Carlisle Companies Incorporated announced its third-quarter 2021 financial results.
The company said it generated record third-quarter revenue of $1.3 billion, up 19.4% organically year-over-year.
"As we exited the third quarter, the impact of the COVID-19 pandemic appears to be past its summer and early autumn peak. This trend, combined with improvements in our supply chain and positive movement towards a resumption of passenger air travel approaching pre-pandemic levels, is driving increased optimism about our ability to deliver continued strong results," said Chris Koch, chairman, president and CEO. "We have also seen strong demand in our Building Products markets. Along with a steadily growing backlog across all three of Carlisle's segments, we are increasingly positive entering the fourth quarter and 2022. Nonetheless, within the third quarter of 2021, our teams faced a very challenging operating environment, given difficult supply chain and labor conditions, as well the impact of Hurricane Ida. Despite these challenges, I am proud to report Carlisle's employees again displayed their resilience in delivering record results, all the while doing so with strict adherence to the same health and safety protocols and precautions that have been in place throughout the pandemic, extending Carlisle's excellent safety record."
Re-roofing demand remains strong in the U.S. market, which is expected to grow from $6 billion to $8 billion in the next decade, according to Carlisle.
"We also continue to make progress integrating and growing our newer platforms of Sealants & Adhesives, Foam and Powder," Koch said.
Third Quarter 2021
According to the company:
- Revenue of $1.3 billion increased 24.5% year-over-year. Organic revenue increased 19.4% (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);
- Operating income for the third quarter of $166.5 million increased 7.6% from $154.8 million in the third quarter of 2020. Income from continuing operations for the third quarter of $113. million increased 10.% from $102.7 million in the third quarter of 2020. Adjusted EBITDA for the third quarter of 2021 of $250.3 million increased 18.7% from $210.8 million in the third quarter of 2020;
- Diluted EPS for the third quarter of $2.12 increased 12.8% from $1.88 in the third quarter of 2020. Adjusted diluted EPS for the third quarter of $2.99 increased 27.2% from $2.35 in the third quarter of 2020.
Third Quarter 2021 Segment Highlights
Carlisle Construction Materials (CCM)
- Revenues of $1,065.8 million, up 29.4% (+23.3% organic) year-over-year, driven by the strength of U.S. commercial roofing demand, price, the Henry acquisition and strong performances across all product lines;
- Operating income was $187.1 million, up 3.2% year-over-year. Operating margin of 17.6% was negatively impacted by raw material, freight and wage inflation, and acquisition costs, partially offset by higher volumes, price and savings from COS;
- Adjusted EBITDA was $240.5 million, up 16.6% year-over-year, reflecting an adjusted EBITDA margin of 22.6%.