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Text: Today's call will begin with Chris discussing business trends experienced during the second quarter of 2021, views of what's to come and context around our continued progress toward and unwavering commitment to achieving Vision 2025.
Bob will discuss the financial details of Carlisle's second quarter performance and current financial position.
Those considering investing in Carlisle should read these statements carefully and review the reports we file with the SEC before making an investment decision.
With that, I introduce Chris Koch, Chairman, President and CEO of Carlisle.
While we recognize that there are still many people suffering from the continued effects of the pandemic globally and an uneven recovery, we hope all of you, your families, coworkers and friends are healthy, and you're reengaging as global economy is open.
I'm also pleased to report Carlisle's COVID-19 infection rates approach zero in the second quarter, which wouldn't have happened without our team's strict adherence to our safety protocols and commitment to each other across our global footprint.
I'm also very pleased that Carlisle's performance continues to strengthen, as we further accelerate into the economic recovery.
Vision 2025 has provided the clarity and consistency of direction that proved to be essential in guiding our efforts during the depths of the pandemic last year.
It continues to guide us today, as we seek to leverage improving demand across our end markets in 2021 and beyond.
Vision 2025 provides Carlisle and our stakeholders a clear and direct vision that unites us in a collective goal, which in turn drives our priorities and everyday actions.
We are very much on track to exceed the $15 of earnings per share targeted in Vision 2025.
Our performance in the second quarter of 2021 illustrates our continued solid execution toward our stated goals.
Several highlights of this continued progress include: CCM's continued rebound in sales from the bottom of the pandemic in the second quarter of 2020.
As a reminder, CCM sales were down approximately 20% in the second quarter of last year.
As we entered the third quarter of last year, we had already begun to see improvement, sooner than many industries, and that has continued sequentially through today.
That positive momentum drove 28% organic growth year-over-year at CCM in the second quarter of this year and added to a significant and growing backlog.
The rapid recovery from the lows of 2020 reinforced our confidence in this business.
As we commented on in the fourth quarter 2020 earnings call, we envision 2021 being a year of challenges as pent-up reroofing demand returned rapidly, and supply chains, distribution channels, contractors and labor markets came under increasing pressure to deliver their services and meet customer expectations.
Our conviction in the late fall of last year that all of the fundamental drivers of growth we saw prior to the pandemic were still in place, led us to take significant action on securing raw materials, ensuring production facilities were fully capable and putting in place pricing actions to offset what we anticipated to be significant raw material headwinds in the year.
Looking at the future, we continue to believe that the multi-decade trends in reroofing demand, increased emphasis on energy efficiency and tight labor markets will drive solid growth in our CCM business.
As a result, we will continue to invest significant capital into our building products businesses.
A few recently announced examples of our steadfast commitment to CCM's future include our plans to invest more than $60 million to build a state-of-the-art facility in Sikeston, Missouri where we will manufacture energy-efficient polyiso insulation; we're also constructing our sixth TPO manufacturing line in Carlisle, PA, which will produce the commercial roofing industry's first 16-foot wide TPO membranes.
We're breaking ground on Phase two of the EUR8 million expansion of our CCM Waltershausen Germany facility, which as a reminder, produces our unique EPDM-based Restorix product.
And lastly, a significant investment in our R&D capabilities and manufacturing capacity in our Cartersville, Georgia spray foam insulation business.
Shifting gears to other parts of Carlisle.
We continue to leverage the Carlisle Operating System to drive efficiencies across our platforms and geographies.
And in the second quarter, COS delivered 1% savings as a percent of sales and continued to further its role as a culturally unifying continuous improvement foundation for Carlisle employees globally.
In seeking to raise the return profile of Carlisle Companies, we continue to focus on optimizing our business portfolio.
During the quarter, we announced the divestiture of CBF, and earlier this week, we announced an agreement to acquire Henry Company which we will talk about later.
Both changes to our portfolio will enhance long-term value creation for our shareholders.
We continue to be a consistent and meaningful return of capital to our shareholders.
Since 2016, we have returned over $1.8 billion in share repurchases alone.
Bob will provide more details later, but we continue to be active in the capital markets opportunistically repurchasing shares when appropriate.
We also anticipate continuing our long history of consistently raising our dividend.
And when completed in August will be our 45th consecutive year.
We're very proud of this symbolic act in the nature of nearly half a century of stability of our business model, financial profile and commitment to our shareholders.
Moving to slide four.
Driven by the growing strength in our CCM business and momentum building at CFT, our revenue increased 22% year-over-year.
CCM had outstanding performance, growing revenue 28% year-over-year.
CFT continues to drive new product innovation and operational efficiencies to better leverage improving dynamics in its global end markets.
