Carlisle Companies Incorporated has recently released its 10-Q report, detailing its financial performance and strategic moves. The company operates as a manufacturer and supplier of building envelope products and solutions globally through its segments, Carlisle Construction Materials and Carlisle Weatherproofing Technologies. In the second quarter of 2024, Carlisle completed the final step in becoming a pure-play building products company with the sale of its Carlisle Interconnect Technologies business to Amphenol Corporation. This move laid the foundation for Vision 2030, a strategic goal aiming to deliver $40 of adjusted EPS. The company also completed the acquisition of MTL, establishing Carlisle as an industry leader in the $4 billion architectural metal category.
Financially, the company reported strong performance with revenues of $1,450.6 million in the second quarter of 2024, marking an 11.0% increase over the same period last year. For the first six months of 2024, revenues stood at $2,547.1 million, representing a 15.8% increase year-over-year. Carlisle's operating income for the second quarter was $377.5 million, a 22.3% increase compared to the previous year, and $602.7 million for the first six months, marking a significant 40.4% rise. The company's gross margin percentage increased to 39.2% in the second quarter, compared to 36.5% in the same period last year, driven by higher sales volumes in its Carlisle Construction Materials segment. Additionally, Carlisle returned $81.7 million to stockholders in the form of cash dividends and repurchased $700.0 million of shares in the first six months of 2024.
In terms of segment performance, Carlisle Construction Materials witnessed a revenue increase of 14.9% in the second quarter and 22.9% in the first six months of 2024. Its operating margin and adjusted EBITDA margin also saw significant improvements. Meanwhile, Carlisle Weatherproofing Technologies reported a modest revenue increase of 0.6% in the second quarter, with operating income remaining relatively stable and adjusted EBITDA margin at 22.5%.
The company's effective tax rate on continuing operations for the first six months of 2024 was 22.4%, slightly lower than the 22.9% rate in the same period last year. Furthermore, income from discontinued operations for the first six months of 2024 primarily reflected the pre-tax gain on the sale of the CIT business of $454.7 million and operating results of $56.8 million.
Today the company's shares have moved -0.4% to a price of $410.67. For the full picture, make sure to review Carlisle's 10-Q report.
