CARLISLE COMPANIES INC
For the period ended Mar 31, 2025. Filed Apr 24, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 24, 2025
CSL$375.74-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-25.
0000790051-24-000198
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-24.
0000790051-25-000097
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 79 previous paragraphs and 51 current paragraphs.
25 unchanged; 9 reworded; 17 added; 44 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 24 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
With perseverance and a commitment to achieving Vision 2030, our team overcame challenges from the continued softness in the residential construction market, the negative impact of this winter’s weather, and the significant economic uncertainty created by recent tariffs. Despite these headwinds, Carlisle delivered revenue of $1.1 billion, essentially flat year-over-year, with diluted EPS of $3.13. Better weather in March contributed to positive momentum that continues into April, the start of our U.S. summer construction season.
Current report
Despite the broad tariff actions, we remained relatively unaffected by the tariffs in the first quarter with over 90% of our raw materials sourced in North America and over 90% of our sales in North America. At the current levels, the tariffs should have a minimal impact in the second quarter. While the direct impact of the current tariffs may be limited, we do remain concerned regarding the increased potential for a further slowdown in the state of the U.S. economy in the second half of 2025.
Current report
Feedback from our latest Carlisle Market Survey (“CMS”) conducted in early April reinforces our positive outlook on the 2025 roofing season. Survey participants expect a low-single-digit increase in commercial roofing volumes, driven more by re-roofing than new construction demand. Participants also expect commercial roofing prices will increase low-single-digits with increases starting in the second quarter, consistent with prior expectations. Our survey results also suggest that inventory levels in the channel remain lower than normal due to higher carrying costs and economic uncertainty. Participants expect residential volumes will decrease low-single-digits due to continued buyer uncertainty, affordability challenges, higher interest rates and low housing turnover that has impacted this part of the industry since the second quarter of 2024.
Current report
Our acquisition playbook continues to deliver results. Our recent acquisitions of MTL Holdings LLC ("MTL"), PFB Holdco, Inc. ("PFB"), and select assets of ThermaFoam Operating LLC, PowerFoam LLC, and ThermaFoam Real Estate LLC, (collectively, "ThermaFoam") contributed $50 million of revenue in the first quarter, and we expect all three of these acquisitions to exceed our original synergy projections.
Current report
Consistent with our commitment to generate superior shareholder returns through a balanced capital deployment approach, we are raising our 2025 target level of share repurchases from $800 million to $1 billion. During the first quarter, we repurchased 1.2 million shares for $400 million.
Current report
As we move forward in 2025, we will continue to invest in accelerating our introduction of innovative energy-efficient and labor-saving solutions, improving the Carlisle Experience, and optimizing operating efficiencies through the Carlisle Operating System. Our recent innovation efforts are bolstering our Voice of the Customer process and accelerating our speed-to-market through initiatives like our innovation accelerator program that was recently announced.
Current report
Revenues were flat in the first quarter of 2025, primarily reflecting higher sales in our non-residential construction end-market of $19.3 million driven by recent acquisitions, partially offset by lower sales in our residential construction end-market of $15.7 million driven by lower construction activity and unfavorable weather conditions.
Current report
Gross Profit
Current report
Gross margin decreased in the first quarter of 2025, primarily due to lower sales volume in our CWT segment.
Current report
Interest Expense
Current report
Interest income decreased during the first quarter of 2025, primarily due to lower yields.
Current report
CCM’s revenue increased in the first quarter of 2025, primarily due to higher sales in the non-residential construction end-market of $16.0 million driven by the acquisition of MTL and positive end-market demand partially offset by the year-over-year impact of negative weather and lower carryover pricing from 2024. CCM’s operating margin and adjusted EBITDA margin decreased in the first quarter of 2025, primarily due to the lower carryover pricing from 2024.
Current report
CWT’s revenue decrease in the first quarter of 2025 primarily reflected lower sales in the residential construction end-market of $14.6 million, resulting from lower new construction activity and lower retail sales due to the drier-than-normal West Coast winter, partially offset by the acquisitions of PFB and ThermaFoam. CWT’s operating margin and adjusted EBITDA margin decrease in the first quarter of 2025 primarily reflected a decline in volumes.