Partially offsetting this growth was commercial aerospace, which continues to weigh on CIT with revenues declining 8% year-over-year in the quarter.
That said, aerospace orders have stabilized, and we have line of sight to continued sequential revenue improvement in 2021.
While aerospace markets have been depressed, our team at CIT has remained focused on innovation and continuing our long-term commitment to our customers, and most importantly, preparing for the inevitable recovery.
Carlisle Construction Materials segment continues to demonstrate its extremely durable business model and to execute very well in the face of numerous challenges.
CCM volumes in 2021 are benefiting from work postponed in 2020 due to the COVID-19 pandemic.
And given both material and labor constraints, we believe even more deferrals experienced in the first half of this year will only add to the pipeline of roofing contractors workload in the second half of 2021.
We maintain our strong conviction in the sustainability of reroofing demand in the U.S. where we continue to expect the market to grow from $6 billion to $8 billion in the next decade.
We continue to be very proud of the CCM team's ability to keep the Carlisle experience intact, managing a record level of incoming orders, ensuring we keep our contractors working and maintaining our commitment to being the best partner in the industry.
And as a reminder, by the Carlisle Experience, we mean ensuring delivery of the right product at the right place at the right time.
We do this by deploying industry-leading investment in production and R&D capabilities.
These investments have totaled over $300 million in the past five years.
We also continue to invest in best-in-class education for our channel partners on the latest roofing products and installation best practices, including over 20,000 hours of virtual learning courses during the pandemic.
I mentioned our world-class customer service team that processed over 65,000 orders in the second quarter, a remarkable feat at nearly 2 times the normal quarter's activity.
We continue to innovate and provide value-added products that ensure quicker, more efficient and safer installation of our building envelope systems and solutions in an increasingly labor and material-constrained environment.
Finally and importantly, we continue to focus on producing products that contribute to a better environment for all stakeholders.
A few comments on our other businesses.
CIT's second quarter results were in line with subdued expectations given the ongoing disruption in the commercial aerospace market.
Despite a difficult past 18 months, the CIT team is taking significant actions to position CIT to be stronger when the market rebounds.
We acted to create more -- a more rational footprint in 2020 and 2021, closing three of our facilities.
And while these decisions are not taken lightly, they were necessary to position CIT to return to and exceed our legacy profitability levels when demand returns.
Also during this time, we have continued to invest in R&D in order to build our new product pipeline and support our customers.
We continue to see some light at the end of the tunnel evidenced by improving leading indicators for commercial aerospace, including the expanding vaccine rollout, numbers of TSA daily screenings increasing from a low of 20% of normal last year to over 80% in July; growing activity at our aircraft manufacturers; and corresponding improvements in CIT's order books.
All of this gives us confidence that CIT is positioned for sequential improvement going forward.
CFT delivered improved revenue and profitability performance in the second quarter, driven by its reenergized commitment to new product introductions, improved operational efficiencies, price realization from earning the value that comes with innovation and an improved customer experience.
I'm very heartened by the progress the team has made over the last year in improving our sales and profitability, putting us back on track to achieve our expectations for this business.
We expect the team to continue executing on its Vision 2025 growth strategy, and to deliver continued improvement moving into the second half of 2021.
Turning to slide six.
Hopefully, everyone had the opportunity to listen to our call on Monday during which we introduced our agreement to acquire Henry Company, a best-in-class provider of building envelope systems that control the flow of water, vapor, air and energy and a building to optimize building sustainability.
Henry delivered revenues of $511 million and adjusted EBITDA of $119 million or 23% margin in the last 12 months ended May 31, 2021.
Bob will review more of the financial details related to Henry later in the call, but we expect Henry to add more than $1.25 of adjusted earnings per share in 2022.
All of us at Carlisle are very excited to work with the Henry team, which has a proven track record of growth, a very strong brand and a long history of new product innovation.
The announced agreement to acquire Henry is another clear example of how we are executing on our Vision 2025 strategy to optimize our portfolio, which includes our efforts to expand further into the building envelope.
For those of you new to Henry, let me give you a few examples of how, in practice Henry complements CCM.
Henry's large direct sales force who have been focused on helping architect specify waterproofing and air and vapor barriers can now assist in specifying CCM single-ply roofing solutions on the same buildings.
Additionally, Henry has a presence in the residential and big box marketplaces, markets not previously a substantial part of CCM's business.
Moving to slide seven, our ESG efforts also continue to gain momentum.
In April, we published our 2020 sustainability report, which built on the foundations of our first report in 2019.
And for the first time, the 2020 report disclosed in detail how Carlisle was tracking on the global reporting initiative, or GRI standards.
