in commercial roofing volumes, primarily driven by re-roofing demand[4] Financial Position - The company’s cash and cash equivalents decreased to $220.2 million as of March 31, 2025, from $753.5 million at the beginning of the period[25] - Long-term debt increased slightly to $1,894.4 million as of March 31, 2025, compared to $1,890.6 million at the end of 2024[25] Shareholder Returns - The company repurchased $400.0 million of common stock during the three months ended March 31, 2025, compared to $150.0 million in the same period of 2024[23]