10/25/2024 | Press release | Distributed by Public on 10/25/2024 12:29
(Mark One) | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware
|
31-1168055
|
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, $1 par value | CSL | New York Stock Exchange |
Yes | ☒ | No | ☐ |
Yes | ☒ | No | ☐ |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Emerging growth company | ☐ |
Yes | ☐ | No | ☐ |
Yes | ☐ | No | ☒ |
Page
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PART I-Financial Information
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Item 1. Financial Statements
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3
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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
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3
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Condensed Consolidated Balance Sheets (Unaudited)
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4
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Condensed Consolidated Statements of Cash Flows (Unaudited)
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5
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Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
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6
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Notes to Condensed Consolidated Financial Statements (Unaudited)
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8
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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23
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Item 3. Quantitative and Qualitative Disclosure about Market Risk
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33
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Item 4. Controls and Procedures
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33
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PART II-Other Information
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Item 1. Legal Proceedings
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34
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Item 1A. Risk Factors
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34
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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34
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Item 3. Defaults Upon Senior Securities
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34
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Item 4. Mine Safety Disclosures
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34
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Item 5. Other Information
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34
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Item 6. Exhibits
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35
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Signature
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36
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Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
(in millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
Revenues | $ | 1,333.6 | $ | 1,259.8 | $ | 3,880.7 | $ | 3,459.4 |
Cost of goods sold | 819.2 | 793.7 | 2,398.5 | 2,244.9 | ||||
Selling and administrative expenses | 191.8 | 161.7 | 547.9 | 467.6 | ||||
Research and development expenses | 8.1 | 7.2 | 26.6 | 20.7 | ||||
Other operating income, net | (1.9) | (2.7) | (11.4) | (3.0) | ||||
Operating income | 316.4 | 299.9 | 919.1 | 729.2 | ||||
Interest expense, net | 18.6 | 19.4 | 56.0 | 57.0 | ||||
Interest income | (22.6) | (3.6) | (44.3) | (12.5) | ||||
Other non-operating (income) expense, net | (1.1) | 0.6 | (1.5) | (1.2) | ||||
Income from continuing operations before income taxes | 321.5 | 283.5 | 908.9 | 685.9 | ||||
Provision for income taxes | 74.9 | 66.6 | 206.2 | 158.7 | ||||
Income from continuing operations | 246.6 | 216.9 | 702.7 | 527.2 | ||||
Discontinued operations: | ||||||||
(Loss) income before income taxes | (4.4) | 43.2 | 497.7 | 20.2 | ||||
(Benefit from) provision for income taxes | (2.1) | (5.5) | 51.4 | (14.5) | ||||
(Loss) income from discontinued operations | (2.3) | 48.7 | 446.3 | 34.7 | ||||
Net income | $ | 244.3 | $ | 265.6 | $ | 1,149.0 | $ | 561.9 |
Basic earnings per share attributable to common shares: | ||||||||
Income from continuing operations | $ | 5.36 | $ | 4.37 | $ | 14.93 | $ | 10.43 |
(Loss) income from discontinued operations | (0.05) | 0.98 | 9.48 | 0.69 | ||||
Basic earnings per share | $ | 5.31 | $ | 5.35 | $ | 24.41 | $ | 11.12 |
Diluted earnings per share attributable to common shares: | ||||||||
Income from continuing operations | $ | 5.30 | $ | 4.32 | $ | 14.74 | $ | 10.32 |
(Loss) income from discontinued operations | (0.05) | 0.97 | 9.36 | 0.68 | ||||
Diluted earnings per share | $ | 5.25 | $ | 5.29 | $ | 24.10 | $ | 11.00 |
Average shares outstanding: | ||||||||
Basic | 45.9 | 49.5 | 47.0 | 50.4 | ||||
Diluted | 46.5 | 50.1 | 47.6 | 51.0 | ||||
Comprehensive income: | ||||||||
Net income | $ | 244.3 | $ | 265.6 | $ | 1,149.0 | $ | 561.9 |
Other comprehensive income (loss): | ||||||||
Foreign currency gains (losses) | 10.1 | (15.8) | 5.4 | (1.7) | ||||
Amortization of unrecognized net periodic benefit costs, net of tax
|
0.5 | 0.2 | 1.4 | 0.8 | ||||
Other, net of tax | 0.1 | 0.1 | 2.0 | (0.3) | ||||
Other comprehensive income (loss) | 10.7 | (15.5) | 8.8 | (1.2) | ||||
Comprehensive income | $ | 255.0 | $ | 250.1 | $ | 1,157.8 | $ | 560.7 |
