CHARLOTTE, N.C.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) reported net sales from
continuing operations of $984.6 million for the quarter ended June 30,
2012, a 13% increase from net sales of $870.8 million in the second
quarter of 2011. Organic sales growth was 7.6%. Acquisitions in the
Interconnect Technologies and Construction Materials segments
contributed 6.0% to sales in the second quarter. The negative impact on
net sales from fluctuations in foreign exchange was less than 1%.
Income from continuing operations rose 62% to $89.4 million, or $1.39
per diluted share, in the second quarter 2012, compared with $55.3
million, or $0.87 per diluted share, in the second quarter 2011. Our
income growth was primarily driven by increased selling price
realization particularly within Carlisle Construction Materials and
Carlisle Transportation Products, sales volume growth and savings from
the Carlisle Operating System.
For the six months ended June 30, 2012, net sales from continuing
operations of $1.87 billion increased by 20% over the prior year period,
reflecting organic growth of 14% and acquisition growth of 6.1%. Income
from continuing operations for the six months ended June 30, 2012 rose
69% to $149.4 million, or $2.34 per diluted share, as compared to income
of $88.6 million, or $1.40 per diluted share, for the same prior year
period.
Comment
David A. Roberts
, Chairman, President and Chief Executive Officer, said,
“We followed our impressive first quarter with another quarter of
outstanding performance. For the second quarter, we leveraged 13% sales
growth into 64% EBIT growth as we continue to benefit from our focus on
our high margin businesses and generate savings from the Carlisle
Operating System. EBIT margin grew an outstanding 440 basis points to
14.2% in the second quarter of 2012.
“At our Construction Materials segment (CCM), EBIT margin rose an
impressive 500 basis points to 18.2%, reflecting strong performance in
selling price realization and operating efficiencies.
“At Carlisle Brake & Friction (CBF), EBIT margin during the second
quarter improved 230 basis points to 18.6% over the same period in 2011.
“Our Carlisle Interconnect Technologies (CIT) segment continued to
achieve high growth rates in the commercial aerospace market and
successfully integrate the Tri-Star acquisition. Sales at CIT were up
organically by 25% and EBIT was up 49%.
“At Carlisle Transportation Products (CTP), we once again benefited from
our past restructuring efforts. EBIT margin at CTP improved an
impressive 640 basis points to 9.1%, reflecting continued progress on
selling price realization and operational improvements over last year.
Our 9.1% margin performance for the second quarter of 2012 is the
highest achieved since the early part of 2007.
“EBIT at Carlisle FoodService Products grew in the second quarter 2012
by 8% from the prior year. As part of our ongoing improvement actions
for this segment, I’m pleased to announce that
Trent Freiberg
has been
appointed President of Carlisle FoodService Products. Trent previously
served as the President of Carlisle Asia Pacific. Under Trent’s
leadership, FoodService Products will continue to execute on its
strategic growth and performance improvement plan which has already
yielded positive results as compared to the second half of 2011.
“Our strong earnings growth and focus on working capital has resulted in
free cash flow (operating cash flow minus capital expenditures) of $67.4
million during the second quarter of 2012, an increase of $70.3 million
over the prior year quarter and very high for a second quarter given the
seasonality of our markets. We expect to achieve higher cash flow
through the remainder of the year while still making significant
investments in our businesses.”
Roberts concluded by stating, “We are seeing signs of moderating demand
in some of our key markets in the second half of the year. Nevertheless,
we are still positive about 2012. We maintain our target for sales
growth in the mid-teens, including acquisitions, and continued
year-over-year margin improvement. Our balance sheet continues to be
strong and we are well-positioned to pursue our growth objectives.”
Segment Results
Carlisle Construction Materials (CCM): Net sales in the second
quarter of 2012 increased 14% to $470.0 million, reflecting organic
growth of 7.6% primarily from higher selling price, and acquisition
growth of 6.6%. During the second quarter 2012, CCM had strong demand
for its polyiso insulation products, partially offset by lower demand
for roofing membrane. The acquisitions of PDT and Hertalan contributed
$27.2 million to sales and $3.9 million to EBIT, which includes a $1.0
million reduction to Cost of goods sold related to change in fair
valuation of Hertalan inventory. Overall EBIT margin at CCM rose 500
basis points to 18.2% in the second quarter 2012 on selling price
increases that more than offset increased raw material costs, savings
from the Carlisle Operating System, positive mix and other manufacturing
cost reductions.
