-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
Carlisle Companies (CSL) posted Q1 adjusted EPS of $3.63 vs. $3.61 (+1%), well ahead of the $3.34 consensus. The quarter was characterized by stronger-than-expected margins, as revenue fell 4% to $1.05B ($11M below consensus) and adjusted EBIT margin expanded 30 bps to 17.1% (100 bps ahead of consensus). We thought the margin improvement was impressive considering volume headwinds. CSL's CCM segment (~72% of total revenue in Q1) posted a 5% revenue decline to $758M, but adjusted EBITDA margin expanded 30 bps to 27.4% despite lower volumes. The CWL segment (~28% of total revenue) recorded a 1% top-line decline to $294M, and adjusted EBITDA margin compressed 40 bps to 15.2% Management reiterated full-year guidance and returned $296M to shareholders in Q1 via $250M in share buybacks and $46M in dividends. CSL shares traded 7% higher after the release on Thursday. In our view, the biggest positive was the margin expansion of the CCM segment, which came despite a 5% revenue decline.