(in millions, except par values) |
September 30, 2024 |
December 31, 2023 |
||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 1,530.6 | $ | 576.7 |
Receivables, net of allowance for credit losses of $4.8 million and $3.9 million, respectively
|
799.2 | 615.3 | ||
Inventories | 462.4 | 361.7 | ||
Prepaid expenses | 27.7 | 21.2 | ||
Other current assets | 91.5 | 107.6 | ||
Assets held for sale | - | 1,725.6 | ||
Total current assets | 2,911.4 | 3,408.1 | ||
Property, plant, and equipment, net | 670.7 | 655.2 | ||
Goodwill | 1,342.0 | 1,202.5 | ||
Other intangible assets, net | 1,425.9 | 1,252.9 | ||
Other long-term assets | 128.4 | 101.3 | ||
Total assets | $ | 6,478.4 | $ | 6,620.0 |
LIABILITIES AND EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ | 327.3 | $ | 245.5 |
Current portion of debt | 403.0 | 402.7 | ||
Accrued and other current liabilities | 310.4 | 292.9 | ||
Contract liabilities | 27.7 | 26.4 | ||
Liabilities held for sale | - | 218.8 | ||
Total current liabilities | 1,068.4 | 1,186.3 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion | 1,887.2 | 1,886.7 | ||
Contract liabilities | 315.5 | 297.6 | ||
Other long-term liabilities | 444.4 | 420.4 | ||
Total long-term liabilities | 2,647.1 | 2,604.7 | ||
Stockholders' equity: | ||||
Preferred stock, $1 par value per share (5.0 shares authorized and unissued)
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- | - | ||
Common stock, $1 par value per share (200.0 shares authorized; 45.4 and 47.7 shares outstanding, respectively)
|
78.7 | 78.7 | ||
Additional paid-in capital | 580.7 | 553.8 | ||
Treasury shares, at cost (33.2 and 30.9 shares, respectively)
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(4,449.5) | (3,326.4) | ||
Accumulated other comprehensive loss | (102.3) | (111.1) | ||
Retained earnings | 6,655.3 | 5,634.0 | ||
Total stockholders' equity | 2,762.9 | 2,829.0 | ||
Total liabilities and equity | $ | 6,478.4 | $ | 6,620.0 |
Nine Months Ended September 30, |
||||
(in millions)
|
2024 | 2023 | ||
Operating activities: | ||||
Net income
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$ | 1,149.0 | $ | 561.9 |
Reconciliation of net income to net cash provided by operating activities:
|
||||
Depreciation
|
51.7 | 66.9 | ||
Amortization
|
74.9 | 102.4 | ||
Lease expense | 18.9 | 22.0 | ||
Stock-based compensation
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22.9 | 30.2 | ||
Deferred taxes | (5.7) | (35.5) | ||
(Gain) loss on sale of discontinued operations | (456.7) | 49.9 | ||
Other operating activities, net
|
8.7 | 26.9 | ||
Changes in assets and liabilities, excluding effects of acquisitions:
|
||||
Receivables
|
(157.1) | (145.3) | ||
Inventories
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(103.9) | 117.0 | ||
Contract assets | 10.2 | 13.2 | ||
Prepaid expenses and other assets
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(5.9) | 7.4 | ||
Accounts payable
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66.5 | 49.4 | ||
Accrued and other current liabilities | (11.0) | (41.4) | ||
Contract liabilities
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18.5 | 14.0 | ||
Other long-term liabilities
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(21.3) | (26.6) | ||
Net cash provided by operating activities | 659.7 | 812.4 | ||
Investing activities: | ||||
Proceeds from sale of discontinued operations, net of cash disposed | 1,998.0 | - | ||
Acquisitions, net of cash acquired
|
(414.3) | - | ||
Capital expenditures | (76.7) | (106.3) | ||
Investment in securities | 0.6 | 0.9 | ||
Other investing activities, net
|
1.3 | 18.7 | ||
Net cash provided by (used in) investing activities | 1,508.9 | (86.7) | ||
Financing activities: | ||||
Repayment of notes | - | (300.0) | ||
Borrowings from revolving credit facility
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22.0 | 84.0 | ||
Repayments of revolving credit facility
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(22.0) | (84.0) | ||
Repurchases of common stock
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(1,166.1) | (580.0) | ||
Dividends paid
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(127.4) | (119.3) | ||
Proceeds from exercise of stock options
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73.1 | 17.7 | ||
Withholding tax paid related to stock-based compensation
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(17.7) | (10.4) | ||
Other financing activities, net | (4.8) | (2.5) | ||
Net cash used in financing activities | (1,242.9) | (994.5) | ||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
(0.6) | - | ||
Change in cash and cash equivalents | 925.1 | (268.8) | ||
Less: change in cash and cash equivalents of discontinued operations | (28.8) | (12.0) | ||
Cash and cash equivalents at beginning of period | 576.7 | 364.8 | ||
Cash and cash equivalents at end of period | $ | 1,530.6 | $ | 108.0 |
Common Stock
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Additional Paid-In Capital
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Accumulated Other Comprehensive Income (Loss)
|
Retained Earnings
|
Shares in Treasury
|
Total Stockholders' Equity | |||||||||
(in millions, except per share amounts) |
Shares
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Amount
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Shares
|
Cost
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||||||||||
Balance as of June 30, 2023
|
50.0 | $ | 78.7 | $ | 531.6 | $ | (143.5) | $ | 5,246.1 | 28.4 | $ | (2,680.9) | $ | 3,032.0 |