Carlisle Transportation Products (CTP): Net sales in the second
quarter of 2012 increased 3.9% to $203.3 million reflecting increased
selling prices offset by slightly lower sales volume. Excluding the
impact of foreign exchange rate fluctuations, organic sales growth was
4.4%. The Company experienced lower demand in sales to OEMs in the
outdoor power equipment market, offset by higher growth in its power
sports and high speed trailer markets. EBIT margin improved 640 basis
points to 9.1% in the second quarter 2012 on higher selling price versus
raw material costs, non-recurrence of 2011 plant start-up inefficiencies
and savings from the Carlisle Operating System. EBIT for the second
quarter of 2012 included plant restructuring charges of $1.5 million for
consolidation of certain international operations, expected to be
complete by the end of 2012.
Carlisle Brake
& Friction (CBF): Net sales in the second
quarter of 2012 increased 4.1% to $133.3 million, comprised of 6.3%
organic sales growth partially offset by a 2.2% reduction from foreign
exchange fluctuations. The rate of demand from customers in emerging
markets slowed during the second quarter. Sales for CBF’s products to
the construction and mining market grew by 4.1% and 3.9%, respectively,
inclusive of the impact of foreign exchange. Sales in the agricultural
market for CBF’s products grew by 1.8%. CBF’s EBIT margin during the
second quarter of 2012 increased 230 basis points to 18.6%, reflecting
higher sales volume and lower raw material expense.
Carlisle Interconnect Technologies (CIT): Net sales in the second
quarter of 2012 increased 60% to $114.7 million on organic sales growth
of 25% and acquisition growth of 35%. Sales in CIT’s aerospace market
were up 33%, partially offset by an 8.3% decline in sales to the
military and defense market. The acquisition of Tri-Star Electronics
contributed $25.3 million to net sales and $4.1 million to EBIT in the
second quarter 2012. Second quarter 2012 EBIT margin for CIT declined by
110 basis points to 15.2% reflecting higher raw material costs for
fluoroplastic tape and thermoplastic resin, negative product mix and
increased staffing costs focused on building sales and sourcing support
to meet expected demand.
Carlisle FoodService Products (CFS): Net sales in the second
quarter of 2012 of $63.3 million were relatively level compared to the
same 2011 period primarily reflecting the lack of improvement in
restaurant traffic levels and consumer confidence. EBIT margin increased
60 basis points during the second quarter 2012 to 9.0% due to increased
selling price offsetting raw material costs.
Income from Discontinued Operations
Income of $3.4 million from discontinued operations during the second
quarter of 2012 primarily reflects after-tax gain recognized upon final
settlement of earn-out income from the sale of the Trail King business
in 2010.
Cash Flow
Cash flow provided from operations of $154.3 million for the six months
ended June 30, 2012 rose by $140.6 million on higher net income of $64.8
million and lower usage of cash for working capital versus the same 2011
comparative period. For the first six months of 2012, average working
capital (defined as the average of the quarter end balances, excluding
current year acquisitions, of receivables, plus inventory, less accounts
payable) as a percentage of annualized sales (defined as year-to-date
net sales, excluding current year acquisitions, calculated on an
annualized basis) was 21.8%, as compared to 21.7% for the prior year.
Free cash flow (defined as cash provided by operating activities less
capital expenditures) increased by $113.8 million during the first six
months of 2012 versus the same prior year period. The Company is in the
process of building or expanding manufacturing facilities within the
Construction Materials, Brake & Friction and Interconnect Technologies
segments in 2012 and expects full year capital expenditures will be
approximately $140 million.
As of June 30, 2012, the Company had available borrowings under its $600
million credit facility of $305 million.
Conference Call and Webcast
The Company will discuss second quarter 2012 results on a conference
call at 8:00 a.m. ET today. The call may be accessed live by going to
the Investor Relations section of the Carlisle website (http://www.carlisle.com/investor-relations/events-and-webcasts/default.aspx),
or the taped call may be listened to shortly following the live call at
the same website location. A PowerPoint presentation will accompany the
call and can be found on the Carlisle website as well.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management’s current expectations and are
subject to uncertainty and changes in circumstances. Actual
results may differ materially from these expectations due to changes in
global economic, business, competitive, market and regulatory factors.
