Carlisle Q4 Earnings Miss, Construction Materials Sales Up Y/Y

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]