We're also in the process of establishing achievable water, energy and emission reduction targets based on detailed audits of our global facilities.
During the course of April, Carlisle employees participated in the CEO Action for Diversity & Inclusion Day of Understanding.
The Day of Understanding created a singular focal point in our year and is an opportunity for leaders to guide open dialogue about diversity in their workspace.
Carlisle has been a member of the PwC-led CEO Action for Diversity & Inclusion since 2018 and an organization that now includes over 2,000 CEO signatories.
In order for Carlisle employees to participate in our ongoing success, we issued a special stock option grant or equity equivalent of 100 shares to employees on May 2, 2018.
Those shares vested in the second quarter of 2021 having appreciated almost 80%.
For each participating employee, this meant a gain of over $8,000.
I'm very pleased the share has performed so well for our employees, because Carlisle's success wouldn't be possible without their efforts.
Finally, one area where we have made significant improvement is in our industry-leading safety record.
Our incident rate of approximately one quarter of the industry average demonstrates the work that has been done by all employees to ensure a safe workplace.
While staying ahead of the industry is important, in the past six years, our incident rate has fallen 52%.
Of all of our tracked metrics, this is especially meaningful because reducing employee injuries by 50% has had a tangible benefit and meaningful impact on people's lives.
To continue to drive the importance of safety in our operations in early 2020, we announced Path to Zero, which represents our commitment to creating the safest possible work environment and features the goal of zero accidents and zero industries.
This program was launched globally in the second quarter of this year.
And now Bob will provide operational and financial detail about the second quarter, review our balance sheet, and cash flow.
As Chris mentioned earlier, we had a very solid second quarter.
I'm especially pleased about the margin expansion at CCM, CIT coming off market lows and positioned to deliver sequential growth for the next few quarters; CFT's order book improving; our disciplined approach to capital deployment in the form of share repurchase and dividends; continued investment in our high ROIC businesses to drive organic growth; and our portfolio optimization actions, including divesting CBF and the announced agreement to acquire Henry Company.
Revenue was up 22% in the second quarter driven by CCM and CFT, offset by the well documented commercial aerospace declines at CIT.
Organic revenue was up 20.7%.
CCM and CFT each delivered greater than 25% organic growth in the quarter.
Acquisitions contributed 0.4% of sales growth for the quarter, and FX was a 90 basis point tailwind.
On slide nine, we have provided an adjusted earnings per share bridge, where you can see second quarter adjusted earnings per share was $2.16, which compares to $1.95 last year.
Volume, price and mix combined were $1.30 year-over-year increase.
Raw material, freight, and labor costs were a $0.95 headwind.
Interest and tax together were a $0.01 headwind.
Share repurchases contributed $0.07, and COS contributed an additional $0.12.
Higher OpEx was a $0.32 headwind year-over-year, half of which is related to the May vesting and cash settlement of stock appreciation rights granted to all Carlisle employees outside the US in 2018, with the remainder reflecting the resumption of more normalized expense level versus last year's cost containment measures taken in the depths of the pandemic.
At CCM, the team again delivered outstanding results with revenues increasing 27.5% driven by volume and price, along with 70 basis points of foreign currency translation tailwind.
All of CCM's product lines delivered 20% growth with particular strength in architectural metals and spray foam insulation.
CCM effectively managed raw material inflation headwinds experienced in the quarter with disciplined pricing, proactive sourcing and allocating products to strategic customers.
Adjusted EBITDA margin at CCM was 21.5% in the second quarter, a 60 basis point decline from last year driven by higher raw material prices, partially offset by volumes, price, and COS savings.
Despite raw materials being a headwind in the second quarter, we continue to anticipate net neutral price raws for the full year.
Adjusted EBITDA grew 24% to $201.2 million, again, demonstrating the earnings power of our CCM business.
CIT revenue declined 8.2% in the second quarter.
As has been well publicized, this decline was driven by the pandemic's continued impact on commercial aerospace markets.
We still anticipate a prolonged recovery in aerospace, but are optimistic there will be resumption in growth as we enter the second half of the year.
CIT's medical platform continues to build a robust pipeline of projects with an increasing backlog.
We continue to expect sequential improvement from pent-up demand as the impacts of COVID hospital capex and postponed elective surgeries ease.
CIT's adjusted EBITDA margins declined year-over-year to 8%, driven by commercial aerospace volumes, partially offset by price, COS and lower expenses.
Given the positive indicators, we are optimistic that CIT will deliver sequentially improving financial performance into the second half of 2021.
Turning now to slide 12.
CFT's sales grew 54% year-over-year.
Organic revenue improved 44.3% and acquisitions added 3.6% in the quarter.