Current report
We believe that our current cash reserves, available credit facilities, and anticipated operating cash flows are adequate to meet our short-term projected business requirements for at least the next 12 months and our long-term financial requirements, including the repayment of outstanding principal balances on existing notes by their respective maturity dates.
Current report
Additional sources of liquidity may be obtained through access to public markets, subject to market conditions. The Company may consider such access for purposes that include the repayment of outstanding debt and the funding of acquisitions. For further details regarding long-term debt, refer to Note 10.
Current report
Management retains discretion over the allocation of available cash and may deploy resources toward capital expenditures, acquisitions, strategic investments, dividends, or share repurchases.
Current report
Cash provided by operating activities of $1.8 million for the first three months of 2025 decreased by $161.7 million compared to the first three months of 2024, primarily due to lower income from continuing operations of $30.8 million and higher working capital uses of $108.5 million. Working capital usually increases in the first quarter as year-end liabilities are paid and the construction season ramps up. Compared to 2024, working capital uses increased by $29.1 million for accounts receivable due to timing of sales and $28.1 million for accounts payable due to timing of expenses and payments. Working capital uses also increased by $45.7 million for other current liabilities paid in the first quarter related to accrued employee incentive compensation and taxes payable that were higher at December 31, 2024 compared to December 31, 2023.
Removed paragraphs (44)
Previous report
Carlisle delivered another quarter of strong performance, despite a continued decline in residential markets along with the impact of weather-related and port strike events, which negatively impacted shipping days, contractor days on the roof and manufacturing output. We continued to execute on our Vision 2030 strategies, and we are pleased with our third quarter performance against our 2030 goals.
Previous report
CCM continued its strong momentum with its 2024 accomplishments into the third quarter, driven by healthy contractor backlogs, robust re-roofing activity, and excellent margin performance. CCM sales were up 9% year-over-year assisted by the inventory normalization in the channel and the acquisition of MTL Holdings LLC ("MTL"). CCM's 30.4% operating margin and 32.8% adjusted EBITDA margin in the third quarter reflected strong volume leverage, a positive raw material environment, and excellent operating execution through the Carlisle Operating System (COS).
Previous report
As we look at CWT’s performance, while we were pleased with progress on share gain initiatives within CWT, a higher interest rate environment, low housing turnover, and affordability challenges resulted in a further slowing of housing activity in the quarter. For the quarter, these challenges impacted sales and drove a decline of 3% year-over-year. Despite the near-term challenges facing CWT, we remain pleased and optimistic about the prospects for this segment.
Previous report
We continue to be encouraged by the positive long-term outlook in the North American building products markets and the strength of the Carlisle business model. Our pivot to a “pure play” building products company is delivering the expected outcomes and demonstrating our commitment to being superior capital allocators. Additionally, we believe that leveraging the megatrends around energy efficiency and labor savings, along with growing re-roof demand, and our introduction of innovative new products, are creating additional catalysts for growth. Similar to Vision 2025, we believe Vision 2030 positions us well to drive above-market growth and earn a premium in the marketplace.
Previous report
Carlisle remains committed to generating superior shareholder returns through our balanced capital deployment approach. This quarter, we repurchased 1.1 million shares of our common stock for $466.1 million and increased our dividend 18%, marking the 48th consecutive annual dividend increase.
Previous report
We are excited about our recent agreement to acquire PFB Holdco, Inc. ("Plasti-Fab"), which aligns with our Vision 2030 strategy to enhance our “best-in-class” building envelope product portfolio following the completion of our pivot to a “pure play” building products company earlier this year. The acquisition of Plasti-Fab establishes Carlisle as a leading manufacturer in the $1.5 billion North American expanded polystyrene insulation market and provides vertically integrated polystyrene capabilities to our Insulfoam business while adding scale, supporting retail channel growth, and filling key geographic gaps in the U.S. and Canada.
Previous report
Revenues increased in the third quarter and the first nine months of 2024, primarily reflecting higher sales in our non-residential construction end market of $102.2 million and $452.6 million, respectively, as continued inventory normalization and growing re-roof activity led to increased construction activity in the quarter and the year to date period.
