You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Today's call will begin with a business update from Chris, highlighting third quarter results, current trends and context around our continued progress toward achieving our strategic plan, Vision 2025.
Bob will discuss the financial details of Carlisle's third quarter performance and current financial position.
Those considering investing in Carlisle should read these statements carefully and review reports we file with the SEC before making an investment decision.
With that, I introduce Chris Koch, Chairman, President and CEO of Carlisle.
I can start by saying I hope all of you, your families, coworkers and friends are returning to some semblance of your pre-pandemic lives while remaining safe and healthy.
As you all know very well, the challenging and uncertain environment that we have experienced since the pandemic began in early 2020 continued through the third quarter of 2021.
This year has truly been a story of two halves.
When we entered 2021, global prospects remained highly uncertain, new virus mutations were occurring, and we were slowly and unevenly emerging from lockdowns.
Entering the second quarter, the rollout of vaccine started to gain momentum as access to vaccines became widespread and the extraordinary stimulus being injected into the global markets took hold.
We began to turn a corner and slowly return to our pre-pandemic activity, which in turn drove increased economic growth in the world that was woefully unprepared to absorb the rates of gain.
And during factory shutdowns, stressed labor markets and lack of supply manifested themselves in increased inflation, the major challenges to normal business operations.
These dynamics, coupled with the Delta variant spiking in the summer months and effects of Hurricane Ida made the third quarter even more challenging.
Carlisle's team leveraged our continuous improvement culture, exhibiting grit and determination to deliver on the Carlisle Experience, which I'm happy to report drove outstanding performance, including record third quarter revenue.
Simply put, we have asked a lot of our employees over the past 1.5 years, and the team has risen to the occasion every time, especially in the third quarter.
There's no doubt, everyone at Carlisle is working on solutions and innovative approaches to help alleviate the pressures and deliver for our stakeholders as strong order trends across our businesses suggest demand will remain strong as we close out 2021 and continue through 2022.
That said, we do expect supply chain issues to ease slightly in the fourth quarter and gain more traction early next year, with a better balance being achieved perhaps by mid-2022.
Over the last several years and in particular through the pandemic, Vision 2025 has ensured clarity of mission and consistent direction for our entire organization.
In the third quarter, we successfully delivered on our key pillars of Vision 2025, including driving organic growth in excess of 5%.
In the third quarter, we delivered over 19% organic growth for the company.
As we rebound off the COVID-induced lows in last year and look forward to the prospects for growth across our business segments, we remain very confident in our ability to generate targeted mid-single-digit organic growth CAGR through 2025.
An important component of organic growth is demonstrated price leadership.
We've always focused on earning price in the marketplace by delivering on the Carlisle Experience, which means providing our distributors, contractors and other channel partners with innovative products of the best quality at the right place, at the right time and as efficiently as possible.
We couldn't do that without diligent planning and collaboration with our suppliers to ensure a steady flow of our necessary inputs.
And while extremely challenging in the third quarter, this collaboration proved particularly valuable in this uncertain environment.
Our ability to anticipate these challenges, especially this year, and maintain a proactive posture on pricing has enabled us to provide a high level of service to our channel and to our end user contractor base.
Through a disciplined and proactive approach, we are successfully navigating the current inflationary environment.
In the third quarter, we more than offset the significant raw material and freight cost increases experienced in CCM with pricing and notably are on track to be price-cost neutral for the full calendar year 2021.
Another important pillar of Vision 2025 is to build scale in our higher-returning businesses through acquisitions.
Since the inception of Vision 2025, we've expanded into polyurethanes with the 2017 acquisition of Accella.
We've moved into Architectural Metals with the 2018 and 2019 acquisitions of Drexel and Petersen, respectively.
And most recently, expanded into weather, vapor, air and energy barrier systems with the acquisition of Henry Company in the third quarter.
Henry not only clearly demonstrates our strategy of expanding further into the Building Envelope, but also highlights our drive to increase the content of energy-efficient products in our portfolio.