Net income | - | - | - | - | 265.6 | - | - | 265.6 | ||||||
Other comprehensive loss, net of tax | - | - | - | (15.5) | - | - | - | (15.5) | ||||||
Dividends - $0.85 per share
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- | - | - | - | (42.2) | - | - | (42.2) | ||||||
Repurchases of common stock | (1.2) | - | - | - | - | 1.2 | (333.2) | (333.2) | ||||||
Issuances and deferrals, net for stock based compensation(1)
|
- | - | 12.8 | - | - | - | 4.3 | 17.1 | ||||||
Balance as of September 30, 2023
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48.8 | $ | 78.7 | $ | 544.4 | $ | (159.0) | $ | 5,469.5 | 29.6 | $ | (3,009.8) | $ | 2,923.8 |
Balance as of June 30, 2024
|
46.4 | $ | 78.7 | $ | 570.3 | $ | (113.0) | $ | 6,456.9 | 32.2 | $ | (3,988.6) | $ | 3,004.3 |
Net income | - | - | - | - | 244.3 | - | - | 244.3 | ||||||
Other comprehensive income, net of tax | - | - | - | 10.7 | - | - | - | 10.7 | ||||||
Dividends - $1.00 per share
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- | - | - | - | (45.9) | - | - | (45.9) | ||||||
Repurchases of common stock | (1.1) | - | - | - | - | 1.1 | (470.5) | (470.5) | ||||||
Issuances and deferrals, net for stock based compensation(1)
|
0.1 | - | 10.4 | - | - | (0.1) | 9.6 | 20.0 | ||||||
Balance as of September 30, 2024
|
45.4 | $ | 78.7 | $ | 580.7 | $ | (102.3) | $ | 6,655.3 | 33.2 | $ | (4,449.5) | $ | 2,762.9 |
Common Stock
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Additional Paid-In Capital
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Accumulated Other Comprehensive Income (Loss)
|
Retained Earnings
|
Shares in Treasury
|
Total Stockholders' Equity | |||||||||
(in millions, except per share amounts) |
Shares
|
Amount
|
Shares
|
Cost
|
||||||||||
Balance as of December 31, 2022
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50.9 | $ | 78.7 | $ | 512.6 | $ | (157.8) | $ | 5,027.1 | 27.5 | $ | (2,436.2) | $ | 3,024.4 |
Net income | - | - | - | - | 561.9 | - | - | 561.9 | ||||||
Other comprehensive loss, net of tax | - | - | - | (1.2) | - | - | - | (1.2) | ||||||
Dividends - $2.35 per share
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- | - | - | - | (119.5) | - | - | (119.5) | ||||||
Repurchases of common stock | (2.3) | - | - | - | - | 2.3 | (585.3) | (585.3) | ||||||
Issuances and deferrals, net for stock based compensation(1)
|
0.2 | - | 31.8 | - | - | (0.2) | 11.7 | 43.5 | ||||||
Balance as of September 30, 2023
|
48.8 | $ | 78.7 | $ | 544.4 | $ | (159.0) | $ | 5,469.5 | 29.6 | $ | (3,009.8) | $ | 2,923.8 |
Balance as of December 31, 2023
|
47.7 | $ | 78.7 | $ | 553.8 | $ | (111.1) | $ | 5,634.0 | 30.9 | $ | (3,326.4) | $ | 2,829.0 |
Net income | - | - | - | - | 1,149.0 | - | - | 1,149.0 | ||||||
Other comprehensive income, net of tax | - | - | - | 8.8 | - | - | - | 8.8 | ||||||
Dividends - $2.70 per share
|
- | - | - | - | (127.7) | - | - | (127.7) | ||||||
Repurchases of common stock | (2.9) | - | - | - | - | 2.9 | (1,176.0) | (1,176.0) | ||||||
Issuances and deferrals, net for stock based compensation(1)
|
0.6 | - | 26.9 | - | - | (0.6) | 52.9 | 79.8 | ||||||
Balance as of September 30, 2024
|
45.4 | $ | 78.7 | $ | 580.7 | $ | (102.3) | $ | 6,655.3 | 33.2 | $ | (4,449.5) | $ | 2,762.9 |
Three Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
(in millions)
|
Revenues
|
Operating Income (Loss)
|
Revenues
|
Operating Income (Loss)
|
||||
Carlisle Construction Materials | $ | 998.2 | $ | 303.0 | $ | 914.0 | $ | 272.5 |
Carlisle Weatherproofing Technologies | 335.4 | 46.8 | 345.8 | 58.8 | ||||
Segment total | 1,333.6 | 349.8 | 1,259.8 | 331.3 | ||||
Corporate and unallocated(1)
|
- | (33.4) | - | (31.4) | ||||
Total | $ | 1,333.6 | $ | 316.4 | $ | 1,259.8 | $ | 299.9 |
Nine Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
(in millions)
|
Revenues
|
Operating Income (Loss)
|
Revenues
|
Operating Income (Loss)
|
||||
Carlisle Construction Materials | $ | 2,870.7 | $ | 861.0 | $ | 2,437.5 | $ | 675.6 |
Carlisle Weatherproofing Technologies | 1,010.0 | 148.2 | 1,021.9 | 142.4 | ||||
Segment total | 3,880.7 | 1,009.2 | 3,459.4 | 818.0 | ||||
Corporate and unallocated(1)
|
- | (90.1) | - | (88.8) | ||||
Total
|
$ | 3,880.7 | $ | 919.1 | $ | 3,459.4 | $ | 729.2 |
Preliminary Allocation | Measurement Period Adjustments | Preliminary Allocation | ||||
(in millions) |
As of 5/1/2024 |
As of 9/30/2024 |
||||
Total cash consideration transferred | $ | 423.1 | $ | 1.5 | $ | 424.6 |
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||
Cash and cash equivalents | 10.3 | - | 10.3 | |||
Receivables, net | 14.0 | - | 14.0 | |||
Inventories | 17.2 | - | 17.2 | |||
Prepaid expenses and other current assets | 0.9 | - | 0.9 | |||
Property, plant and equipment | 10.7 | - | 10.7 | |||
Definite-lived intangible assets | 248.3 | - | 248.3 | |||
Other long-term assets | 8.1 | - | 8.1 | |||
Accounts payable | (5.9) | - | (5.9) | |||
Accrued and other current liabilities | (6.1) | - | (6.1) | |||
Deferred income taxes | (6.9) | - | (6.9) | |||
Other long-term liabilities | (6.7) | - | (6.7) | |||
Total identifiable net assets | 283.9 | - | 283.9 | |||
Goodwill | $ | 139.2 | $ | 1.5 | $ | 140.7 |
(in millions) | Fair Value | Weighted Average Useful Life (in years) | |
Customer relationships | $ | 183.1 | 13 |
Trade names | 44.6 | 19 | |
Technologies | 18.1 | 11 | |
Software | 2.5 | 5 | |
Total | $ | 248.3 |
Three Months Ended September 30, 2024 | ||||||||
CIT | CFT | Other | Total | |||||
Revenues | $ | - | $ | - | $ | - | $ | - |
