Carlisle Companies (CSL) Q1 FY2024 earnings: revenue $1.1 billion, up 22.8% on the year

Carlisle Companies Inc. (CSL) reported revenue of $1.1 billion for Q1 FY2024, the quarter ended 31 March 2024, up 22.8% on the same quarter a year earlier. Net income was $192 million, up 89.1% on the year, and diluted earnings per share $3.97. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$1.1 billionup 22.8%

Net income$192 millionup 89.1%

Diluted EPS$3.97

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,096	1,128	n/a	n/a
Cost of revenue	698	708	n/a	n/a
Gross profit	399	420	n/a	n/a
Gross margin	36.4%	37.2%	n/a
Research and development	9.2	8.0	n/a	n/a
Selling, general and administrative	167	158	n/a	n/a
Operating income	225	254	n/a	n/a
Operating margin	20.5%	22.5%	n/a
Interest expense	18.6	18.6	n/a	n/a
Pre-tax income	215	244	n/a	n/a
Income tax	43.9	52.8	n/a	n/a
Effective tax rate	20.4%	21.6%	n/a
Net income	192	206	n/a	n/a
Net margin	17.5%	18.2%	n/a
Diluted EPS	$3.97	$4.20	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	164	389	n/a	n/a
Capital expenditure	32.5	35.9	n/a	n/a
Free cash flow	131	353	n/a	n/a
Free cash flow margin	11.9%	31.3%	n/a
Cash from investing	-32.0	439	n/a	n/a
Cash from financing	-166	-355	n/a	n/a
Depreciation and amortisation	38.9	35.4	n/a	n/a
Share-based compensation	12.0	5.1	n/a	n/a
Buybacks	150	320	n/a	n/a
Dividends paid	41.5	41.0	n/a	n/a
Dividend per share	$0.85	n/a	n/a	n/a
Diluted shares, weighted	48m	n/a	n/a	n/a
Shares outstanding at period end	48m	48m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,859	2,829	n/a	n/a
Debt	2,290	2,289	n/a	n/a
Operating lease liabilities	n/a	34.8	n/a	n/a
Other liabilities	1,497	1,467	n/a	n/a
Total liabilities and equity	6,646	6,620	n/a	n/a
Fixed assets	654	655	n/a	n/a
Goodwill	1,199	1,202	n/a	n/a
Intangible assets	1,227	1,253	n/a	n/a
Securities held for sale or to maturity	19.9	19.8	n/a	n/a
Cash and equivalents	553	577	n/a	n/a
Receivables	701	615	n/a	n/a
Inventory	400	362	n/a	n/a
Other assets	1,893	1,936	n/a	n/a
Total assets	6,646	6,620	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,260	1,128	1,096	1,451	1,334	1,123	1,096	1,450	1,347	1,128	1,052	1,570
Cost of revenue	794	708	698	882	819	717	710	908	862	747	689	1,002
Gross profit	466	420	399	569	514	406	386	541	485	381	363	568
Gross margin	37%	37%	36%	39%	39%	36%	35%	37%	36%	34%	35%	36%
R&D	7.2	8.0	9.2	9.3	8.1	8.8	10.7	11.1	12.4	12.9	12.1	11.4
SG&A	162	158	167	189	192	175	194	197	178	177	172	199
Operating income	300	254	225	378	316	224	184	335	294	190	180	352
Operating margin	24%	22%	21%	26%	24%	20%	17%	23%	22%	17%	17%	22%
Interest expense	19.4	18.6	18.6	18.8	18.6	17.3	14.8	14.7	21.3	27.7	28.3	27.4
Pre-tax income	284	244	215	373	322	202	175	324	278	172	163	334
Tax rate	23%	22%	20%	23%	23%	20%	20%	21%	23%	23%	22%	23%
Net income	266	206	192	712	244	163	143	256	214	127	128	255
Net margin	21%	18%	18%	49%	18%	14%	13%	18%	16%	11%	12%	16%
Diluted EPS	$5.29	$4.20	$3.97	$14.84	$5.25	$3.57	$3.20	$5.88	$4.98	$3.05	$3.10	$6.30
Operating cash flow	442	389	164	183	313	371	1.8	287	427	386	-44.7	242
Capital expenditure	36.2	35.9	32.5	24.9	19.3	36.6	29.0	28.8	33.5	39.9	28.3	41.7
Free cash flow	406	353	131	158	294	334	-27.2	258	393	346	-73.0	200
Buybacks	330	320	150	550	466	420	400	300	300	300	250	250
Dividends paid	42.1	41.0	41.5	40.2	45.7	45.0	45.2	43.1	47.0	45.8	45.7	44.4
Shares outstanding	49m	48m	48m	46m	45m	44m	43m	43m	42m	41m	40m	40m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0000790051-24-000085: the filing on EDGAR. All of Carlisle Companies Inc.'s filings: EDGAR company page.

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