Previous report
Gross Margin
Previous report
Gross margin as a percentage of revenues increased in the third quarter and the first nine months of 2024, driven primarily by volume leverage on strong sales growth in our CCM segment.
Previous report
Selling and administrative expenses increased in the first nine months of 2024, primarily driven by higher wage and benefit expenses of $34.2 million, increased sales and marketing expenses of $19.6 million due to increased commissions expense as a result of higher sales volumes and increased amortization expense of $8.9 million primarily from the acquisition of MTL.
Previous report
Other Operating Income, net
Previous report
Other operating income, net, decreased in the third quarter of 2024, primarily driven by a $1.5 million loss from litigation settlements in the third quarter of 2024.
Previous report
Other operating income, net, increased in the first nine months of 2024, primarily driven by a $5.0 million gain from an insurance settlement received in the second quarter of 2024.
Previous report
Operating Income
Previous report
Refer to Segment Results of Operations within this MD&A for further information related to segment operating income results.
Previous report
Interest Expense, net
Previous report
Interest income increased during the third quarter and the first nine months of 2024, primarily reflecting higher yields and a higher invested cash balance due to proceeds from the sale of Carlisle Interconnect Technologies ("CIT") in the second quarter of 2024.
Previous report
Other Non-operating (Income) Expense, net
Previous report
Other non-operating (income) expense, net, increased in the third quarter of 2024, primarily reflecting favorable changes to Rabbi Trust investments of $1.2 million and to foreign currencies against the U.S. Dollar of $0.7 million, partially offset by unfavorable changes to pension assets of $0.3 million.
Previous report
Other non-operating (income) expense, net, increased in the first nine months of 2024, primarily reflecting favorable changes to Rabbi Trust investments of $1.2 million, partially offset by unfavorable changes to pension assets of $0.8 million.
Previous report
(Loss) Income from Discontinued Operations
Previous report
(Loss) income from discontinued operations for the third quarter of 2024 primarily reflected legal matters related to Carlisle Interconnect Technologies ("CIT") and Carlisle Fluid Technologies ("CFT"), which were sold in May 2024 and October 2023, respectively, compared to full operating results from CIT and CFT product lines in 2023.
Previous report
(Loss) income from discontinued operations for the first nine months of 2024 primarily reflected the pre-tax gain on sale of the CIT business of $457.3 million and operating results of $56.2 million compared to the pre-tax loss on sale of the CFT business of $47.2 million, partially offset by operating results of $53.9 million from CIT and $17.5 million from CFT in the first nine months of 2023.
Previous report
Refer to Note 5 for further information on our discontinued operations.
Previous report
CCM’s revenue increase in the third quarter and the first nine months of 2024 primarily reflected higher sales in the non-residential end market of $82.4 million and $412.1 million, respectively, driven by inventory normalization and growing re-roof activity benefiting from pent-up demand. CCM’s operating margin and adjusted EBITDA margin increase in the third quarter and the first nine months of 2024 primarily reflected volume leverage on higher sales.
Previous report
CWT’s revenue decrease in the third quarter and the first nine months of 2024 primarily reflected lower sales in the residential end market of $31.9 million and $59.9 million, respectively, partially offset by higher sales in the non-residential end market of $19.8 million and $40.5 million, respectively.
Previous report
CWT’s operating margin and adjusted EBITDA margin decrease in the third quarter of 2024 primarily reflected higher operating costs to support longer term growth initiatives. CWT's operating margin and adjusted EBITDA margin stayed relatively flat in the first nine months of 2024.
Previous report
A summary of our cash and cash equivalents by region follows:
Previous report
We maintain liquidity sources primarily consisting of cash and cash equivalents as well as availability under our credit facilities. In the near term, cash on hand is our primary source of liquidity. The increase in cash and cash equivalents compared to December 31, 2023, is primarily related to proceeds from our sale of CIT and cash generated from operations, partially offset by cash used on share repurchases, the purchase of MTL, payment of dividends to stockholders and capital expenditures.