Cost of goods sold | - | - | - | - | ||||
Other operating expenses, net | - | - | - | - | ||||
Operating loss | - | - | - | - | ||||
Other non-operating expense, net | 0.6 | 4.2 | 1.9 | 6.7 | ||||
Loss from discontinued operations before income taxes and (gain) loss on sale | (0.6) | (4.2) | (1.9) | (6.7) | ||||
(Gain) loss on sale of discontinued operations | (2.6) | 0.3 | - | (2.3) | ||||
Income (loss) from discontinued operations before income taxes | 2.0 | (4.5) | (1.9) | (4.4) | ||||
Benefit from income taxes | (0.6) | (1.1) | (0.4) | (2.1) | ||||
Income (loss) from discontinued operations | $ | 2.6 | $ | (3.4) | $ | (1.5) | $ | (2.3) |
Three Months Ended September 30, 2023 | ||||||||
CIT | CFT | Other | Total | |||||
Revenues | $ | 218.2 | $ | 76.4 | $ | - | $ | 294.6 |
Cost of goods sold | 162.7 | 42.4 | - | 205.1 | ||||
Other operating expenses, net | 30.2 | 17.2 | - | 47.4 | ||||
Operating income | 25.3 | 16.8 | - | 42.1 | ||||
Other non-operating (income) expense, net | (0.2) | (0.7) | 0.7 | (0.2) | ||||
Income (loss) from discontinued operations before income taxes and loss from classification to held for sale | 25.5 | 17.5 | (0.7) | 42.3 | ||||
Loss (gain) on sale of discontinued operations(1)
|
2.7 | (3.6) | - | (0.9) | ||||
Income (loss) from discontinued operations before income taxes | 22.8 | 21.1 | (0.7) | 43.2 | ||||
(Benefit from) provision for income taxes | (11.2) | 5.4 | 0.3 | (5.5) | ||||
Income (loss) from discontinued operations | $ | 34.0 | $ | 15.7 | $ | (1.0) | $ | 48.7 |
Nine Months Ended September 30, 2024 | ||||||||
CIT | CFT | Other | Total | |||||
Revenues | $ | 328.6 | $ | - | $ | - | $ | 328.6 |
Cost of goods sold | 237.5 | - | - | 237.5 | ||||
Other operating expenses, net | 34.4 | - | - | 34.4 | ||||
Operating income | 56.7 | - | - | 56.7 | ||||
Other non-operating expense, net | 0.5 | 11.8 | 3.4 | 15.7 | ||||
Income (loss) from discontinued operations before income taxes and loss on sale | 56.2 | (11.8) | (3.4) | 41.0 | ||||
(Gain) loss on sale of discontinued operations | (457.3) | 0.6 | - | (456.7) | ||||
Income (loss) from discontinued operations before income taxes | 513.5 | (12.4) | (3.4) | 497.7 | ||||
Provision for (benefit from) income taxes | 56.4 | (3.8) | (1.2) | 51.4 | ||||
Income (loss) from discontinued operations | $ | 457.1 | $ | (8.6) | $ | (2.2) | $ | 446.3 |
Nine Months Ended September 30, 2023 | ||||||||
CIT | CFT | Other | Total | |||||
Revenues | $ | 650.6 | $ | 227.1 | $ | - | $ | 877.7 |
Cost of goods sold | 496.9 | 129.5 | - | 626.4 | ||||
Impairment(1)
|
- | 24.8 | - | 24.8 | ||||
Other operating expenses, net | 99.6 | 55.5 | - | 155.1 | ||||
Operating income | 54.1 | 17.3 | - | 71.4 | ||||
Other non-operating expense (income), net | 0.2 | (0.2) | 1.3 | 1.3 | ||||
Income (loss) from discontinued operations before income taxes and loss from classification to held for sale | 53.9 | 17.5 | (1.3) | 70.1 | ||||
Loss on sale of discontinued operations(2)
|
2.7 | 47.2 | - | 49.9 | ||||
Income (loss) from discontinued operations before income taxes | 51.2 | (29.7) | (1.3) | 20.2 | ||||
Benefit from income taxes | (5.8) | (7.0) | (1.7) | (14.5) | ||||
Income (loss) from discontinued operations | $ | 57.0 | $ | (22.7) | $ | 0.4 | $ | 34.7 |
(in millions) |
December 31, 2023 |
|
ASSETS | ||
Cash and cash equivalents | $ | 28.8 |
Receivables, net | 145.5 | |
Inventories | 149.5 | |
Contract assets | 75.9 | |
Prepaid other current assets | 23.7 | |
Property, plant, and equipment, net | 183.4 | |
Goodwill | 838.0 | |
Other intangible assets, net | 259.3 | |
Other long-term assets | 21.5 | |
Total assets of the disposal group classified as held for sale | $ | 1,725.6 |
LIABILITIES | ||
Accounts payable | $ | 84.3 |
Contract liabilities | 1.4 | |
Accrued liabilities and other | 52.4 | |
Other long-term liabilities | 80.7 | |
Total liabilities of the disposal group classified as held for sale | $ | 218.8 |
Nine Months Ended September 30, 2024 | ||||||||
(in millions) | CIT | CFT | Other | Total | ||||
Net cash provided by (used in) operating activities | $ | 9.0 | $ | (8.6) | $ | (2.2) | $ | (1.8) |
Net cash provided by investing activities | 1,986.3 | - | - | 1,986.3 | ||||
Net cash (used in) provided by financing activities(1)
|
(2,024.1) | 8.6 | 2.2 | (2,013.3) | ||||
Change in cash and cash equivalents from discontinued operations | (28.8) | - | - | (28.8) | ||||
Cash and cash equivalents from discontinued operations at beginning of period | 28.8 | - | - | 28.8 | ||||
Cash and cash equivalents from discontinued operations at end of period | $ | - | $ | - | $ | - | $ | - |
Nine Months Ended September 30, 2023 | ||||||||
(in millions) | CIT | CFT | Other | Total | ||||
Net cash provided by operating activities | $ | 99.4 | $ | 50.7 | $ | 0.4 | $ | 150.5 |
Net cash used in investing activities | (17.4) | (1.6) | - | (19.0) | ||||
Net cash used in financing activities(1)
|
(87.1) | (56.0) | (0.4) | (143.5) | ||||
Change in cash and cash equivalents from discontinued operations | (5.1) | (6.9) | - | (12.0) | ||||
Cash and cash equivalents from discontinued operations at beginning of period | 23.9 | 11.3 | - | 35.2 | ||||
Cash and cash equivalents from discontinued operations at end of period | $ | 18.8 | $ | 4.4 | $ | - | $ | 23.2 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
(in millions, except per share amounts and percentages) | 2024 | 2023 | 2024 | 2023 | ||||
Income from continuing operations | $ | 246.6 | $ | 216.9 | $ | 702.7 | $ | 527.2 |
Less: dividends declared
|
