We are very much on track to exceed the $15 of earnings per share targeted in Vision 2025.
As a reminder, CCM sales were down approximately 20% in the second quarter of last year.
That positive momentum drove 28% organic growth year-over-year at CCM in the second quarter of this year and added to a significant and growing backlog.
A few recently announced examples of our steadfast commitment to CCM's future include our plans to invest more than $60 million to build a state-of-the-art facility in Sikeston, Missouri where we will manufacture energy-efficient polyiso insulation; we're also constructing our sixth TPO manufacturing line in Carlisle, PA, which will produce the commercial roofing industry's first 16-foot wide TPO membranes.
And in the second quarter, COS delivered 1% savings as a percent of sales and continued to further its role as a culturally unifying continuous improvement foundation for Carlisle employees globally.
Since 2016, we have returned over $1.8 billion in share repurchases alone.
Driven by the growing strength in our CCM business and momentum building at CFT, our revenue increased 22% year-over-year.
CCM had outstanding performance, growing revenue 28% year-over-year.
Partially offsetting this growth was commercial aerospace, which continues to weigh on CIT with revenues declining 8% year-over-year in the quarter.
We maintain our strong conviction in the sustainability of reroofing demand in the U.S. where we continue to expect the market to grow from $6 billion to $8 billion in the next decade.
These investments have totaled over $300 million in the past five years.
We also continue to invest in best-in-class education for our channel partners on the latest roofing products and installation best practices, including over 20,000 hours of virtual learning courses during the pandemic.
I mentioned our world-class customer service team that processed over 65,000 orders in the second quarter, a remarkable feat at nearly 2 times the normal quarter's activity.
Despite a difficult past 18 months, the CIT team is taking significant actions to position CIT to be stronger when the market rebounds.
We continue to see some light at the end of the tunnel evidenced by improving leading indicators for commercial aerospace, including the expanding vaccine rollout, numbers of TSA daily screenings increasing from a low of 20% of normal last year to over 80% in July; growing activity at our aircraft manufacturers; and corresponding improvements in CIT's order books.
Henry delivered revenues of $511 million and adjusted EBITDA of $119 million or 23% margin in the last 12 months ended May 31, 2021.
Bob will review more of the financial details related to Henry later in the call, but we expect Henry to add more than $1.25 of adjusted earnings per share in 2022.
Carlisle has been a member of the PwC-led CEO Action for Diversity & Inclusion since 2018 and an organization that now includes over 2,000 CEO signatories.
In order for Carlisle employees to participate in our ongoing success, we issued a special stock option grant or equity equivalent of 100 shares to employees on May 2, 2018.
Those shares vested in the second quarter of 2021 having appreciated almost 80%.
For each participating employee, this meant a gain of over $8,000.
While staying ahead of the industry is important, in the past six years, our incident rate has fallen 52%.
Of all of our tracked metrics, this is especially meaningful because reducing employee injuries by 50% has had a tangible benefit and meaningful impact on people's lives.
Revenue was up 22% in the second quarter driven by CCM and CFT, offset by the well documented commercial aerospace declines at CIT.
Organic revenue was up 20.7%.
CCM and CFT each delivered greater than 25% organic growth in the quarter.
Acquisitions contributed 0.4% of sales growth for the quarter, and FX was a 90 basis point tailwind.
On slide nine, we have provided an adjusted earnings per share bridge, where you can see second quarter adjusted earnings per share was $2.16, which compares to $1.95 last year.
Volume, price and mix combined were $1.30 year-over-year increase.
Raw material, freight, and labor costs were a $0.95 headwind.
Interest and tax together were a $0.01 headwind.
Share repurchases contributed $0.07, and COS contributed an additional $0.12.
Higher OpEx was a $0.32 headwind year-over-year, half of which is related to the May vesting and cash settlement of stock appreciation rights granted to all Carlisle employees outside the US in 2018, with the remainder reflecting the resumption of more normalized expense level versus last year's cost containment measures taken in the depths of the pandemic.
At CCM, the team again delivered outstanding results with revenues increasing 27.5% driven by volume and price, along with 70 basis points of foreign currency translation tailwind.
All of CCM's product lines delivered 20% growth with particular strength in architectural metals and spray foam insulation.
Adjusted EBITDA margin at CCM was 21.5% in the second quarter, a 60 basis point decline from last year driven by higher raw material prices, partially offset by volumes, price, and COS savings.
Adjusted EBITDA grew 24% to $201.2 million, again, demonstrating the earnings power of our CCM business.
CIT revenue declined 8.2% in the second quarter.
CIT's adjusted EBITDA margins declined year-over-year to 8%, driven by commercial aerospace volumes, partially offset by price, COS and lower expenses.
CFT's sales grew 54% year-over-year.
Organic revenue improved 44.3% and acquisitions added 3.6% in the quarter.
CFT is well positioned to accelerate through the recovery due to continued stabilization in key end markets driven by an improved industrial capital spending outlook in 2021, coupled with new product introductions, would have included $4.1 million of incremental new product sales in 2021 year-to-date, along with our continued pricing results.
Adjusted EBITDA margins of 15.9% or over 100 basis point improvement from last year.
On slide 13 and 14, we show selected balance sheet metrics.
We ended the quarter with $713 million of cash on hand and $1 billion of availability under our revolving credit facility.
In the quarter, we repurchased 643,000 shares for $116 million bringing our 2021 year-to-date total to 1.6 million shares for $266 million.
We paid $28 million of dividends in the second quarter, bringing our 221 total to $56 million.
We invested $32 million of capex into our high-returning businesses to drive organic growth, bringing our 2021 total to $55 million.
In addition, as has been noted, we announced an agreement to purchase Henry Company for $1.75 billion.
Henry generated revenue of $511 million and adjusted EBITDA of $119 million, representing a 23% EBITDA.
Additionally, Henry was expected to deliver $100 million of free cash flow in our first year of ownership.
We also expect meaningful cost synergies of $30 million by 2025.
Finally, we expect Henry to be immediately accretive to Carlisle's EBITDA margin, adding over $1.25 of adjusted earnings per share in 2022.
Free cash flow for the quarter was $64.6 million, a 54% decline year-over-year due to increased working capital usage related to our high sales growth of 22%.
Corporate expense is now expected to be approximately $125 million, up from the previous estimate of $120 million.
We expect depreciation and amortization expense to be approximately $210 million.
We still expect free cash flow conversion of approximately 120%.
For the full year, we continue to invest in our business and expect capital expenditures of approximately $150 million.
Net interest expense is still expected to be approximately $75 million for the year, and we still expect our tax rate to be approximately 25%.
Finally, restructuring is expected in 2021 to be approximately $20 million.
As we pass the midpoint of 2021, we are tracking to deliver 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.

Summary:
On slide nine, we have provided an adjusted earnings per share bridge, where you can see second quarter adjusted earnings per share was $2.16, which compares to $1.95 last year.