As a reminder, buildings account for approximately 30% to 40% of annual global greenhouse gas emissions.
Henry's weather, vapor, air and energy barrier systems contribute to the reduction of these emissions.
One example of this is Henry's Air and Vapor barrier product called Blueskin.
Blueskin prevents uncontrolled air leakage and can yield up to 30% savings on heating and cooling costs.
With accelerating demand for energy-efficient products made for more sustainable buildings in the future, we will continue to emphasize the development of products that help reduce the carbon emissions of buildings, positively impacting the environment.
Finally, in the third quarter, we also continued to execute on our Vision 2025 capital deployment strategy.
Despite closing on Henry, which was the largest acquisition in Carlisle's history, we continue to repurchase shares, spending $25 million during the third quarter and bringing our total repurchases year-to-date to $291 million.
As a reminder, since 2016, we have had over $1.8 billion in share repurchases.
We also anticipate continuing our long history of consistently raising our dividend, which we did again in August, marking the 45th consecutive year of increases.
We are very proud of the near half century of stability in our business model that affords us the ability to consistently return capital to shareholders.
Turning to slide four and transitioning to our ESG efforts.
As we close out 2021, we continue to make steady progress and are performing audits to establish baseline data at our manufacturing facilities, identify opportunities for energy, waste, water and greenhouse gas reduction and establish achievable reduction targets for the future based on real, measurable and impactful actions.
With the Carlisle Operating System core to our culture is a key driver of our success, continuous improvement applies to our ESG efforts as well.
We're utilizing the Carlisle Operating System toolkit and processes to establish ESG goals and targets, which among many benefits will result in meaningful reductions in our emissions and energy consumption.
We will set and publish these targets in the coming year.
Citing a few notable ESG projects with impactful results that progressed in the third quarter.
We started recycling production materials made of paper such as facer, cardboard, office wastepaper from our Carlisle, Pennsylvania campus back into our polyiso insulation products in mid-2020.
Throughout 2021, we've expanded this program to three more CCM manufacturing sites around the U.S. And through the third quarter, we have recycled nearly one million pounds of what would have been waste back into our insulation products.
Another effort has been to upgrade our factories with more efficient LED lighting.
Throughout 2021, we have added LEDs and motion controls at many factories, saving more than 3.5 million kilowatt-hours of electricity, which translates into a reduction of close to 1,300 metric tons of greenhouse gases.
In an exciting new program, we plan to upgrade our expanded polystyrene facility in Dixon, California, to enable production using 100% recycled materials by the end of next year.
We'll have the ability to recycle as much as 150 tons of our production and customer scrap annually, which avoids significant waste from entering landfills.
Subsequent expansion of the facility will provide for the recycle of any earnings per share product away from any source.
I was in Dixon this fall -- or at the beginning of this fall, and I was really pleased with what the team was doing and the fact that this initiative was driven by the folks in the facility there.
And we're proud to see ESG moving through our entire company with such momentum.
Turning to slide five.
Our performance in the third quarter of 2021 evidence is solid execution.
Revenue increased 25% year-over-year with organic revenue up over 19%.
All segments contributed to this growth.
Adjusted earnings per share increased 27% year-over-year to $2.99 as higher volumes and price and cost discipline more than offset inflation during the quarter.
And let me provide some additional divisional highlights, starting with CCM.
Our Construction Materials business delivered an outstanding quarter despite the severe challenges across its supply chain.
CCM's organic growth in the third quarter was over 23% year-over-year.
And notably, organic sales were close to 14% higher than the third quarter of 2019.
CCM continues to benefit from a growing backlog fueled by the strong reroofing cycle in the U.S., which we estimate will grow from a market size of $6 billion to $8 billion in the next decade and with an ever-increasing emphasis on the energy efficiency of buildings, our proactive pricing actions and our investments in expanding our presence in the Building Envelope.