45.9 | 42.2 | 127.7 | 119.5 | ||||
Undistributed earnings | 200.7 | 174.7 | 575.0 | 407.7 | ||||
Percent allocated to common stockholders(1)
|
99.8 | % | 99.8 | % | 99.8 | % | 99.8 | % |
Undistributed earnings allocated to common stockholders | 200.3 | 174.3 | 573.9 | 406.7 | ||||
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares
|
45.8 | 42.1 | 127.4 | 119.3 | ||||
Income from continuing operations attributable to common stockholders | $ | 246.1 | $ | 216.4 | $ | 701.3 | $ | 526.0 |
Shares: | ||||||||
Basic weighted-average shares outstanding | 45.9 | 49.5 | 47.0 | 50.4 | ||||
Effect of dilutive securities: | ||||||||
Performance awards | 0.2 | 0.2 | 0.2 | 0.2 | ||||
Stock options | 0.4 | 0.4 | 0.4 | 0.4 | ||||
Diluted weighted-average shares outstanding
|
46.5 | 50.1 | 47.6 | 51.0 | ||||
Per share income from continuing operations attributable to common shares:
|
||||||||
Basic | $ | 5.36 | $ | 4.37 | $ | 14.93 | $ | 10.43 |
Diluted | $ | 5.30 | $ | 4.32 | $ | 14.74 | $ | 10.32 |
(1)
|
Basic weighted-average shares outstanding
|
45.9 | 49.5 | 47.0 | 50.4 | |||
Basic weighted-average shares outstanding and unvested restricted shares expected to vest
|
46.0 | 49.6 | 47.1 | 50.6 | ||||
Percent allocated to common stockholders | 99.8 | % | 99.8 | % | 99.8 | % | 99.8 | % |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | ||||
(Loss) income from discontinued operations attributable to common stockholders for basic and diluted earnings per share | $ | (2.3) | $ | 48.6 | $ | 445.4 | $ | 34.7 |
Net income attributable to common stockholders for basic and diluted earnings per share | 243.8 | 264.9 | 1,146.8 | 560.5 | ||||
Anti-dilutive stock options excluded from earnings per share calculation(1)
|
- | 0.6 | 0.1 | 0.7 |
(in millions)
|
Remainder of 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | |||||||
Extended service warranties | $ | 7.1 | $ | 28.0 | $ | 27.0 | $ | 25.9 | $ | 24.9 | $ | 23.9 | $ | 206.4 |
(in millions)
|
2024 | 2023 | ||
Balance as of January 1 | $ | 324.0 | $ | 294.8 |
Revenue recognized | (21.5) | (20.1) | ||
Revenue deferred | 40.7 | 40.1 | ||
Balance as of September 30
|
$ | 343.2 | $ | 314.8 |
Three Months Ended September 30, 2024 | ||||||
(in millions) | CCM | CWT | Total | |||
General construction: | ||||||
Non-residential | $ | 922.2 | $ | 161.6 | $ | 1,083.8 |
Residential | 76.0 | 141.5 | 217.5 | |||
Total construction | 998.2 | 303.1 | 1,301.3 | |||
Heavy equipment | - | 26.1 | 26.1 | |||
General industrial and other | - | 6.2 | 6.2 | |||
Total revenues | $ | 998.2 | $ | 335.4 | $ | 1,333.6 |
Three Months Ended September 30, 2023 | ||||||
(in millions) | CCM | CWT | Total | |||
General construction: | ||||||
Non-residential | $ | 839.8 | $ | 141.8 | $ | 981.6 |
Residential | 74.2 | 173.4 | 247.6 | |||
Total construction | 914.0 | 315.2 | 1,229.2 | |||
Heavy equipment | - | 26.3 | 26.3 | |||
General industrial and other | - | 4.3 | 4.3 | |||
Total revenues | $ | 914.0 | $ | 345.8 | $ | 1,259.8 |
Nine Months Ended September 30, 2024 | ||||||
(in millions) | CCM | CWT | Total | |||
General construction: | ||||||
Non-residential | $ | 2,647.8 | $ | 459.4 | $ | 3,107.2 |
Residential | 222.9 | 451.0 | 673.9 | |||
Total construction | 2,870.7 | 910.4 | 3,781.1 | |||
Heavy equipment | - | 81.9 | 81.9 | |||
General industrial and other | - | 17.7 | 17.7 | |||
Total revenues | $ | 2,870.7 | $ | 1,010.0 | $ | 3,880.7 |
Nine Months Ended September 30, 2023 | ||||||
(in millions) | CCM | CWT | Total | |||
General construction: | ||||||
Non-residential | $ | 2,235.7 | $ | 418.9 | $ | 2,654.6 |
Residential | 201.8 | 510.9 | 712.7 | |||
Total construction | 2,437.5 | 929.8 | 3,367.3 | |||
Heavy equipment
|
- | 80.8 | 80.8 | |||
General industrial and other
|
- | 11.3 | 11.3 | |||
Total revenues
|
$ | 2,437.5 | $ | 1,021.9 | $ | 3,459.4 |
Three Months Ended September 30, 2024 | ||||||
(in millions) | CCM | CWT | Total | |||
United States | $ | 902.4 | $ | 297.1 | $ | 1,199.5 |
International: | ||||||
Europe | 62.2 | 4.9 | 67.1 | |||
North America (excluding U.S.) | 26.0 | 28.8 | 54.8 | |||
Asia and Middle East | 5.7 | 2.0 | 7.7 | |||
Africa | - | 1.1 | 1.1 | |||
Other | 1.9 | 1.5 | 3.4 | |||
Total international | 95.8 | 38.3 | 134.1 | |||
Total revenues | $ | 998.2 | $ | 335.4 | $ | 1,333.6 |
Three Months Ended September 30, 2023 | ||||||
(in millions) | CCM | CWT | Total | |||
United States | $ | 830.0 | $ | 305.4 | $ | 1,135.4 |
International: | ||||||
Europe | 52.1 | 4.3 | 56.4 | |||
North America (excluding U.S.) | 24.1 | 29.9 | 54.0 | |||
Asia and Middle East | 6.0 | 2.5 | 8.5 | |||
Africa | 0.3 | 2.0 | 2.3 | |||
Other | 1.5 | 1.7 | 3.2 | |||
Total international | 84.0 | 40.4 | 124.4 | |||
Total revenues | $ | 914.0 | $ | 345.8 | $ | 1,259.8 |
Nine Months Ended September 30, 2024 | ||||||
(in millions) | CCM | CWT | Total | |||
United States | $ | 2,608.5 | $ | 895.5 | $ | 3,504.0 |
International: | ||||||
Europe | 176.1 | 15.7 | 191.8 | |||
North America (excluding U.S.) | 66.1 | 85.7 | 151.8 | |||
Asia and Middle East | 13.5 | 5.5 | 19.0 | |||
Africa | 0.3 | 2.7 | 3.0 | |||
Other | 6.2 | 4.9 | 11.1 | |||
Total international | 262.2 | 114.5 | 376.7 | |||
Total revenues | $ | 2,870.7 | $ | 1,010.0 | $ | 3,880.7 |
Nine Months Ended September 30, 2023 | ||||||
(in millions) | CCM | CWT | Total | |||
United States | $ | 2,194.4 | $ | 903.5 | $ | 3,097.9 |
International: | ||||||
Europe | 156.9 | 14.3 | 171.2 | |||
North America (excluding U.S.) | 67.3 | 87.3 | 154.6 | |||
Asia and Middle East | 13.1 | 7.1 | 20.2 | |||