Previous report
In certain countries, our cash is subject to local laws and regulations that require government approval for conversion of such cash to U.S. Dollars, as well as for transfer of such cash, both temporarily and permanently outside of that jurisdiction. In addition, upon permanent transfer of cash outside of certain jurisdictions, primarily in Canada, we may be subject to withholding taxes, and as such we have accrued $6.3 million in anticipation of those taxes as of September 30, 2024.
Previous report
We believe we have sufficient cash on hand, availability under our credit facilities and operating cash flows to meet our anticipated business requirements for at least the next 12 months. At the discretion of management, the Company may use available cash on capital expenditures, dividends, acquisitions, strategic investments or repurchases, redemptions or retirements of securities, including our common stock.
Previous report
We also anticipate we will have sufficient cash on hand, availability under our credit facilities and operating cash flows to meet our anticipated long-term business requirements and to pay outstanding principal balances of our existing notes by the respective maturity dates. Another potential source of liquidity is access to public capital markets, subject to market conditions. We may access the capital markets for a variety of reasons, including to repay the outstanding balances of our outstanding debt and fund acquisitions. Refer to Note 12 for information on our long-term debt.
Previous report
Sources and Uses of Cash and Cash Equivalents
Previous report
We generated operating cash flows of $659.7 million for the first nine months of 2024 (including working capital uses of $200.6 million), compared to $812.4 million for the first nine months of 2023 (including working capital uses of $4.3 million). Lower operating cash flows of $152.7 million for the first nine months of 2024 primarily reflected lower operating cash provided by discontinued operations of $152.3 million and higher working capital uses of $196.3 million, partially offset by higher income from continuing operations of $175.5 million.
Previous report
The increase in working capital uses related to a decrease in cash from higher inventory investments in 2024 of $220.9 million, reflecting the end of destocking of inventory experienced in 2023 and increased construction activity, and accounts receivable of $11.8 million, reflecting higher sales volumes. The increase in working capital uses was partially offset by an increase in cash from accounts payable of $17.1 million, related to higher inventory investments, and in accrued expenses of $30.4 million, reflecting lower payments in the year for customer incentives, rebates and cash bonuses related to 2023 performance.
Previous report
Debt Instruments
Previous report
Revolving Credit Facility
Previous report
On April 3, 2024, the Company and Carlisle, LLC, as co-borrowers, entered into a Fifth Amended and Restated Credit Agreement (the "Credit Agreement") with JPMorgan Chase Bank, N.A. as administrative agent, and the lenders party thereto. The Revolving Credit Agreement provides for a $1.0 billion unsecured revolving line of credit with a maturity date of April 3, 2029 and amends and restates the Company's Fourth Amended and Restated Credit Agreement, which was scheduled to expire on February 5, 2025 (the "Prior Credit Agreement"). Refer to Note 12 for further information on the Credit Agreement.
Previous report
During the nine months ended September 30, 2024, borrowing and repayments under the Credit Agreement totaled $22.0 million with a weighted average interest rate of 8.50%. As of September 30, 2024 and December 31, 2023, the Company had no outstanding balance and $1.0 billion available for use under the Credit Agreement and Prior Credit Agreement, respectively.
Previous report
Debt Covenants
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Reworded paragraphs (9)
Previous wording
Carlisle Companies Incorporated (“Carlisle”, the “Company”, “we”, “us” or “our”) is a leading manufacturer and supplier of innovative building envelope products and solutions for more energy efficient buildings. Through our building products businesses, Carlisle Construction Materials ("CCM") and Carlisle Weatherproofing Technologies ("CWT"), and family of leading brands, we deliver innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Carlisle is committed to generating superior stockholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases.
Current wording
Carlisle Companies Incorporated (“Carlisle”, the “Company”, “we”, “us” or “our”) is a leading supplier of innovative building envelope products and solutions for more energy efficient buildings. Through our building products businesses, Carlisle Construction Materials ("CCM") and Carlisle Weatherproofing Technologies ("CWT"), and family of leading brands, we deliver innovative, labor reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Carlisle is committed to generating superior stockholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases.
Previous wording
Selling and administrative expenses increased in the third quarter of 2024, primarily driven by higher wage and benefit expenses of $11.6 million, increased sales and marketing expenses of $7.0 million due to increased commissions expense as a result of higher sales volumes and increased amortization expense of $4.6 million primarily from the acquisition of MTL.