More detailed information about these factors is contained in the
Company’s filing with the Securities and Exchange Commission. The
Company undertakes no duty to update forward-looking statements.
About Carlisle Companies
Carlisle Companies Inc. is a global diversified company that designs,
manufactures and markets a wide range of products that serve a broad
range of niche markets including commercial roofing, energy,
agriculture, lawn and garden, mining and construction equipment,
aerospace and electronics, dining and food delivery, and healthcare.
Through our group of decentralized operating companies led by
entrepreneurial management teams we bring innovative product solutions
to solve the challenges our customers face. Our employees worldwide, who
generated $3.2 billion in net sales in 2011, are focused on continuously
improving the value of the Carlisle brand by developing the best
products, ensuring the highest quality and providing unequaled customer
service in the many industries we serve. Learn more about Carlisle at www.carlisle.com.
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Carlisle Companies Incorporated
Unaudited Condensed Consolidated Statements of Comprehensive Income
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Three Months Ended June 30,
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Six Months Ended June 30,
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(Dollars in millions, except per share amounts)
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2012
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2011
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2012
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2011
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Net sales
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$
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984.6
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$
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870.8
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$
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1,873.9
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$
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1,564.4
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Cost and expenses:
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Cost of goods sold
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729.2
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687.1
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1,407.3
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1,233.6
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Selling and administrative expenses
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106.0
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92.2
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213.5
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177.9
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Research and development expenses
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8.5
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7.3
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16.3
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14.3
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Other income (loss), net
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0.6
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(1.2)
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0.3
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(2.0)
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Earnings before interest and income taxes
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140.3
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85.4
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236.5
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140.6
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Interest expense, net
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6.5
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4.9
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13.0
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10.0
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Earnings before income taxes from continuing operations
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133.8
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80.5
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223.5
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130.6
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Income tax expense
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44.4
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25.2
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74.1
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42.0
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Income from continuing operations
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89.4
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55.3
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149.4
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88.6
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Discontinued operations
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Income (loss) from discontinued operations
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3.6
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(1.3)
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3.6
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(1.2)
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Income tax (income) expense
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0.2
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(0.6)
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0.2
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(0.6)
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Income (loss) from discontinued operations
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3.4
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(0.7)
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3.4
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(0.6)
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Net income
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$
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92.8
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$
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54.6
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$
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152.8
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$
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88.0
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Basic earnings per share attributable to common shares
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Income from continuing operations
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$
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1.42
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$
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0.89
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$
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2.39
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$
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1.43
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Income (loss) from discontinued operations
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0.06
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(0.01)
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|
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0.05
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(0.01)
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Basic Earnings per share
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$
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1.48
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$
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0.88
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|
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$
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2.44
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$
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1.42
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Diluted earnings per share attributable to common shares
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Income from continuing operations
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$
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1.39
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$
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0.87
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$
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2.34
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$
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1.40
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Income (loss) from discontinued operations
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0.06
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(0.01)
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0.05
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(0.01)
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Diluted earnings per share
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$
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1.45
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$
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0.86
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$
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2.39
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$
|
1.39
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Average shares outstanding - in thousands
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Basic
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62,419
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61,449
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62,166
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61,293
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Diluted
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63,797
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62,701
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63,483
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62,425
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Dividends declared and paid
