EX-99.1 2 q32024-ex991xearningsrelea.htm EX-99.1 Document
附錄99.1
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10/24/24
卡萊爾夥伴公佈第三季度業績
亞利桑那州斯科茨代爾，2024年10月24日 - 卡萊爾夥伴公司（紐交所:CSL）今日宣布其2024年第三季度財務結果。
•第三季度每股收益為5.30美元，調整後每股收益為5.78美元，同比增長24%。
◦營業收入為$13億，同比增長6%。
◦23.7%的營業利潤率和Q3記錄調整後EBITDA利潤率為27.6%，年增60個基點
◦CCm的營業收入增長9%，調整後的EBITDA利潤率擴大了110個基本點，達到32.8%的Q3紀錄。
◦持續的居住市場逆風對CWT產生了負面影響
•回購110萬股，金額為46600萬美元，並將季度股息提高18%。
•已簽署協議，收購Plasti-Fab
•榮獲家得寶的建築材料年度合作夥伴獎2次未定 自2022年以來第2次
Chris Koch主席，總裁兼首席執行官的評論
「儘管住宅市場持續下滑，以及眾所周知的天氣相關和港口罷工活動等事件對運輸天數、屋頂上的承包商天數和製造業產出產生了負面影響，卡萊爾仍交出另一個強勁的財季表現。我們繼續執行我們的2030願景戰略，對於我們對2030年調整後每股收益40美元的目標的第三季表現感到滿意，同比增長24％，並調整後EBITDA利潤率擴大至27.6％。」

「CCm在2024年的成就持續強勁至第三季度，受益於健康承包商備料、強勁的重新屋面活動和優異的利潤表現。CCm的銷售量較上年同期增長9%，主要受益於渠道庫存正常化和MTL的收購。第三季度CCm令人印象深刻的32.8%調整後EBITDA利潤率反映了強勁的成交量槓桿效應、良好的原料環境以及通過卡萊爾操作系統（COS）實現的優秀運營。」

「當我們看CWT的表現時，雖然我們對CWt內的份額增長計劃的進展感到高興，但更高的利率環境、低房屋成交量和負擔能力挑戰導致本季度住宅活動進一步放緩。在本季度，這些挑戰影響了銷售並導致同比下降3%。儘管CWt面臨短期挑戰，但我們對該部門前景仍然非常滿意和樂觀。」

「我們持續看到北美建築產品市場的長期展望令人鼓舞，以及卡萊爾業務模式的強勁。我們轉向“純粹的”建築產品公司正在產生預期的效果，證明我們致力於成為卓越的資本配置者。此外，我們相信利用能源效率和節省勞動力的超級趨勢，以及不斷增長的換頂需求，再加上我們推出創新的新產品，正在為增長創造額外的催化劑。與2025年願景相似，我們相信2030年願景將使我們能夠實現高於市場增長率，並在市場中賺取溢價。」

「卡萊爾一直致力於通過我們均衡的資本運用方式實現優越的股東回報。本季度，我們以46600萬美元回購了110萬股，並將股息提高18％，這是第48次連續年度股息增加。」

我們對最近達成的收購Plasti-Fab協議感到興奮，這與我們的2030年願景策略完全契合，旨在增強我們"巔峰建築產品"組合，以便在今年早些時候完成轉型為"純粹建築產品"公司後。通過收購Plasti-Fab，卡萊爾卓越地佔據了價值15億美元的北美膨脹聚苯乙烯保溫板市場的領先地位，為我們的Insulfoam業務提供了垂直整合的聚苯乙烯能力，同時增加了規模，支持零售渠道增長，填補了美國市場的重要地理空白。


加拿大。我們預計這項收購將在2025年產生約1400萬美元的年度成本協同效應，並對我們調整後的每股收益約0.30美元產生增值。

「展望今年剩餘部分，我們預計住宅部門今年遇到的風險將持續存在。根據這一展望，我們預計2024年營業收入將增長約10％，並將調高約150個基點的調整後EBITDA利潤率。我們對於繼續為所有利益相關方創造價值充滿信心，不斷朝著我們「2030年願景」目標邁進，展示卡萊爾體驗中的利潤彈性強度及透過我們戰略舉措實現資本超凡回報的能力。」