Current wording
Selling and administrative expenses increased in the first quarter of 2025, primarily due to higher wage and benefit expenses of $10.7 million, amortization expense of $7.2 million, and acquisition costs of $5.3 million, all driven by the acquisitions of MTL, PFB and ThermaFoam.
Previous wording
Research and development expenses were higher in the third quarter and the first nine months of 2024, primarily reflecting higher new product development expenses at our CCM segment ($0.6 million in the third quarter and $5.0 million in the first nine months of 2024) and CWT segment ($0.3 million in the third quarter and $0.9 million in the first nine months of 2024). The increase in research and development expenses is consistent with a key pillar of Vision 2030 to drive innovation, with a commitment to investing in the creation of new products and solutions that add value through advancements in sustainability and energy and labor efficiencies.
Current wording
Research and development expenses increased in the first quarter of 2025, primarily due to higher new product development expenses. The increase in research and development expenses is consistent with a key pillar of Vision 2030 to drive innovation with a commitment to investing in the creation of new products and solutions that add value through advancements in sustainability and energy and labor efficiencies.
Previous wording
Interest expense, net of capitalized interest, decreased in the third quarter and the first nine months of 2024, primarily reflecting lower long-term debt balances associated with the redemption of $300.0 million of our 0.55% unsecured senior notes in September 2023. Refer to Note 12 for further information on our long-term debt.
Current wording
Interest expense decreased in the first quarter of 2025, primarily due to lower long-term debt balances associated with the redemption of $400.0 million of 3.50% notes in December 2024. Refer to Note 10 for further information on our long-term debt.
Previous wording
The increase in provision for income taxes on continuing operations for the first nine months of 2024, primarily reflected higher pre-tax income. The year-to-date provision for income taxes included taxes on earnings at an anticipated rate of 23.7% and a tax benefit of $9.2 million of discrete activity primarily related to excess tax benefits from employee stock compensation.
Current wording
The provision for income taxes on continuing operations decreased during the first quarter of 2025, primarily due to lower pre-tax income. The year-to-date provision for income taxes included taxes on earnings at an anticipated rate of 23.3% and a tax benefit of $5.8 million from discrete activity primarily related to reduced prior year tax liabilities and excess tax benefits from employee stock compensation.
Previous wording
This segment produces a complete line of premium energy-efficient single-ply roofing products and warranted roof systems and accessories for the commercial building industry, including ethylene propylene diene monomer
Current wording
This segment produces a complete line of premium energy-efficient single-ply roofing products and warranted roof systems and accessories for the commercial building industry, including ethylene propylene diene monomer ("EPDM"), thermoplastic polyolefin ("TPO") and polyvinyl chloride ("PVC") membrane, polyisocyanurate ("polyiso") insulation, and engineered metal roofing and wall panel systems for commercial and residential buildings.
Previous wording
Cash provided by investing activities of $1,508.9 million for the first nine months of 2024 primarily reflected proceeds from the sale of CIT, net of cash disposed, of $1,998.0 million, offset by the purchase of MTL for $414.3 million, net of cash acquired, and capital expenditures of $76.7 million. Cash used in investing activities of $86.7 million for the first nine months of 2023 primarily reflected capital expenditures of $106.3 million, partially offset by the sale of equipment of $18.7 million.
Current wording
Cash used in investing activities of $78.9 million for the first three months of 2025 primarily reflected the purchase of ThermaFoam for $52.9 million and capital expenditures of $29.0 million. Cash used in investing activities of $32.0 million for the first three months of 2024 primarily reflected capital expenditures of $32.5 million.
Previous wording
Cash used in financing activities of $1,242.9 million in the first nine months of 2024 primarily reflected share repurchases of $1,166.1 million and cash dividend payments of $127.4 million, reflecting the increased quarterly dividend of $1.00 per share, partially offset by net proceeds of $55.4 million from the exercising of stock options. Cash used in financing activities of $994.5 million during the first nine months of 2023 primarily reflected share repurchases of $580.0 million, the repayment of senior notes of $300.0 million and cash dividend payments of $119.3 million.
