NYSE$CSL
Carlisle Companies Incorporated · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Carlisle reported a recovery in the second quarter, demonstrating improved earnings and value creation despite channel destocking activities.
Carlisle Companies reported a decrease in revenue and earnings per share (EPS) for the second quarter of 2023 compared to the same period in 2022. Revenue decreased by 14.0% to $1.5 billion. GAAP diluted EPS from continuing operations was $4.71, and adjusted EPS was $5.18, representing a 13.7% decrease year-over-year. The company highlighted strong underlying demand for building products, particularly in non-residential construction, and progress in operational efficiencies and integration efforts.
- Second quarter revenues declined 14.0% year-over-year to $1.5 billion.
- Reported GAAP diluted EPS was $4.71, and adjusted EPS was $5.18, down 13.7% year-over-year.
- CCM operating income margin was 29.6%, with adjusted EBITDA margin returning to 30%+
- CWT operating income margin grew to 16.6%, with adjusted EBITDA margin growing to 22.5% due to integration and efficiency gains.
Headline financials
Revenue & EPS history
Carlisle · Revenue · Quarterly
$1.53B
Revenue by segment
Carlisle · $1.31B total across 2 segments · Q2 2023
- Carlisle Construction Materials$948M-14.9%72.5%
- Carlisle Weatherproofing Technologies$360M-19.9%27.5%
Forward guidance
The company expects full year 2023 revenues to decrease low-teens year-over-year for CCM and CWT. CIT expects full year 2023 revenues to increase mid-single-digits year-over-year.
Tailwinds
- Strong underlying demand for building products, particularly in non-residential construction markets.
- New construction is buoyed by growth in manufacturing construction projects and government-funded activity.
- CCM generates two-thirds of its revenue from non-discretionary re-roofing demand that provides sustainable growth runway.
- Contractor backlogs remain strong, and new products that remove labor from the job site are strongly desired.
- CIT is poised to leverage increasing aircraft production rates of both Boeing and Airbus.
Headwinds
- Rising interest rates may hinder construction activity.
- Concerns of an economic slowdown may hinder construction activity.
- Weather disruptions may hinder construction activity.
- Labor constraints may hinder construction activity.
- Medical customers work to right-size inventory levels.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+1.0%
Avg return
Earnings day
+1.6%
Avg return
5 days after
+2.8%
Avg return
30 days after
62%
42 / 68 earnings
Positive
+13.0%
Q1 2010
Best reaction
-14.4%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.0% | -4.7% | -8.3% | |
| Q4 2025 | +11.1% | +12.9% | -0.4% | |
| Q3 2025 | -1.6% | -1.3% | -4.0% | |
| Q1 2025 | +6.0% | +5.4% | +7.5% | |
| Q4 2024 | -8.9% | -5.8% | -10.7% | |
| Q3 2024 | -9.1% | -8.7% | -2.0% | |
| Q2 2024 | +1.0% | -2.5% | -4.6% | |
| Q1 2024 | +6.7% | +3.5% | +14.0% | |
| Q4 2023 | +8.7% | +10.0% | +16.2% | |
| Q3 2023 | +4.9% | +7.1% | +16.3% | |
| Q2 2023 | +3.0% | +3.1% | -3.5% | |
| Q1 2023 | +1.5% | -0.3% | +2.0% | |
| Q4 2022 | +1.8% | +3.6% | +3.6% | |
| Q3 2022 | -14.4% | -15.2% | -7.7% | |
| Q2 2022 | +6.9% | +9.1% | +13.3% | |
| Q1 2022 | +6.2% | +8.9% | +3.8% | |
| Q4 2021 | +0.1% | +3.7% | +1.4% | |
| Q3 2021 | +4.5% | +5.5% | +9.3% | |
| Q2 2021 | +0.9% | +0.8% | +4.4% | |
| Q1 2021 | +6.3% | +8.0% | +7.8% | |
| Q4 2020 | +0.3% | -2.2% | -0.2% | |
| Q3 2020 | -1.0% | +5.0% | +17.8% | |
| Q2 2020 | +0.4% | -1.5% | +2.4% | |
| Q1 2020 | -2.2% | -3.7% | -4.8% | |
| Q4 2019 | -0.0% | -1.7% | -11.4% | |
| Q3 2019 | +6.3% | +6.5% | +7.9% | |
| Q2 2019 | +7.6% | +9.4% | +8.5% | |
| Q1 2019 | +9.0% | +10.4% | +5.8% | |
| Q4 2018 | +6.2% | +6.5% | +8.1% | |
| Q3 2018 | -8.9% | -7.7% | +0.5% | |
| Q2 2018 | +8.3% | +8.6% | +12.7% | |
| Q1 2018 | +5.2% | +5.4% | +5.0% | |
| Q4 2017 | -2.8% | -4.7% | -3.1% | |
| Q3 2017 | +6.0% | +6.4% | +6.0% | |
| Q2 2017 | -2.6% | -2.0% | -6.5% | |
| Q1 2017 | -7.2% | -7.9% | -6.5% | |
| Q4 2016 | -2.4% | -2.6% | -1.0% | |
| Q3 2016 | -3.5% | -2.4% | +8.6% | |
| Q2 2016 | -2.5% | -2.3% | -0.3% | |
| Q1 2016 | +3.3% | — | — | |
| Q4 2015 | +4.0% | — | — | |
| Q3 2015 | -6.0% | — | — | |
| Q2 2015 | -1.2% | — | — | |
| Q1 2015 | +4.9% | — | — | |
| Q4 2014 | +3.8% | — | — | |
| Q3 2014 | +5.6% | — | — | |
| Q2 2014 | -2.3% | — | — | |
| Q1 2014 | +4.8% | — | — | |
| Q4 2013 | +5.9% | — | — | |
| Q3 2013 | +0.5% | — | — | |
| Q2 2013 | +2.6% | — | — | |
| Q1 2013 | -2.4% | — | — | |
| Q4 2012 | +3.1% | — | — | |
| Q3 2012 | +5.9% | — | — | |
| Q2 2012 | -3.2% | — | — | |
| Q1 2012 | +1.3% | — | — | |
| Q4 2011 | -0.9% | — | — | |
| Q3 2011 | +5.2% | — | — | |
| Q2 2011 | -10.0% | — | — | |
| Q1 2010 | +13.0% | — | — | |
| Q1 2011 | +3.3% | — | — | |
| Q4 2008 | +4.4% | — | — | |
| Q4 2010 | +4.4% | — | — | |
| Q3 2010 | -1.1% | — | — | |
| Q3 2009 | -1.1% | — | — | |
| Q4 2009 | -12.5% | — | — | |
| Q2 2010 | -12.5% | — | — | |
| Q2 2009 | -12.5% | — | — |
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