2024年第三季度財務摘要
 結束於三個月的期間
九月三十日，		九個月結束了
九月三十日，
（金額以百萬為單位，每股金額的單位是美元）20242023更改 %20242023更改 %
收益$1,333.6 $1,259.8 5.9 %$3,880.7 $3,459.4 12.2 %
營收316.4 299.9 5.5 %919.1 729.2 26.0 %
營業利潤率23.7 %23.8 %-10個基點23.7 %21.1 %260個基點
持續經營業務收入246.6 216.9 13.7 %702.7 527.2 33.3 %
調整後的稅前利潤減除折舊及攤銷後的費用367.9 339.7 8.3 %1,051.0 855.7 22.8 %
調整後的EBITDA利潤率27.6 %27.0 %60個基點27.1 %24.7 %240 bps
攤薄後每股收益5.30 4.32 22.7 %14.74 10.32 42.8 %
調整後的攤薄後每股收益5.78 4.68 23.5 %15.71 11.35 38.4 %
2024年第三季度業務重點
卡萊爾建築材料（"CCM"）
•營業收入為99800萬美元，較去年同期增加9%（有機增長6%），主要受MTL收購、渠道庫存正常化和需求積壓釋放帶動的強勁換頂活動影響。
•營業收入為30300萬美元，同比增長11%。調整後EBITDA為32800萬美元，同比增長13%，反映出調整後EBITDA利潤率為32.8%。與前一年相比增加了110個基點，這是由於成交量在強勁的銷售增長、有利的原材料和通過成本效益實現的操作效率方面帶來的。
卡萊爾防水技術（"CWT"）
•營業收入為$33500萬，較去年同期下滑3%（有機下滑4%），主要原因是住宅終端市場疲軟以及部分產品類別價格下降，部分抵銷的是商業類別增長、市占率增加的措施和Polar Industries的收購。
•營業收入為4,700萬美元，年減20%。調整後的EBITDA為6,900萬美元，年減14%，反映調整後的EBITDA利潤率為20.7%。相較於去年，270個基點的下降主要是由於對業務的戰略性投資，以支持長期增長計劃，以及本季度由於更高的利率導致更廣泛的住宅市場疲軟而導致銷售下降。
現金流量
截至2024年9月30日的持續營運活動之營運現金流為66200萬美元，與前一年持平。自持續營運活動的自由現金流為59700萬美元，較前一年增加了2200萬美元（定義為營運活動提供的現金扣除資本支出，並由持續營運活動組成）。這一增加是由於由於持續營運活動中項目計劃的時間安排，資本支出減少所驅動的。
During the nine months ended September 30, 2024, we deployed $1.2 billion toward share repurchases, including $466 million in the current quarter, and paid $127 million in cash dividends, including $46 million in the current quarter. As of September 30, 2024, we had 4.5 million shares available for repurchase


under our share repurchase program with $1.5 billion of cash and cash equivalents and $1 billion of availability under our revolving credit facility.
2024 Fourth Quarter Outlook
•Revenues to increase LSD
◦CCM - up MSD
◦CWT - down LSD
•Adjusted EBITDA margin ~ 25%
Conference Call and Webcast
Carlisle will discuss third quarter 2024 results on a conference call at 5:00 p.m. ET today. The call can be accessed via webcast, along with related materials, at www.carlisle.com/investors/events-and-presentations and via telephone as follows:
Domestic toll free: 800-549-8228
International: 646-564-2877
Conference ID: 82118
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "intends," "forecast," and similar expressions, and reflect our expectations concerning the future. Such statements are made based on known events and circumstances at the time of publication and, as such, are subject in the future to unforeseen risks and uncertainties. It is possible that our future performance may differ materially from current expectations expressed in these forward-looking statements, due to a variety of factors such as: increasing price and product/service competition by foreign and domestic competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; our mix of products/services; increases in raw material costs that cannot be recovered in product pricing; domestic and foreign governmental and public policy changes including environmental and industry regulations; the ability to meet our goals relating to our intended reduction of greenhouse gas emissions, including our net zero commitments; threats associated with and efforts to combat terrorism; protection and validity of patent and other intellectual property rights; the identification of strategic acquisition targets and our successful completion of any transaction and integration of our strategic acquisitions; our successful completion of strategic dispositions; the cyclical nature of our businesses; the impact of information technology, cybersecurity or data security breaches at our businesses or third parties; the outcome of pending and future litigation and governmental proceedings; the emergence or continuation of widespread health emergencies such as the COVID-19 pandemic, including, for example, expectations regarding their impact on our businesses, including on customer demand, supply chains and distribution systems, production, our ability to maintain appropriate labor levels, our ability to ship products to our customers, our future results, or our full-year financial outlook; and the other factors discussed in the reports we file with or furnish to the Securities and Exchange Commission from time to time. In addition, such statements could be affected by general industry and market conditions and growth rates, the condition of the financial and credit markets and general domestic and international economic conditions, including inflation and interest rate and currency exchange rate fluctuations. Further, any conflict in the international arena, including the Russian invasion of Ukraine and war in the Middle East, may adversely affect general market conditions and our future performance. Any forward-looking statement speaks only as of the date on which that statement is made, and we undertake no duty to update any forward-looking statement to reflect events or circumstances, including unanticipated events, after the date on which that statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of those factors, nor can it assess the impact of each of those factors on the business or the


extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
Non-GAAP Disclosure
Carlisle reports its financial results in accordance with the U.S. generally accepted accounting principles (GAAP). This press release also contains certain financial measures such as adjusted diluted EPS, adjusted EBITDA, adjusted EBITDA margin, organic revenue, return on invested capital (ROIC) and free cash flow that are not recognized under GAAP. Management believes that adjusted diluted EPS, adjusted EBITDA, adjusted EBITDA margin, organic revenue and ROIC are useful to investors because they allow for comparison to Carlisle’s and its segments' performance in prior periods without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. Management also believes free cash flow is useful to investors as an additional way of viewing Carlisle's liquidity and provides a more complete understanding of factors and trends affecting Carlisle's cash flows. As a result, management believes that these measures enhance the ability of investors to analyze trends in Carlisle’s businesses and evaluate Carlisle’s performance relative to similarly-situated companies. Reconciliations of these measures to amounts reported in Carlisle's consolidated financial statements are in the supplemental schedules of this press release. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Carlisle is not providing reconciliations for forward-looking non-GAAP financial measures because Carlisle does not provide GAAP financial measures on a forward-looking basis as Carlisle is unable to predict with reasonable certainty the ultimate outcome of adjusted items with unreasonable effort. There items are uncertain, depend on various factors, and could be material to Carlisle's financial results computed in accordance with GAAP.
About Carlisle Companies Incorporated
Carlisle Companies Incorporated is a leading supplier of innovative building envelope products and solutions for more energy efficient buildings. Through its building products businesses – Carlisle Construction Materials ("CCM") and Carlisle Weatherproofing Technologies ("CWT") – and family of leading brands, Carlisle delivers innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Carlisle is committed to generating superior shareholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases. Leveraging its culture of continuous improvement as embodied in the Carlisle Operating System ("COS"), Carlisle has committed to achieving net-zero greenhouse gas emissions by 2050.
*EPS referenced in this release is from continuing operations unless otherwise noted.
CONTACT:Mehul Patel
 Vice President, Investor Relations
(310) 592-9668
 mpatel@carlisle.com


Carlisle Companies Incorporated
Unaudited Consolidated Statements of Income
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except per share amounts)2024202320242023
Revenues$1,333.6 $1,259.8 $3,880.7 $3,459.4 
Cost of goods sold819.2 793.7 2,398.5 2,244.9 
Selling and administrative expenses191.8 161.7 547.9 467.6 
Research and development expenses8.1 7.2 26.6 20.7 
Other operating income, net(1.9)(2.7)(11.4)(3.0)
Operating income316.4 299.9 919.1 729.2 
Interest expense, net18.6 19.4 56.0 57.0 
Interest income(22.6)(3.6)(44.3)(12.5)
Other non-operating income, net(1.1)0.6 (1.5)(1.2)
Income from continuing operations before income taxes321.5 283.5 908.9 685.9 
Provision for income taxes74.9 66.6 206.2 158.7 
Income from continuing operations246.6 216.9 702.7 527.2 
Discontinued operations:  
Income (loss) before income taxes(4.4)43.2 497.7 20.2 
Provision for (benefit from) income taxes(2.1)(5.5)51.4 (14.5)
Income (loss) 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 
Income (loss) 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 
Income (loss) 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:  
Basic45.9 49.5 47.0 50.4 
Diluted46.5 50.1 47.6 51.0 
Dividends declared and paid per share$1.00 $0.85 $2.70 $2.35 




Carlisle Companies Incorporated
Unaudited Condensed Consolidated Statements of Cash Flows