Africa | 0.9 | 4.5 | 5.4 | |||
Other | 4.9 | 5.2 | 10.1 | |||
Total international | 243.1 | 118.4 | 361.5 | |||
Total revenues | $ | 2,437.5 | $ | 1,021.9 | $ | 3,459.4 |
(in millions) |
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||
2024 | 2023 | 2024 | 2023 | |||||
Stock option awards | $ | 3.5 | $ | 3.6 | $ | 10.8 | $ | 11.0 |
Performance share awards | 2.7 | 2.2 | 7.4 | 6.8 | ||||
Restricted stock awards | 1.8 | 1.8 | 7.4 | 6.6 | ||||
Total stock-based compensation cost incurred | 8.0 | 7.6 | 25.6 | 24.4 | ||||
Capitalized cost during the period | (0.7) | (1.1) | (2.5) | (3.4) | ||||
Amortization of capitalized cost during the period | 0.7 | 1.1 | 2.6 | 3.6 | ||||
Total stock-based compensation expense
|
$ | 8.0 | $ | 7.6 | $ | 25.7 | $ | 24.6 |
(in millions) |
September 30, 2024 |
December 31, 2023 |
||
Raw materials | $ | 156.8 | $ | 120.9 |
Work-in-process | 26.1 | 26.2 | ||
Finished goods | 289.5 | 222.5 | ||
Reserves | (10.0) | (7.9) | ||
Inventories | $ | 462.4 | $ | 361.7 |
(in millions) |
September 30, 2024 |
December 31, 2023 |
||
Customer incentives | $ | 96.2 | $ | 112.7 |
Compensation and benefits | 87.7 | 77.2 | ||
Standard product warranties | 28.6 | 24.9 | ||
Income and other accrued taxes | 30.5 | 19.9 | ||
Other accrued liabilities | 67.4 | 58.2 | ||
Accrued and other current liabilities | $ | 310.4 | $ | 292.9 |
(in millions)
|
2024 | 2023 | ||
Balance as of January 1 | $ | 24.9 | $ | 25.2 |
Provision | 15.2 | 10.3 | ||
Acquired warranty obligations | 0.8 | - | ||
Claims | (12.4) | (12.0) | ||
Foreign exchange | 0.1 | (0.1) | ||
Balance as of September 30
|
$ | 28.6 | $ | 23.4 |
(in millions)
|
Fair Value(1)
|
|||||||
September 30, 2024 |
December 31, 2023 |
September 30, 2024 |
December 31, 2023 |
|||||
2.20% Notes due 2032
|
$ | 550.0 | $ | 550.0 | $ | 465.5 | $ | 445.9 |
2.75% Notes due 2030
|
750.0 | 750.0 | 689.2 | 666.2 | ||||
3.75% Notes due 2027
|
600.0 | 600.0 | 590.0 | 575.2 | ||||
3.50% Notes due 2024
|
400.0 | 400.0 | 398.6 | 392.5 | ||||
Unamortized discount, debt issuance costs and other | (9.8) | (10.6) | ||||||
Total long term-debt | 2,290.2 | 2,289.4 | ||||||
Less: current portion of debt | 403.0 | 402.7 | ||||||
Long term-debt, less current portion | $ | 1,887.2 | $ | 1,886.7 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
(in millions)
|
2024 | 2023 | 2024 | 2023 | ||||
Service cost | $ | 0.6 | $ | 0.5 | $ | 1.7 | $ | 1.6 |
Interest cost | 1.5 | 1.6 | 4.5 | 4.7 | ||||
Expected return on plan assets | (2.0) | (2.0) | (5.9) | (6.1) | ||||
Amortization of unrecognized loss(1)
|
0.6 | 0.3 | 1.8 | 1.0 | ||||
Net periodic benefit cost | $ | 0.7 | $ | 0.4 | $ | 2.1 | $ | 1.2 |
September 30, 2024 | December 31, 2023 | |||||||
(in millions)
|
Fair Value(1)
|
Notional Value
|
Fair Value(1)
|
Notional Value
|
||||
Designated hedges | $ | (0.3) | $ | 30.2 | $ | (0.9) | $ | 26.6 |
Non-designated hedges | (0.2) | 33.8 | (0.6) | 56.4 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
(in millions, except per share amounts and percentages) | 2024 | 2023 | 2024 | 2023 | ||||
Revenues | $ | 1,333.6 | $ | 1,259.8 | $ | 3,880.7 | $ | 3,459.4 |
Operating income | $ | 316.4 | $ | 299.9 | $ | 919.1 | $ | 729.2 |
Operating margin | 23.7 | % | 23.8 | % | 23.7 | % | 21.1 | % |
Income from continuing operations | $ | 246.6 | $ | 216.9 | $ | 702.7 | $ | 527.2 |
(Loss) income from discontinued operations | $ | (2.3) | $ | 48.7 | $ | 446.3 | $ | 34.7 |
Diluted earnings per share attributable to common shares: | ||||||||
Income from continuing operations | $ | 5.30 | $ | 4.32 | $ | 14.74 | $ | 10.32 |
(Loss) income from discontinued operations | $ | (0.05) | $ | 0.97 | $ | 9.36 | $ | 0.68 |
Adjusted EBITDA(1)
|
$ | 367.9 | $ | 339.7 | $ | 1,051.0 | $ | 855.7 |
Adjusted EBITDA margin(1)
|
27.6 | % | 27.0 | % | 27.1 | % | 24.7 | % |
(in millions, except percentages) | 2024 | 2023 | Change | % | Organic |
Acquisition Effect
|
Exchange Rate Effect
|
|||||||
Three months ended September 30
|
$ | 1,333.6 | $ | 1,259.8 | $ | 73.8 | 5.9 | % | 2.9 | % | 3.0 | % | - | % |
Nine months ended September 30
|
$ | 3,880.7 | $ | 3,459.4 | $ | 421.3 | 12.2 | % | 10.2 | % | 2.0 | % | - | % |
(in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 |
Change
|
%
|
2024 | 2023 |
Change
|
%
|
|||||||||
Gross margin | $ | 514.4 | $ | 466.1 | $ | 48.3 | 10.4 | % | $ | 1,482.2 | $ | 1,214.5 | $ | 267.7 | 22.0 | % |
As a percentage of revenues | 38.6 | % | 37.0 | % | 38.2 | % | 35.1 | % | ||||||||
Depreciation and amortization | $ | 16.4 | $ | 15.3 | $ | 46.7 | $ | 44.8 |
(in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 |
Change
|
%
|
2024 | 2023 |
Change
|
%
|
|||||||||
Selling and administrative expenses | $ | 191.8 | $ | 161.7 | $ | 30.1 | 18.6 | % | $ | 547.9 | $ | 467.6 | $ | 80.3 | 17.2 | % |
As a percentage of revenues
|
14.4 | % | 12.8 | % | 14.1 | % | 13.5 | % | ||||||||
Depreciation and amortization
|
$ | 27.8 | $ | 23.4 | $ | 78.8 | $ | 70.0 |
(in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 |
Change
|
%
|
2024 | 2023 |
Change
|
%
|
|||||||||
Research and development expenses | $ | 8.1 | $ | 7.2 | $ | 0.9 | 12.5 | % | $ | 26.6 | $ | 20.7 | $ | 5.9 | 28.5 | % |
As a percentage of revenues
|
0.6 | % | 0.6 | % | 0.7 | % | 0.6 | % | ||||||||
Depreciation and amortization
|
$ | 0.4 | $ | 0.3 | $ | 1.1 | $ | 1.0 |
(in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2024 | 2023 |
Change
|
%
|
2024 | 2023 |
Change
|
%
|
|||||||
Other operating income, net | $ | (1.9) | $ | (2.7) | $ | 0.8 | NM | $ | (11.4) | $ | (3.0) | $ | (8.4) | NM |