We believe CCM's third quarter results on top of their performance through the pandemic support our view that replacing a roof can only be postponed for so long, ensuring that the underlying demand trends are very much intact.
On slide six, you can see how we're continuing into and expanding the Building Envelope, providing solutions from the ground-up.
Our increasing focus on the Building Envelope is exemplified by our recent acquisition of Henry, which delivered excellent results in its first month with Carlisle, and the integration thus far has been very smooth.
As the integration has progressed, we've really become more appreciative of Henry's seasoned management team, which is executing all fronts -- on all fronts and already proving to be a great addition to Carlisle.
With similar cultures around innovation, pricing to value, focus on customers and continuous improvement and strong results out of the gate, we are increasingly confident in Henry's ability to exceed our preliminary forecast of $1.25 in adjusted earnings per share accretion in 2022.
We're also pleased with our other growing platforms that represent our initial expansion efforts into the Building Envelope.
Architectural Metals and polyurethanes were both up over 35% in the quarter and continue to progress well on profitability improvements.
And regarding our presence and our expansion geographically, our new CCM European leadership team continues to make really good progress growing the core business, improving their profitability and driving new energy-efficient product introductions.
And our recent investments to expand our capacity in our Waltershausen, Germany facility will only serve to support that growth.
Lastly, on CCM drivers, given our history of price leadership, proactive approach to pricing coming into 2021 and actions taken year-to-date, we're very pleased that pricing more than offset raw material and freight cost inflation in the quarter.
Our multiyear focus on price began in 2016, gained traction in 2017 and continued to evolve.
This evolution has resulted in a more robust and comprehensive pricing management philosophy and execution at CCM, which demonstrated its power during the inflationary environment in 2021.
And finally, I'd like to take a moment to note that our results could not have been generated without the stellar work of our sourcing team at CCM.
They're doing an excellent job ensuring CCM is able to produce all it can, especially as demand across product lines is showing no signs of slowing.
Ultimately, their hard work contributes significantly to our ability to deliver the Carlisle Experience.
Moving to slide eight.
At CIT, third quarter revenue grew 6% year-over-year, evidence of continued progress in both CIT's Commercial Aerospace and Medical Technology platforms.
The Commercial Aerospace backlog has now reached levels not seen since May of 2020, which is a significant milestone.
We're encouraged by the growing demand related to narrow-body production, driven by a steady rebound in air travel domestically.
And longer term, when demand for wide-body production returns, CIT is well positioned to capture and leverage that growth.
Over the last several quarters, CIT has taken significant restructuring actions such as closing our facility in Kent, Washington to drive improved profitability.
The impact of these actions has shown over the past several quarters, driving CIT's profitability on an adjusted EBIT basis to swing positive during the quarter.
Now on the Medical side, record revenues supported CIT's sequential and year-over-year revenue growth as hospital capital spending has resumed.
Longer term, as our Medical business gains momentum and adds to its record backlog, we believe the platform is well positioned to drive and leverage mid- to high single-digit annual growth going forward.
On CFT, given its reenergized commitment to new products, improved operational efficiencies, price realization from earning the value of innovation and an improved customer experience, CFT generated revenue growth of 9% year-over-year and adjusted EBIT growth of 16% year-over-year in the third quarter.
CFT is benefiting from increasing industrial capital expenditures across its end markets despite supply chain issues in the automotive markets.
It's also making solid progress integrating and growing its newer platforms of Sealants & Adhesives, Foam and Powder.
With the focus on innovation, a leader cost structure and a push into automation, we are optimistic about CFT's ability to generate sustainable value creation by driving and leveraging solid growth and healthy incremental margins.
We expect the team to continue executing on its Vision 2025 growth strategy and to deliver continued improvement in the fourth quarter and certainly next year and beyond.
As Chris mentioned earlier, we had a strong third quarter.
