CSL · Carlisle Companies Incorporated

Carlisle Companies delivered resilient Q1 2026 results amid headwinds from winter weather delaying roofing shipments, housing affordability challenges, and Middle East conflict-driven oil price inflation impacting petrochemical costs. Revenue declined 4% to $1.1 billion, with CCM down 5% on lower commercial new construction volumes partially offset by re-roofing strength, and CWT down 1% due to residential and non-residential softness mitigated by M&A. Despite volume pressures, disciplined execution shone through: CCM expanded adjusted EBITDA margin 30 bps to 27.4% via Carlisle Operating System productivity, procurement savings, and cost controls; CWT margins dipped 40 bps to 15.2% but benefited from footprint consolidation and in-house resin capacity. CEO Chris Koch highlighted swift pricing actions, including second-round increases at CCM and freight surcharges, to counter cost inflation. Innovation advanced with ThermaThin 7 awards and a robust 2026 product pipeline supporting Vision 2030 goals. Cash flow reflected a $125 million tax settlement driving negative operating cash flow of $45 million, but normalized trends showed working capital improvement. Strong liquidity with $771 million cash and $1 billion revolver capacity enabled $250 million share repurchases and $46 million dividends, progressing toward $1 billion buyback target. Reaffirming FY2026 guidance of low-single-digit revenue growth and 50 bps adjusted EBITDA expansion underscores confidence in structural improvements, acquisition integration, and levers like pricing despite geopolitical and macro risks.