(in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 |
Change
|
%
|
2024 | 2023 |
Change
|
%
|
|||||||||
Operating income | $ | 316.4 | $ | 299.9 | $ | 16.5 | 5.5 | % | $ | 919.1 | $ | 729.2 | $ | 189.9 | 26.0 | % |
Operating margin percentage
|
23.7 | % | 23.8 | % | 23.7 | % | 21.1 | % |
(in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 |
Change
|
%
|
2024 | 2023 |
Change
|
%
|
|||||||||
Interest expense, net | $ | 18.6 | $ | 19.4 | $ | (0.8) | (4.1) | % | $ | 56.0 | $ | 57.0 | $ | (1.0) | (1.8) | % |
(in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2024 | 2023 |
Change
|
%
|
2024 | 2023 |
Change
|
%
|
|||||||
Interest income | $ | (22.6) | $ | (3.6) | $ | (19.0) | NM | $ | (44.3) | $ | (12.5) | $ | (31.8) | NM |
(in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2024 | 2023 |
Change
|
%
|
2024 | 2023 |
Change
|
%
|
|||||||
Other non-operating (income) expense, net | $ | (1.1) | $ | 0.6 | $ | (1.7) | NM | $ | (1.5) | $ | (1.2) | $ | (0.3) | NM |
(in millions, except percentages) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 |
Change
|
%
|
2024 | 2023 |
Change
|
%
|
|||||||||
Provision for income taxes | $ | 74.9 | $ | 66.6 | $ | 8.3 | 12.5 | % | $ | 206.2 | $ | 158.7 | $ | 47.5 | 29.9 | % |
Effective tax rate
|
23.3 | % | 23.5 | % | 22.7 | % | 23.1 | % |
(in millions)
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2024 | 2023 |
Change
|
%
|
2024 | 2023 |
Change
|
%
|
|||||||
(Loss) income before income taxes | $ | (4.4) | $ | 43.2 | $ | (47.6) | NM | $ | 497.7 | $ | 20.2 | $ | 477.5 | NM |
(Benefit from) provision for income taxes | (2.1) | (5.5) | 51.4 | (14.5) | ||||||||||
(Loss) income from discontinued operations | $ | (2.3) | $ | 48.7 | $ | 446.3 | $ | 34.7 |
(in millions)
|
Three Months Ended September 30, |
Organic
|
Acquisition Effect
|
Exchange Rate Effect
|
||||||||||
2024 | 2023 | Change |
%
|
|||||||||||
Revenues
|
$ | 998.2 | $ | 914.0 | $ | 84.2 | 9.2 | % | 5.6 | % | 3.6 | % | - | % |
Operating income
|
$ | 303.0 | $ | 272.5 | $ | 30.5 | 11.2 | % | ||||||
Operating margin
|
30.4 | % | 29.8 | % | ||||||||||
Adjusted EBITDA(1)
|
$ | 327.6 | $ | 289.4 | $ | 38.2 | 13.2 | % | ||||||
Adjusted EBITDA margin(1)
|
32.8 | % | 31.7 | % |
(in millions, except percentages) | Nine Months Ended September 30, |
Organic
|
Acquisition Effect
|
Exchange Rate Effect
|
||||||||||
2024 | 2023 |
Change
|
%
|
|||||||||||
Revenues
|
$ | 2,870.7 | $ | 2,437.5 | $ | 433.2 | 17.8 | % | 15.5 | % | 2.3 | % | - | % |
Operating income
|
$ | 861.0 | $ | 675.6 | $ | 185.4 | 27.4 | % | ||||||
Operating margin
|
30.0 | % | 27.7 | % | ||||||||||
Adjusted EBITDA(1)
|
$ | 918.6 | $ | 721.9 | $ | 196.7 | 27.2 | % | ||||||
Adjusted EBITDA margin(1)
|
32.0 | % | 29.6 | % |
(in millions)
|
Three Months Ended September 30, |
Organic
|
Acquisition Effect
|
Exchange Rate Effect
|
||||||||||
2024 | 2023 |
Change
|
%
|
|||||||||||
Revenues
|
$ | 335.4 | $ | 345.8 | $ | (10.4) | (3.0) | % | (4.3) | % | 1.4 | % | (0.1) | % |
Operating income
|
$ | 46.8 | $ | 58.8 | $ | (12.0) | (20.4) | % | ||||||
Operating margin
|
14.0 | % | 17.0 | % | ||||||||||
Adjusted EBITDA(1)
|
$ | 69.3 | $ | 80.8 | $ | (11.5) | (14.2) | % | ||||||
Adjusted EBITDA margin(1)
|
20.7 | % | 23.4 | % |
(in millions, except percentages) | Nine Months Ended September 30, |
Organic
|
Acquisition Effect
|
Exchange Rate Effect
|
||||||||||
2024 | 2023 |
Change
|
%
|
|||||||||||
Revenues
|
$ | 1,010.0 | $ | 1,021.9 | $ | (11.9) | (1.2) | % | (2.4) | % | 1.3 | % | (0.1) | % |
Operating income
|
$ | 148.2 | $ | 142.4 | $ | 5.8 | 4.1 | % | ||||||
Operating margin
|
14.7 | % | 13.9 | % | ||||||||||
Adjusted EBITDA(1)
|
$ | 215.4 | $ | 215.5 | $ | (0.1) | - | % | ||||||
Adjusted EBITDA margin(1)
|
21.3 | % | 21.1 | % |
(in millions)
|
September 30, 2024 |
December 31, 2023 |
||
Europe | $ | 14.3 | $ | 14.0 |
North America (excluding U.S.) | 12.2 | 34.1 | ||
China | 3.3 | 9.8 | ||
International cash and cash equivalents
|
29.8 | 57.9 | ||
U.S. cash and cash equivalents | 1,500.8 | 518.8 | ||
Total cash and cash equivalents | $ | 1,530.6 | $ | 576.7 |
Nine Months Ended September 30, |
||||
(in millions)
|
2024 | 2023 | ||
Net cash provided by operating activities | $ | 659.7 | $ | 812.4 |
Net cash provided by (used in) investing activities | 1,508.9 | (86.7) | ||
Net cash used in financing activities | (1,242.9) | (994.5) | ||
Effect of foreign currency exchange rate changes on cash and cash equivalents | (0.6) | - | ||
Change in cash and cash equivalents | $ | 925.1 | $ | (268.8) |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
(in millions, except percentages) | 2024 | 2023 | 2024 | 2023 | ||||
Net income (GAAP) | $ | 244.3 | $ | 265.6 | $ | 1,149.0 | $ | 561.9 |
Less: (Loss) income from discontinued operations
|
(2.3) | 48.7 | 446.3 | 34.7 | ||||
Income from continuing operations (GAAP) | 246.6 | 216.9 | 702.7 | 527.2 | ||||
Provision for income taxes | 74.9 | 66.6 | 206.2 | 158.7 | ||||
Interest expense, net | 18.6 | 19.4 | 56.0 | 57.0 | ||||
Interest income | (22.6) | (3.6) | (44.3) | (12.5) | ||||
EBIT | 317.5 | 299.3 | 920.6 | 730.4 | ||||
Exit and disposal, and facility rationalization costs | 1.9 | 1.7 | 2.7 | 4.5 | ||||
Inventory step-up amortization and transaction costs | 2.7 | - | 4.8 | 1.6 | ||||
Impairment charges | - | 0.5 | - | 1.8 | ||||
(Gains) losses from acquisitions and disposals | (0.3) | (0.7) | (0.6) | 1.8 | ||||
Gains from insurance | - | - | (5.0) | - | ||||
Losses (gains) from litigation | 1.5 | (0.1) | 1.9 | (0.2) | ||||