There are some items -- several items that I'm especially pleased with: CCM's ability to offset challenging operating cost conditions by focusing on delivering Carlisle Experience, the growing backlog at CIT and CFT, our successful senior notes issuance, our disciplined approach to capital deployment in the form of share repurchases and dividends, continued investment in our high ROIC businesses to drive organic growth, and finally, our portfolio optimization actions, including divesting CBF and the acquisition of Henry Company.
Revenue was up 25% in the third quarter, driven by volume growth at all of our businesses, price and the acquisition of Henry.
Organic revenue was up 19%, driven by CCM, which delivered 23.3% organic growth.
Acquisitions contributed 4.8% of sales growth for the quarter, and FX was a 30 basis point tailwind.
On slide 10, we have provided an adjusted earnings per share bridge.
We can see third quarter adjusted earnings per share was $2.99, which compares to $2.35 last year.
Volume, price and mix combined accounted for $2.15 of the year-over-year increase.
Raw material, freight and labor costs were a $1.75 year-over-year headwind.
Interest and tax together were a $0.05 tailwind.
Share repurchases contributed $0.06.
And higher opex was an $0.11 headwind year-over-year.
At CCM, the team again delivered outstanding results, with revenues increasing 29%, driven by volume, price, contributions from Henry, along with a 10 basis point foreign currency translation tailwind.
All of CCM's product lines delivered double-digit percentage growth.
CCM effectively managed raw material inflation headwinds experienced in the quarter with disciplined pricing, proactive sourcing and allocating products to the strategic customers.
Adjusted EBITDA margin at CCM was 22.6% in the third quarter, a 240 basis point decline from last year, driven by higher raw material prices, labor inflation and a return to more normalized SG&A spending, partially offset by volume, price and COS savings.
We continue to anticipate net neutral price cost for the full year.
Adjusted EBITDA grew 16.6% to $240.5 million, again demonstrating the earnings power of our CCM business.
CIT revenue increased 6.1% in the third quarter.
As we expected, CIT returned to growth and promisingly returned to profitability on an adjusted basis.
CIT's Commercial Aerospace backlog has consistently grown in 2021 and has now surpassed second quarter 2020 levels.
CIT's Medical platform continues to build a robust pipeline of revenue-generating products with increasing backlog.
The team delivered record sales in this business in the third quarter, and we continue to expect sequential improvement from pent-up demand as the impacts of COVID on hospital capex and postponed elective surgeries ease.
CIT's adjusted EBITDA margin improved year-over-year 13%, driven by Commercial Aerospace and Medical volume recovery, along with COS, partially offset by raw material and labor inflation.
Given the positive indicators and actions undertaken in 2020 and 2021 to rightsize the business, we are optimistic that CIT is positioned to leverage a return to growth over the coming quarters and years.
While mix influences and timing of channel inventory depletion are our biggest watch items, we remain confident in CIT's ability to manage through these, ensuring greater leverage to the recovery in the coming quarters and years, with the line of sight to profitability exceeding pre-pandemic levels as demand returns.
Turning to slide 13.
CFT's sales grew 9.4% year-over-year.
Organic revenue improved 6.3%.
Additionally, acquisitions added 0.9% in the quarter, and FX contributed 2.2%.
CFT is well positioned to accelerate through the recovery due to continued stabilization in end markets, driven by an improved industrial capital spending outlook, coupled with new product introductions, which have included $12.4 million of incremental new product sales in 2021 year-to-date, along with pricing results.
Adjusted EBITDA margins of 15.3% or 40 basis point decline year-over-year.
This decline was driven by labor inflation and higher operating costs, partially offset by volume, price and mix.
On slide s 14 and 15, we show selected balance sheet metrics.
Our balance sheet remains strong.
We ended the quarter with $296 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 124,000 shares for $25 million, bringing our 2021 year-to-date total to 1.7 million shares for $291 million.
We paid $28 million in dividends in the third quarter, bringing our '21 total to $84 million.
We invested $34 million of capex into our high-returning businesses to drive organic growth, bringing our 2021 total to $89 million.
