Carlisle Companies Reports Strong Q3 and Nine-Month Financial Results with Revenue and Operating Income Growth

Carlisle Companies Incorporated reported strong financial performance for the third quarter and the first nine months of 2024, with significant increases in revenue and operating income compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues reached $1,333.6 million, a 5.9% increase from $1,259.8 million in the prior year. For the nine months, revenues rose 12.2% to $3,880.7 million from $3,459.4 million.

Operating income for the third quarter was $316.4 million, up from $299.9 million, while for the nine months, it increased to $919.1 million from $729.2 million. Income from continuing operations also saw growth, with $246.6 million for the third quarter compared to $216.9 million in 2023, and $702.7 million for the nine months, up from $527.2 million. However, net income for the third quarter decreased to $244.3 million from $265.6 million in the previous year, while net income for the nine months surged to $1,149.0 million from $561.9 million.

The Carlisle Construction Materials (CCM) segment was a key driver of growth, reporting revenues of $998.2 million for the third quarter, an increase of 9.2% year-over-year, and $2,870.7 million for the nine months, up 17.8%. Operating income for CCM also improved, reaching $303.0 million in Q3 2024, compared to $272.5 million in Q3 2023. Conversely, the Carlisle Weatherproofing Technologies (CWT) segment experienced a decline in revenues, down 3.0% for the third quarter and 1.2% for the nine months.

Strategically, Carlisle completed the acquisition of MTL Holdings LLC on May 1, 2024, for $424.6 million, which contributed $33.3 million in revenues for the third quarter. The company also announced plans to acquire PFB Holdco, Inc. for $259.5 million, expected to close in Q4 2024. Additionally, Carlisle sold its CIT and CFT businesses, generating proceeds of $2.025 billion and $520 million, respectively, as part of its strategy to focus on high-return building products.

Cash and cash equivalents increased significantly to $1,530.6 million as of September 30, 2024, up from $576.7 million at the end of 2023, primarily due to proceeds from the sale of CIT. The company repurchased 1.1 million shares for $466.1 million in Q3 2024 and declared a quarterly dividend of $1.00 per share, marking an 18% increase in dividends.

Overall, Carlisle's financial results reflect robust growth driven by strategic acquisitions and a strong performance in the CCM segment, despite challenges in the residential market.