Current wording
Cash used in financing activities of $456.4 million in the first three months of 2025 primarily reflected share repurchases of $400.0 million and cash dividend payments of $45.2 million ($1.00 per share). Cash used in financing activities of $166.1 million in the first three months of 2024 primarily reflected share repurchases of $150.0 million and cash dividend payments of $41.5 million ($0.85 per share), partially offset by net proceeds of $26.3 million from the exercise of stock options.
Previous wording
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "intends," "forecast," and similar expressions, and reflect our expectations concerning the future. Such statements are made based on known events and circumstances at the time of publication and, as such, are subject in the future to unforeseen risks and uncertainties. It is possible that our future performance may differ materially from current expectations expressed in these forward-looking statements, due to a variety of factors such as: increasing price and product/service competition by foreign and domestic competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; our mix of products/services; increases in raw material costs that cannot be recovered in product pricing; domestic and foreign governmental and public policy changes, including environmental and industry regulations; the ability to meet our goals relating to our intended reduction of greenhouse gas emissions, including our net zero commitments; threats associated with and efforts to combat terrorism; protection and validity of patent and other intellectual property rights; the identification of strategic acquisition targets and our successful completion of any transaction and integration of our strategic acquisitions; our successful completion of strategic dispositions; the cyclical nature of our businesses; the impact of information technology, cybersecurity or data security breaches at our businesses or third parties; the outcome of pending and future litigation and governmental proceedings; the emergence or continuation of widespread health emergencies such as the COVID-19 pandemic, including, for example, expectations regarding their impact on our businesses, including on customer demand, supply chains and distribution systems, production, our ability to maintain appropriate labor levels, our ability to ship products to our customers, our future results, or our full-year financial outlook; and the other factors discussed in the reports we file with or furnish to the Securities and Exchange Commission from time to time. In addition, such statements could be affected by general industry and market conditions and growth rates, the condition of the financial and credit markets and general domestic and international economic conditions, including inflation and interest rate and currency exchange rate fluctuations. Further, any conflict in the international arena, including the Russian invasion of Ukraine and war in the Middle East, may adversely affect general market conditions and our future performance. Any forward-looking statement speaks only as of the date on which that statement…
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Current wording
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "intends," "forecast," and similar expressions, and reflect our expectations concerning the future. Such statements are made based on known events and circumstances at the time of publication and, as such, are subject in the future to unforeseen risks and uncertainties. It is possible that our future performance may differ materially from current expectations expressed in these forward-looking statements, due to a variety of factors such as: increasing price and product/service competition by foreign and domestic competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; our mix of products/services; increases in raw material costs that cannot be recovered in product pricing; domestic and foreign governmental and public policy changes including environmental and industry regulations; the ability of our customers to maintain appropriate labor levels under U.S. immigration laws, policies and practices; the ability to meet our goals relating to our intended reduction of greenhouse gas emissions, including our net zero commitments; threats associated with and efforts to combat terrorism; protection and validity of patent and other intellectual property rights; the identification of strategic acquisition targets and our successful completion of any transaction and integration of our strategic acquisitions; our successful completion of strategic dispositions; the cyclical nature of our businesses; the impact of information technology, cybersecurity, artificial intelligence or data security breaches at our businesses or third parties; the outcome of pending and future litigation and governmental proceedings; the emergence or continuation of widespread health emergencies, including, for example, expectations regarding their impact on our businesses, including on customer demand, supply chains and distribution systems, production, our ability to maintain appropriate labor levels, our ability to ship products to our customers, our future results, or our full-year financial outlook; and the other factors discussed in the reports we file with or furnish to the Securities and Exchange Commission from time to time. In addition, such statements could be affected by general industry and market conditions and growth rates, the condition of the financial and credit markets and general domestic and international economic conditions, including inflation and interest rate and currency exchange rate fluctuations. Further, any conflict in the international arena, including the Russian invasion of Ukraine and war in the Middle East, may adversely affect general market condit…
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Previous report — wording carried elsewhere
("EPDM"), thermoplastic polyolefin ("TPO") and polyvinyl chloride ("PVC") membrane, polyisocyanurate ("polyiso") insulation, and engineered metal roofing and wall panel systems for commercial and residential buildings.