Finally, we had a successful debt issuance of $850 million of senior notes at a weighted average coupon of 1.6%, which lowered Carlisle's cost of debt from 3.35% to 2.85%.
In addition, as has been noted, we completed the purchase of Henry Company for $1.575 billion.
Henry is expected to deliver approximately $100 million in free cash flow on our first full year of ownership.
We expect meaningful cost synergies of $30 million annually by 2025.
Finally, we expect Henry to be immediately accretive to Carlisle's EBITDA margin, adding over $1.25 of earnings per share in 2022.
Free cash flow for the quarter was $82 million, a 55% decline year-over-year due to increased working capital usage related to our 25% revenue growth in the quarter.
Turning to slide 16.
You can see the outlook for 2021 and corporate items.
Corporate expense is now expected to be approximately in the $120 million to $122 million range, slightly lower than our previous estimate of $125 million.
We expect depreciation and amortization expense to be approximately $230 million, which now reflects the Henry acquisition.
We expect free cash flow conversion to be in the 105% to 110% range, slightly lower than our previous estimate, primarily due to high-cost raw materials that we are holding in inventory.
We now expect capital expenditures of approximately $125 million, lower than previous estimates mostly due to timing.
Net interest expense is now expected to be approximately $94 million for the year, higher than previous guidance due to our debt issuance in the quarter.
We continue to expect our tax rate to be approximately 25% for the year.
And finally, we expect restructuring expense to be approximately $15 million to $20 million in 2021.
Entering the third quarter, we continue to be optimistic about the remainder of 2021 and the first half of 2022.
There are numerous reasons for this optimism, including record backlogs at CCM, supportive trends in CIT's aerospace markets, growing strength at CFT, improvements in our supply chain, the impact of positive and proactive pricing actions and significant traction on our ESG journey, all the while leveraging COS and the Carlisle Experience to deliver innovative products to our customers.
For these reasons, we're confident in our continued ability to deliver results for all Carlisle stakeholders.
For full year 2021, we anticipate the following: at CCM, the underlying reroofing trends that have provided a solid foundation for growth over the past decade picked up in the second half of 2021 after a pause in 2020.
Through the pandemic, we continue to invest in CCM in order to ensure we would be ready when demand returned.
In addition, our expansion further into the Building Envelope, the increasing importance of energy-efficient products, contributions from Henry and our proactive pricing actions have positioned CCM well for continued growth over the coming quarters.
Considering this momentum, we are increasing our anticipated revenue growth to mid-20% in 2021.
At CIT, we are encouraged by the recovery in narrow-body commercial aircraft.
While this first step to recovery is encouraging, demand for wide-body aircraft, driven by international travel, remains muted in 2021.
We anticipate this demand will return to previous levels as COVID concerns subside and countries relax their travel restrictions.
In addition, CIT's Medical business has built a record backlog.
Taken together and coupled with significant restructuring at CIT over the past 18 months, CIT is now positioned to take advantage of the ongoing recovery.
We continue to expect sequential improvements and now expect CIT revenue will only decline in the mid-single-digit range in full year 2021.
At CFT, with end markets strengthening due to increasing industrial capital expenditures and improvements in the team's execution of our key strategies, including new product introductions, accelerating growth in our new platforms and price discipline, we continue to expect mid-teens revenue growth in 2021.
And finally, for Carlisle as a whole, we are now increasing our expectations to deliver high teens revenue growth in 2021.
As we progress through the final quarter of 2021, we are tracking to deliver a record year despite one of the most challenging time periods in our history.
We remain committed to 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 the continued uncertainties around COVID, stressed supply chains, raw material shortages, labor inflation and winter weather, Carlisle's resilient employees have adhered to our COVID protocols, shown respect for each other in the workplace, focused on safety, most importantly, remain focused on delivering results for all our Carlisle stakeholders.
With that, we'll conclude our formal comments, Bethany.

user
q3 adjusted earnings per share $2.99.

assistant