Total non-comparable items | 5.8 | 1.4 | 3.8 | 9.5 | ||||
Adjusted EBIT | 323.3 | 300.7 | 924.4 | 739.9 | ||||
Depreciation | 17.5 | 16.8 | 51.7 | 48.9 | ||||
Amortization | 27.1 | 22.2 | 74.9 | 66.9 | ||||
Adjusted EBITDA | $ | 367.9 | $ | 339.7 | $ | 1,051.0 | $ | 855.7 |
Divided by: | ||||||||
Total revenues | $ | 1,333.6 | $ | 1,259.8 | $ | 3,880.7 | $ | 3,459.4 |
Adjusted EBITDA margin | 27.6 | % | 27.0 | % | 27.1 | % | 24.7 | % |
Three Months Ended September 30, 2024 | ||||||
(in millions) | CCM | CWT | Corporate and unallocated | |||
Operating income (loss) (GAAP) | $ | 303.0 | $ | 46.8 | $ | (33.4) |
Non-operating (income) expense, net(1)
|
(0.5) | 0.3 | (0.9) | |||
EBIT | 303.5 | 46.5 | (32.5) | |||
Exit and disposal, and facility rationalization costs | 1.3 | 0.6 | - | |||
Inventory step-up amortization and transaction costs | 0.1 | - | 2.6 | |||
Gains from acquisitions and disposals | (0.1) | (0.2) | - | |||
Losses from litigation | 1.0 | 0.5 | - | |||
Total non-comparable items | 2.3 | 0.9 | 2.6 | |||
Adjusted EBIT | 305.8 | 47.4 | (29.9) | |||
Depreciation | 13.0 | 4.1 | 0.4 | |||
Amortization | 8.8 | 17.8 | 0.5 | |||
Adjusted EBITDA | $ | 327.6 | $ | 69.3 | $ | (29.0) |
Divided by: | ||||||
Total revenues | $ | 998.2 | $ | 335.4 | $ | - |
Adjusted EBITDA margin | 32.8 | % | 20.7 | % | NM |
Three Months Ended September 30, 2023 | ||||||
(in millions) | CCM | CWT | Corporate and unallocated | |||
Operating income (loss) (GAAP) | $ | 272.5 | $ | 58.8 | $ | (31.4) |
Non-operating expense (income), net(1)
|
0.3 | (0.2) | 0.5 | |||
EBIT | 272.2 | 59.0 | (31.9) | |||
Exit and disposal, and facility rationalization costs | 1.7 | - | - | |||
Impairment charges | - | 0.5 | - | |||
Gains from acquisitions and disposals | (0.2) | (0.5) | - | |||
Gains from litigation | - | - | (0.1) | |||
Total non-comparable items | 1.5 | - | (0.1) | |||
Adjusted EBIT | 273.7 | 59.0 | (32.0) | |||
Depreciation | 11.7 | 4.1 | 1.0 | |||
Amortization | 4.0 | 17.7 | 0.5 | |||
Adjusted EBITDA | $ | 289.4 | $ | 80.8 | $ | (30.5) |
Divided by: | ||||||
Total revenues | $ | 914.0 | $ | 345.8 | $ | - |
Adjusted EBITDA margin | 31.7 | % | 23.4 | % | NM |
Nine Months Ended September 30, 2024 | ||||||
(in millions, except percentages) | CCM | CWT | Corporate and unallocated | |||
Operating income (loss) (GAAP) | $ | 861.0 | $ | 148.2 | $ | (90.1) |
Non-operating income, net(1)
|
- | - | (1.5) | |||
EBIT | 861.0 | 148.2 | (88.6) | |||
Exit and disposal, and facility rationalization costs | 1.6 | 1.1 | - | |||
Inventory step-up amortization and transaction costs | 1.9 | - | 2.9 | |||
Gains from acquisitions and disposals | (0.2) | (0.4) | - | |||
Gains from insurance | (5.0) | - | - | |||
Losses from litigation | 1.0 | 0.9 | - | |||
Total non-comparable items | (0.7) | 1.6 | 2.9 | |||
Adjusted EBIT | 860.3 | 149.8 | (85.7) | |||
Depreciation | 38.1 | 12.4 | 1.2 | |||
Amortization | 20.2 | 53.2 | 1.5 | |||
Adjusted EBITDA | $ | 918.6 | $ | 215.4 | $ | (83.0) |
Divided by: | ||||||
Total revenues | $ | 2,870.7 | $ | 1,010.0 | $ | - |
Adjusted EBITDA margin | 32.0 | % | 21.3 | % | NM |
Nine Months Ended September 30, 2023 | ||||||
(in millions, except percentages) | CCM | CWT | Corporate and unallocated | |||
Operating income (loss) (GAAP) | $ | 675.6 | $ | 142.4 | $ | (88.8) |
Non-operating income, net(1)
|
- | - | (1.2) | |||
EBIT | 675.6 | 142.4 | (87.6) | |||
Exit and disposal, and facility rationalization costs | 1.8 | 2.7 | - | |||
Inventory step-up amortization and transaction costs | - | - | 1.6 | |||
Impairment charges | - | 1.8 | - | |||
(Gains) losses from acquisitions and disposals | (0.5) | 2.4 | (0.1) | |||
Gains from litigation | - | - | (0.2) | |||
Total non-comparable items | 1.3 | 6.9 | 1.3 | |||
Adjusted EBIT | 676.9 | 149.3 | (86.3) | |||
Depreciation | 32.8 | 13.2 | 2.9 | |||
Amortization | 12.2 | 53.0 | 1.7 | |||
Adjusted EBITDA | $ | 721.9 | $ | 215.5 | $ | (81.7) |
Divided by: | ||||||
Total revenues | $ | 2,437.5 | $ | 1,021.9 | $ | - |
Adjusted EBITDA margin | 29.6 | % | 21.1 | % | NM |
Revenues | Primary Drivers | |
CCM | Mid single-digit growth |
•Pent-up re-roofing demand driving contractor backlogs
•Contributions from the acquisition of MTL
|
CWT | Low single-digit decline |
•Lower demand in residential end markets
•Offset by share gains from key growth initiatives
|
Total CSL | Low single-digit growth |
(in millions, except per share amounts) |
Total Number of Shares Purchased(1)
|
Average Price Paid Per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2)
|
|
July | 0.6 | $ | 420.38 | 0.6 | 5.0 |
August | 0.3 | 401.08 | 0.3 | 4.7 | |
September | 0.2 | 417.46 | 0.2 | 4.5 | |
Total | 1.1 | 1.1 |
Exhibit
Number
|
Filed with this Form 10-Q
|
Incorporated by Reference
|
Exhibit Title
|
Form
|
Date Filed
|
31.1
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a). | X |
31.2
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a). | X |
32.1
|
Section 1350 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X |
101.INS
|
Inline XBRL Instance. | X |
101.SCH
|
Inline XBRL Taxonomy Extension Schema. | X |
101.CAL
|
Inline XBRL Taxonomy Extension Calculation. | X |
101.LAB
|
Inline XBRL Taxonomy Extension Labels. | X |
101.PRE
|
Inline XBRL Taxonomy Extension Presentation. | X |
101.DEF | Inline XBRL Taxonomy Extension Definition. | X |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | X |
CARLISLE COMPANIES INCORPORATED | |||
Date: | October 25, 2024 | By: | /s/ Kevin P. Zdimal |
Kevin P. Zdimal | |||
Vice President and Chief Financial Officer |