The following is a summary of the Carlisle Companies, Inc. (CSL) Q1 2024 Earnings Call Transcript:
Financial Performance:
Carlisle Companies reported Q1 sales of $1.1 billion, a 23% year-over-year increase, attributed to a return to normal ordering levels and recovery from previous destocking.
The Construction Materials business saw significant growth, with year-over-year sales increasing by 36%.
Adjusted EBITDA rose by over 50% year-over-year to $260 million, on account of improved margins across both Construction Materials and Carlisle WIP Technologies, and increased synergies from Henry integration.
Adjusted EPS grew by over 80% year-over-year.
Pricing is projected to decline by 2%-3% for the full year, most significantly in the first half.
The company executed $150 million in share repurchases and paid $42 million in dividends in Q1.
Business Progress:
Plans for the sale of its Interconnect business are underway, making progress towards becoming a pure-play building products company.
The acquisition of MTL, a manufacturer of high-performance metal edge and wall systems, aligns with Carlisle's Vision 2030 strategy.
The company plans to increase growth through the rest of 2024, focusing on innovation investments, and continued M&A activity.
Cross-selling and factory automation have proved beneficial for the company's net synergies.
Carlisle Companies is integrating AI in factories to improve efficiency and aid forecasting, while also emphasizing sustainable practices.
The company has and will continue to introduce new products to the market to support its business expansion.
Despite broader economic issues, the markets Carlisle operates in are predicted to see mid-single digit growth in reroofing, while new construction will likely decline by high single digits.
More details: Carlisle Companies IR
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