Carlisle Companies Incorporated (CSL) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 27, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon. My name is Frances and I will be your conference operator today. At this time, I would like to welcome everyone to the Carlisle Companies First Quarter 2023 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Mr. Jim Giannakouros, Carlisle's Vice President and Investor Relations. Jim, please go ahead.

Jim Giannakouros

Thank you. Good afternoon, everyone and welcome to Carlisle's first quarter 2023 earnings conference call. We released our first quarter financial results after the market closed today. And you can find both our press release and earnings call slide presentation in the Investor Relations section of our website, carlisle.com. With me today are Chris Koch, Chair, President and Chief Executive Officer; and Kevin Zdimal, our Chief Financial Officer. Today's call will begin with Chris providing highlights of our first quarter results and a discussion of our current business outlook and Kevin will discuss additional financial details and update you on our outlook for 2023. Following our prepared remarks, we will open up the line for questions.

But before we begin, please refer to Slide 2 of our presentation, where we note that comments today will include forward-looking statements based on current expectations. Actual results could differ materially from these statements due to a number of risks and uncertainties which are discussed in our press release and SEC filings. As Carlisle provides non-GAAP financial information, we've provided reconciliations between GAAP and non-GAAP measures in our press release and in the appendix of our presentation materials which are available on our website.

With that, I will turn the call over to Chris.

Chris Koch

Thank you, Jim. Good afternoon, everyone and thank you for joining us on our first quarter 2023 earnings call. Please turn to Slide 3.

Let me begin my commentary by complementing the global Carlisle team on their effort and hard work during a challenging first quarter. Their commitment to our continuous improvement culture and steadfast dedication to delivering the Carlisle experience to our customers are some of our greatest assets and positions Carlisle extremely well in our efforts to continue to create significant value for all of our stakeholders.

On our year-end 2022 call, we noted that the first quarter would be a challenge due to tough year-over-year comparisons for CCM, the normalization of buying patterns in the channel, significant inventory of both distribution and contractors and potential weather disruptions occurring in much of the country.