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Carlisle Companies (CSL - Free Report) reported second-quarter 2024 adjusted earnings of $6.24 per share, which surpassed the Zacks Consensus Estimate of $5.84. The bottom line increased 32.8% year over year.
Carlisle’s total revenues of $1.5 billion beat the consensus estimate of $1.4 billion. Also, the top line increased 11% 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 15% year over year to $1.1 billion. Our estimate for segmental revenues was $1 billion. Organic revenues increased 12.7%, driven by the normalization of inventory in the channels and strong re-roofing activity from pent-up demand. Adjusted EBITDA of $364 million increased 23% year over year.
Revenues from the Carlisle Weatherproofing Technologies segment increased 0.6% year over year to $362 million due to lower pricing. Our estimate for segmental revenues was $379.1 million. Organic revenues slipped 0.6%. Adjusted EBITDA of $81 million jumped 0.7% year over year.
Carlisle Companies Incorporated Price, Consensus and EPS Surprise
Carlisle’s cost of sales increased 6.3% year over year to $881.7 million. Selling and administrative expenses increased 15.6% to $189.3 million. Research and development expenses totaled $9.3 million, up 38.8% year over year.
CSL recorded operating income of $377.5 million, up 22.3% year over year. The operating margin increased to 26.0% from 23.6% in the year-ago quarter. Our estimate for the operating margin was pegged at 23.5%.
Balance Sheet and Cash Flow
At the end of the second quarter, Carlisle had cash and cash equivalents of $1.7 billion 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 with the figure reported at the end of fourth-quarter 2023.
In the first six months of 2024, CSL generated net cash of $346.9 million from operating activities compared with $370.7 million a year ago.
In the same period, CSL rewarded its shareholders with a dividend payment of $81.7 million, up 5.8% year over year. The company bought back shares worth $700 million, up 180% year over year.
2024 Outlook Raised
Management now expects revenues to increase 12% from a year ago compared with 10% anticipated earlier. Revenues from the Carlisle Construction Materials segment are estimated to increase by approximately 15% while Carlisle Weatherproofing Technologies segment revenues are projected to grow approximately 3% on a year-over-year basis.
It anticipates adjusted EBITDA margin to expand more than 150 bps.
Pentair plc (PNR - Free Report) reported second-quarter adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.15. The reported figure also improved 18% from the year-ago quarter.
Net revenues rose 1.6% year over year to $1.1 billion. PNR’s top line outpaced the consensus estimate of $1.09 billion.
Crown Holdings, Inc. (CCK - Free Report) reported second-quarter adjusted earnings per share of $1.81, which beat the Zacks Consensus Estimate of $1.59. The bottom line improved 8% year over year.
Net revenues totaled $3.04 billion, down 2.2% from the year-ago quarter. The top line missed the consensus estimate of $3.06 billion.
A. O. Smith Corporation’s (AOS - Free Report) second-quarter adjusted earnings of $1.06 per share missed the Zacks Consensus Estimate of $1.07. However, the bottom line increased 5% on a year-over-year basis.
Net revenues of $1.02 billion surpassed the consensus estimate of $992 million. The top line increased 7% year over year, driven by strong demand for residential and commercial water heaters in North America.
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Carlisle (CSL) Q2 Earnings & Revenues Beat Estimates, Rise Y/Y
Carlisle Companies (CSL - Free Report) reported second-quarter 2024 adjusted earnings of $6.24 per share, which surpassed the Zacks Consensus Estimate of $5.84. The bottom line increased 32.8% year over year.
Carlisle’s total revenues of $1.5 billion beat the consensus estimate of $1.4 billion. Also, the top line increased 11% 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 15% year over year to $1.1 billion. Our estimate for segmental revenues was $1 billion. Organic revenues increased 12.7%, driven by the normalization of inventory in the channels and strong re-roofing activity from pent-up demand. Adjusted EBITDA of $364 million increased 23% year over year.
Revenues from the Carlisle Weatherproofing Technologies segment increased 0.6% year over year to $362 million due to lower pricing. Our estimate for segmental revenues was $379.1 million. Organic revenues slipped 0.6%. Adjusted EBITDA of $81 million jumped 0.7% 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 6.3% year over year to $881.7 million. Selling and administrative expenses increased 15.6% to $189.3 million. Research and development expenses totaled $9.3 million, up 38.8% year over year.
CSL recorded operating income of $377.5 million, up 22.3% year over year. The operating margin increased to 26.0% from 23.6% in the year-ago quarter. Our estimate for the operating margin was pegged at 23.5%.
Balance Sheet and Cash Flow
At the end of the second quarter, Carlisle had cash and cash equivalents of $1.7 billion 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 with the figure reported at the end of fourth-quarter 2023.
In the first six months of 2024, CSL generated net cash of $346.9 million from operating activities compared with $370.7 million a year ago.
In the same period, CSL rewarded its shareholders with a dividend payment of $81.7 million, up 5.8% year over year. The company bought back shares worth $700 million, up 180% year over year.
2024 Outlook Raised
Management now expects revenues to increase 12% from a year ago compared with 10% anticipated earlier. Revenues from the Carlisle Construction Materials segment are estimated to increase by approximately 15% while Carlisle Weatherproofing Technologies segment revenues are projected to grow approximately 3% on a year-over-year basis.
It anticipates adjusted EBITDA margin to expand more than 150 bps.
Zacks Rank
The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Companies
Pentair plc (PNR - Free Report) reported second-quarter adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.15. The reported figure also improved 18% from the year-ago quarter.
Net revenues rose 1.6% year over year to $1.1 billion. PNR’s top line outpaced the consensus estimate of $1.09 billion.
Crown Holdings, Inc. (CCK - Free Report) reported second-quarter adjusted earnings per share of $1.81, which beat the Zacks Consensus Estimate of $1.59. The bottom line improved 8% year over year.
Net revenues totaled $3.04 billion, down 2.2% from the year-ago quarter. The top line missed the consensus estimate of $3.06 billion.
A. O. Smith Corporation’s (AOS - Free Report) second-quarter adjusted earnings of $1.06 per share missed the Zacks Consensus Estimate of $1.07. However, the bottom line increased 5% on a year-over-year basis.
Net revenues of $1.02 billion surpassed the consensus estimate of $992 million. The top line increased 7% year over year, driven by strong demand for residential and commercial water heaters in North America.