 Nine Months Ended
September 30,
(in millions)20242023
Net cash provided by operating activities$659.7 $812.4 
Investing activities:  
Proceeds from sale of discontinued operation, net of cash disposed1,998.0 — 
Acquisitions, net of cash acquired(414.3)— 
Capital expenditures(76.7)(106.3)
Investment in securities0.6 0.9 
Other investing activities, net1.3 18.7 
Net cash provided by (used in) investing activities1,508.9 (86.7)
Financing activities:  
Repayments of notes— (300.0)
Borrowings from revolving credit facility22.0 84.0 
Repayments of revolving credit facility
(22.0)(84.0)
Repurchases of common stock(1,166.1)(580.0)
Dividends paid(127.4)(119.3)
Proceeds from exercise of stock options73.1 17.7 
Withholding tax paid related to stock-based compensation(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 equivalents925.1 (268.8)
Less: change in cash and cash equivalents of discontinued operations(28.8)(12.0)
Cash and cash equivalents at beginning of period576.7 364.8 
Cash and cash equivalents at end of period$1,530.6 $108.0 

Carlisle Companies Incorporated
Unaudited Selected Consolidated Balance Sheet Data

(in millions)September 30,
2024		December 31,
2023
Cash and cash equivalents$1,530.6 $576.7 
Long-term debt, including current portion2,290.2 2,289.4 
Total stockholders' equity2,762.9 2,829.0 



Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Organic Revenue
Organic revenue (defined as revenue excluding acquired revenues within the last 12 months and the impact of changes in foreign exchange rates versus the U.S. Dollar) is intended to provide investors and others with information about Carlisle's and its segments' recurring operating performance. This information differs from revenue determined in accordance with accounting principles generally accepted in the United States of America ("GAAP") and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Carlisle's and its segments' organic revenue follows, which may not be comparable to similarly titled measures reported by other companies.
Three Months Ended September 30,
(in millions, except percentages)CSLCCMCWT
2023 Revenue (GAAP)
$1,259.8 $914.0 $345.8 
Organic35.9 2.9 %50.8 5.6 %(14.9)(4.3)%
Acquisitions38.1 3.0 %33.3 3.6 %4.8 1.4 %
FX impact(0.2)— %0.1 — %(0.3)(0.1)%
Total change73.8 5.9 %84.2 9.2 %(10.4)(3.0)%
2024 Revenue (GAAP)
$1,333.6 $998.2 $335.4 
Nine Months Ended September 30,
(in millions, except percentages)CSLCCMCWT
2023 Revenues (GAAP)
$3,459.4 $2,437.5 $1,021.9 
Organic353.1 10.2 %378.1 15.5 %(25.0)(2.4)%
Acquisitions69.0 2.0 %55.2 2.3 %13.8 1.3 %
FX impact(0.8)— %(0.1)— %(0.7)(0.1)%
Total change421.3 12.2 %433.2 17.8 %(11.9)(1.2)%
2024 Revenues (GAAP)
$3,880.7 $2,870.7 $1,010.0 
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Free Cash Flow
Free cash flow is intended to provide investors and others with information about Carlisle's liquidity and provides a more complete understanding of factors and trends affecting Carlisle's cash flows. This information differs from operating cash flow determined in accordance with GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Carlisle's free cash flow follows, which may not be comparable to similarly titled measures reported by other companies.
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2024202320242023
Operating cash flow (GAAP)$312.8 $441.7 $659.7 $812.4 
Less: operating cash flow from discontinued operations(15.9)51.6 (1.8)150.5 
Operating cash flow from continuing operations$328.7 $390.1 $661.5 $661.9 
Capital expenditures (GAAP)$(19.3)$(36.2)$(76.7)$(106.3)
Less: capital expenditures from discontinued operations— (6.2)(12.4)(19.3)
Capital expenditures from continuing operations$(19.3)$(30.0)$(64.3)$(87.0)
Operating cash flow from continuing operations$328.7 $390.1 $661.5 $661.9 
Capital expenditures from continuing operations(19.3)(30.0)(64.3)(87.0)
Free cash flow from continuing operations$309.4 $360.1 $597.2 $574.9 



Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Earnings before interest and taxes ("EBIT"), adjusted EBIT, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA margin are intended to provide investors and others with information about Carlisle's and its segments' performance without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in Carlisle's businesses and evaluate Carlisle's performance relative to similarly-situated companies. This information differs from net income and operating income determined in accordance with GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Carlisle's and its segments' EBIT, adjusted EBIT, adjusted EBITDA and adjusted EBITDA margin follows, which may not be comparable to similarly titled measures reported by other companies.

 Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except percentages)2024202320242023
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 taxes74.9 66.6 206.2 158.7 
Interest expense, net18.6 19.4 56.0 57.0 
Interest income(22.6)(3.6)(44.3)(12.5)
EBIT317.5 299.3 920.6 730.4 
Exit and disposal, and facility rationalization costs1.9 1.7 2.7 4.5 
Inventory step-up amortization and transaction costs2.7 — 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 litigation1.5 (0.1)1.9 (0.2)
Total non-comparable items5.8 1.4 3.8 9.5 
Adjusted EBIT323.3 300.7 924.4 739.9 
Depreciation17.5 16.8 51.7 48.9 
Amortization27.1 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 margin27.6 %27.0 %27.1 %24.7 %



Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended September 30, 2024
(in millions, except percentages)CCMCWTCorporate and unallocated
Operating income (loss) (GAAP)$303.0 $46.8 $(33.4)
Non-operating (income) expense, net(1)
(0.5)0.3 (0.9)
EBIT303.5 46.5 (32.5)
Exit and disposal, and facility rationalization costs1.3 0.6 — 
Inventory step-up amortization and transaction costs0.1 — 2.6 
Gains from acquisitions and disposals(0.1)(0.2)— 
Losses from litigation1.0 0.5 — 
Total non-comparable items2.3 0.9 2.6 
Adjusted EBIT305.8 47.4 (29.9)
Depreciation13.0 4.1 0.4 
Amortization8.8 17.8 0.5 
Adjusted EBITDA$327.6 $69.3 $(29.0)
Divided by:
Total revenues$998.2 $335.4 $— 
Adjusted EBITDA margin32.8 %20.7 %NM
(1)Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income.
Three Months Ended September 30, 2023
(in millions, except percentages)CCMCWTCorporate and unallocated
Operating income (loss) (GAAP)$272.5 $58.8 $(31.4)
Non-operating expense (income), net(1)
0.3 (0.2)0.5 
EBIT272.2 59.0 (31.9)
Exit and disposal, and facility rationalization costs1.7 — — 
Impairment charges— 0.5 — 
Gains from acquisitions and disposals(0.2)(0.5)— 
Gains from litigation— — (0.1)
Total non-comparable items1.5 — (0.1)
Adjusted EBIT273.7 59.0 (32.0)
Depreciation11.7 4.1 1.0 
Amortization4.0 17.7 0.5 
Adjusted EBITDA$289.4 $80.8 $(30.5)
Divided by:
Total revenues$914.0 $345.8 $— 
Adjusted EBITDA margin31.7 %23.4 %NM
(1)Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income.


Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Nine Months Ended September 30, 2024
(in millions)CCMCWTCorporate and unallocated
Operating income (loss) (GAAP)$861.0 $148.2 $(90.1)
Non-operating income, net(1)
— — (1.5)
EBIT861.0 148.2 (88.6)
Exit and disposal, and facility rationalization costs1.6 1.1 — 
Inventory step-up amortization and acquisition costs1.9 — 2.9 
Gains from acquisitions and disposals(0.2)(0.4)— 
Gains from insurance(5.0)— — 
Losses from litigation1.0 0.9 — 
Total non-comparable items(0.7)1.6 2.9 
Adjusted EBIT860.3 149.8 (85.7)
Depreciation38.1 12.4 1.2 
Amortization20.2 53.2 1.5 
Adjusted EBITDA$918.6 $215.4 $(83.0)
Total revenues$2,870.7 $1,010.0 $— 
Adjusted EBITDA margin32.0 %21.3 %NM
(1)Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income.
Nine Months Ended September 30, 2023
(in millions)CCMCWTCorporate and unallocated
Operating income (loss) (GAAP)$675.6 $142.4 $(88.8)
Non-operating income, net(1)
— — (1.2)
EBIT675.6 142.4 (87.6)
Exit and disposal, and facility rationalization costs1.8 2.7 — 
Inventory step-up amortization and acquisition 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 items1.3 6.9 1.3 
Adjusted EBIT676.9 149.3 (86.3)
Depreciation32.8 13.2 2.9 
Amortization12.2 53.0 1.7 
Adjusted EBITDA$721.9 $215.5 $(81.7)
Total revenues$2,437.5 $1,021.9 $— 
Adjusted EBITDA margin29.6 %21.1 %NM
(1)Includes other non-operating (income) expense, net, which may be presented in separate line items on the unaudited Consolidated Statements of Income.



Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Adjusted Net Income and Adjusted Diluted EPS
Adjusted net income and adjusted diluted earnings per share is intended to provide investors and others with information about Carlisle's performance without the effect of items that, by their nature, tend to obscure Carlisle's core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. This information differs from net income and diluted earnings per share determined in accordance with GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with GAAP. Carlisle's adjusted net income and adjusted diluted earnings per share follows, which may not be comparable to similarly titled measures reported by other companies.
Three Months Ended
September 30, 2024		Three Months Ended
September 30, 2023
(in millions, except per share amounts)Pre-tax
Impact
After-tax
Impact(1)
Impact to Diluted EPS(2)
Pre-tax
Impact
After-tax
Impact(1)
Impact to Diluted EPS(2)
Net income (GAAP)$244.3 $5.25 $265.6 $5.29 
Less: Income (loss) from discontinued operations (GAAP)(2.3)(0.05)48.7 0.97 
Income from continuing operations (GAAP)246.6 5.30 216.9 4.32 
Exit and disposal, and facility rationalization costs1.9 1.5 0.03 1.7 1.1 0.02 
Inventory step-up amortization and transaction costs2.7 2.0 0.04 — — — 
Impairment charges— — — 0.5 0.3 0.01 
Gains from acquisitions and disposals(0.3)(0.2)— (0.7)(0.4)(0.01)
Losses from insurance— — — — — — 
Losses from litigation1.5 1.1 0.03 — — — 
Acquisition-related amortization(3)
25.4 19.2 0.41 20.9 15.8 0.32 
Discrete tax items(4)
— (1.3)(0.03)— 1.1 0.02 
Total adjustments22.3 0.48 17.9 0.36 
Adjusted net income$268.9 $5.78 $234.8 $4.68 
(1)The impact to net income reflects the tax effect of noted items, which is based on the statutory rate in the jurisdiction in which the expense or income is deductible or taxable.
(2)The per share impact of adjustments to each period is based on diluted shares outstanding using the two-class method.
(3)Acquisition-related amortization includes the amortization of customer relationships, technology, trade names and other intangible assets recorded in purchase accounting in connection with a business combination. These intangible assets contribute to revenue generation and the amortization of these assets will recur until such intangible assets are fully amortized.
(4)Discrete tax items include current period tax expense or benefit related to prior year items, excess tax benefits from stock compensation, the tax impact of foreign currency gains and losses, or changes in tax laws or rates.



Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Adjusted Net Income and Adjusted Diluted EPS
Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023
(in millions, except per share amounts)Pre-tax
Impact
After-tax
Impact(1)
Impact to Diluted EPS(2)
Pre-tax
Impact
After-tax
Impact(1)
Impact to Diluted EPS(2)
Net income (GAAP)$1,149.0 $24.10 $561.9 $11.00 
Less: Income (loss) from discontinued operations (GAAP)446.3 9.36 34.7 0.68 
Income from continuing operations (GAAP)702.7 14.74 527.2 10.32 
Exit and disposal, and facility rationalization costs2.7 2.1 0.04 4.5 3.3 0.06 
Inventory step-up amortization and acquisition costs4.8 3.6 0.08 1.6 1.2 0.02 
Impairment charges— — — 1.8 1.3 0.03 
(Gains) losses from acquisitions and disposals(0.6)(0.4)(0.01)1.8 1.4 0.03 
Gains from insurance(5.0)(3.8)(0.08)— — — 
Losses (gains) from litigation1.9 1.4 0.03 (0.2)(0.1)— 
Acquisition-related amortization(3)
70.5 53.1 1.11 63.0 47.4 0.93 
Discrete tax items(4)
— (9.8)(0.20)— (1.8)(0.04)
Total adjustments46.2 0.97 52.7 1.03 
Adjusted net income$748.9 $15.71 $579.9 $11.35 
(1)The impact to net income reflects the tax effect of noted items, which is based on the statutory rate in the jurisdiction in which the expense or income is deductible or taxable.
(2)The per share impact of adjustments to each period is based on diluted shares outstanding using the two-class method.
(3)Acquisition-related amortization includes the amortization of customer relationships, technology, trade names and other intangible assets recorded in purchase accounting in connection with a business combination. These intangible assets contribute to revenue generation and the amortization of these assets will recur until such intangible assets are fully amortized.
(4)Discrete tax items include current period tax expense or benefit related to prior year items, the tax impact of foreign currency gains and losses, or changes in tax laws or rates.