This Company Just Hit 50 Straight Years of Dividend Increases. Its CEO Says That's Not Even the Real Story.
Key Points
Carlisle recently notched its 50th consecutive annual dividend increase.
As impressive as that is, there's an even bigger story investors need to see.
- 10 stocks we like better than Carlisle Companies ›
Congratulations to Carlisle Companies (NYSE: CSL), which recently notched its 50th consecutive annual dividend increase. In doing so, it joined the elite group of Dividend Kings, companies with 50 or more consecutive annual dividend increases.
While Carlisle's CEO Chris Koch acknowledged the distinction in a press release, he doesn't see dividend growth as the real story for the roofing-products company. Instead, he noted that it's a capital allocation story.
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50 years of growing shareholder value
Carlisle Company's Board of Directors recently approved a 14% increase in its quarterly dividend from $1.10 to $1.25 per share ($5.00 annualized). That's an impressive growth rate for a company that has now increased its dividend every year for five decades. It's a milestone that fewer than 60 currently listed U.S. public companies have reached.
CEO Chris Koch highlighted in the press release that the "50th consecutive annual dividend increase reflects the durability of Carlisle's business model, and the dedicated management teams that have led this business since 1976." However, he quickly pivoted to what he believes is an even bigger story. The CEO stated: "Carlisle is best understood not merely as a roofing-products company but as a capital-allocation story. For more than five decades, through recessions, market cycles, and the transformation of our portfolio into a pure-play building products company, we have sustained a relentless focus on ROIC, strong cash generation, and consistently returning capital to our shareholders."
Carlisle hasn't just increased its dividend with token raises; it has grown it at a brisk 14% compound annual rate since 2011. Meanwhile, the company has repurchased 28% of its outstanding shares since 2018. It has also invested in growth through new products and innovations, while making value-enhancing acquisitions. Its capital allocation prowess has created significant value for shareholders. Since 1990, Carlisle has delivered a 15.7% annualized total return, crushing the S&P 500's 11% return. It's one of those rare companies that knows how to grow value for its shareholders over the long haul, which is even more impressive than its 50-year dividend growth streak.
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Matt DiLallo has positions in Carlisle Companies. The Motley Fool has positions in and recommends Carlisle Companies. The Motley Fool has a disclosure policy.
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