CFT is well positioned to accelerate through the recovery due to continued stabilization in key end markets driven by an improved industrial capital spending outlook in 2021, coupled with new product introductions, would have included $4.1 million of incremental new product sales in 2021 year-to-date, along with our continued pricing results.
Adjusted EBITDA margins of 15.9% or over 100 basis point improvement from last year.
This improvement primarily reflects volume, price and mix.
On slide 13 and 14, we show selected balance sheet metrics.
Our balance sheet remains strong.
We ended the quarter with $713 million of cash on hand and $1 billion of availability under our revolving credit facility.
We continue to approach capital deployment in a balanced and disciplined manner, investing in organic growth through capital expenditures and opportunistically repurchasing shares, while also actively seeking strategic and synergistic acquisitions.
In the quarter, we repurchased 643,000 shares for $116 million bringing our 2021 year-to-date total to 1.6 million shares for $266 million.
We paid $28 million of dividends in the second quarter, bringing our 221 total to $56 million.
We invested $32 million of capex into our high-returning businesses to drive organic growth, bringing our 2021 total to $55 million.
A few examples of these investments include our new Missouri Polyiso facility, expansion of our TPO line Carlisle, PA, and investment in our spray foam capabilities in Cartersville, Georgia.
In addition, as has been noted, we announced an agreement to purchase Henry Company for $1.75 billion.
Henry generated revenue of $511 million and adjusted EBITDA of $119 million, representing a 23% EBITDA.
Additionally, Henry was expected to deliver $100 million of free cash flow in our first year of ownership.
We also expect meaningful cost synergies of $30 million by 2025.
Finally, we expect Henry to be immediately accretive to Carlisle's EBITDA margin, adding over $1.25 of adjusted earnings per share in 2022.
Free cash flow for the quarter was $64.6 million, a 54% decline year-over-year due to increased working capital usage related to our high sales growth of 22%.
Turning to slide 15, you can see the outlook for 2021 in corporate items.
Corporate expense is now expected to be approximately $125 million, up from the previous estimate of $120 million.
The increase is wholly related to the vesting and cash settlement of our stock appreciation rights discussed earlier.
We expect depreciation and amortization expense to be approximately $210 million.
We still expect free cash flow conversion of approximately 120%.
For the full year, we continue to invest in our business and expect capital expenditures of approximately $150 million.
Net interest expense is still expected to be approximately $75 million for the year, and we still expect our tax rate to be approximately 25%.
Finally, restructuring is expected in 2021 to be approximately $20 million.
Entering the third quarter, we continue to be very optimistic about the remainder of 2021 from record backlogs at CCM to supportive trends in CIT aerospace markets to growing strength at CFT, coupled with excellent sourcing and price discipline and significant traction on our ESG journey, we are confident in our ability to deliver solid results for all Carlisle stakeholders.
For full year 2021, we anticipate the following: At CCM, as previously mentioned, the trends that began in Q3 2020 gain momentum as we moved into 2021.
We anticipate this momentum to carry over in the third and fourth quarters of 2021.
Considering this momentum, coupled with record backlogs stemming from project deferrals that occurred in 2020, positive momentum in our newer businesses of architectural metals and spray foam and expansion of our European business, we are increasing our anticipated revenue growth to high teens in 2021.
At CIT, we are encouraged by leading indicators trending positive, but it remains difficult to gauge when a complete recovery in commercial aerospace will occur.
Given a very difficult year-over-year comparison in the first and second quarters, we continue to expect CIT revenue will decline in the mid- to high single-digit range in full year 2021.
At CFT, with end market strengthening and improvements in the team's execution of our key strategies, we now expect mid-teens revenue growth in 2021.
And finally, for Carlisle as a whole, we are now increasing our expectations to mid-teens revenue growth in 2021.
As we pass the midpoint of 2021, we are tracking to deliver our Vision 2025 goals of $8 billion in revenues, 20% operating income and 15% ROIC, all driving to exceed $15 of earnings per share by 2025.
Despite lingering uncertainties around COVID, supply chain constraints, and what we perceive as near-term raw material inflation, Carlisle's employees across the globe remain focused on the execution of the strategies and key actions that support Vision 2025.
Our team continues to embody a positive and entrepreneurial spirit, a commitment to continuous improvement and a focus on delivering results for the Carlisle shareholder.
Given our 100-year-plus history and the resilience this company has shown in times of adversity and uncertainty, we remain confident in Carlisle's outlook, our strong financial foundation, cash-generating capabilities, unwavering commitment to our Vision 2025 strategic plan and to providing products and services essential to the world's needs.
This concludes our formal comments.

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q2 adjusted earnings per share $2.16.
compname says q2 adj earnings per share $2.16.

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