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$
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11.3
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$
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10.6
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$
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22.5
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$
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21.1
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Dividends declared and paid per share
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$
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0.18
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$
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0.17
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$
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0.36
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$
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0.34
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(1) Numerator for basic and diluted EPS calculated based on
"two-class" method of computing earnings per share:
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Income from continuing operations
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$
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88.8
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$
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54.8
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$
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148.6
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$
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87.7
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Net income
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$
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92.2
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$
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54.1
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$
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151.9
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$
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87.2
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Carlisle Companies Incorporated
Unaudited Condensed Consolidated Balance Sheets
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(Dollars in millions except share amounts)
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June 30,
2012
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December 31,
2011
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Assets
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Current assets:
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Cash and cash equivalents
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$
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76.8
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$
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74.7
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Receivables, less allowance of $10.9 in 2012 and $9.5 in 2011
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627.2
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486.4
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Inventories
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549.6
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539.0
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Deferred income taxes
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|
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50.3
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51.3
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Prepaid expenses and other current assets
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30.9
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60.1
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Current assets held for sale
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-
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2.6
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Total current assets
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1,334.8
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1,214.1
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Property, plant and equipment, net of accumulated depreciation
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592.4
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560.3
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Other assets:
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Goodwill, net
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858.2
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845.2
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Other intangible assets, net
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|
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485.6
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479.2
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Other long-term assets
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25.6
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19.0
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Non-current assets held for sale
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-
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20.1
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Total other assets
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|
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1,369.4
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1,363.5
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TOTAL ASSETS
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$
|
|
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3,296.6
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$
|
3,137.9
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|
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Liabilities and Shareholders' Equity
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Current liabilities:
|
|
|
|
|
|
|
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Short-term debt, including current maturities
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|
$
|
|
|
195.0
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|
|
$
|
158.1
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|
|
Accounts payable
|
|
|
|
|
312.8
|
|
|
|
260.8
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|
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Accrued expenses
|
|
|
|
|
184.5
|
|
|
|
178.3
|
|
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Deferred revenue
|
|
|
|
|
16.6
|
|
|
|
16.3
|
|
|
|
Total current liabilities
|
|
|
|
|
708.9
|
|
|
|
613.5
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
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Long-term debt
|
|
|
|
|
504.5
|
|
|
|
604.3
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|
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Deferred revenue
|
|
|
|
|
133.9
|
|
|
|
129.7
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|
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Other long-term liabilities
|
|
|
|
|
294.5
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|
|
|
290.3
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|
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Total long-term liabilities
|
|
|
|
|
932.9
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|
|
|
1,024.3
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|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
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Preferred stock, $1 par value per share. Authorized and unissued
5,000,000 shares
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|
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|
|
-
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|
|
|
-
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Common stock, $1 par value per share. Authorized 100,000,000 shares;
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|
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78,661,248 shares issued; 62,565,246 outstanding in 2012 and
61,664,813
outstanding in 2011
|
|
|
|
|
78.7
|
|
|
|
78.7
|
|
|
Additional paid-in capital
|
|
|
|
|
147.2
|
|
|
|
120.2
|
|
|
Cost of shares in treasury - 16,096,002 shares in 2012 and
16,467,760
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|
|
|
-
|
|
|
|
-
|
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shares in 2011
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|
|
|
|
(219.3)
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|
|
|
(219.9)
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|
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Accumulated other comprehensive loss
|
|
|
|
|
(48.1)
|
|
|
|
(45.0)
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|
|
Retained earnings
|
|
|
|
|
1,696.3
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|
|
|
1,566.1
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|
|
|
Total shareholders' equity
|
|
|
|
|
1,654.8
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|
|
1,500.1
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|
|
|
|
|
|
|
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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|
$
|
|
|
3,296.6
|
|
|
$
|
3,137.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
Unaudited Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
(Dollars in millions)
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
Net income
|
$
|
152.8
|
|
$
|
88.0
|
|
|
Reconciliation of net income to cash flows from operating activities:
|
|
|
|
|
|
|
Depreciation
|
|
37.0
|
|
|
36.5
|
|
|
|
Amortization
|
|
15.5
|
|
|
9.1
|
|
|
|
Non-cash compensation, net of tax benefit
|
|
4.0
|
|
|
4.3
|
|
|
|
Gain on sale of businesses
|
|
(3.7)
|
|
|
-
|
|
|
|
Loss on sale of property and equipment, net
|
|
0.8
|
|
|
0.8
|
|
|
|
Deferred taxes
|
|
(4.3)
|
|
|
(0.4)
|
|
|
|
Changes in assets and liabilities, excluding effects of
acquisitions
and divestitures:
|
|
|
|
|
|
|
|
Receivables
|
|
(138.7)
|
|
|
(177.6)
|
|
|
|
|
Inventories
|
|
(2.4)
|
|
|
(11.7)
|
|
|
|
|
Prepaid expenses and other assets
|
|
23.6
|
|
|
12.1
|
|
|
|
|
Accounts payable
|
|
49.7
|
|
|
76.4
|
|
|
|
|
Accrued expenses and deferred revenues
|
|
14.0
|
|
|
(26.6)
|
|
|
|
|
Long-term liabilities
|
|
5.2
|
|
|
2.7
|
|
|
|
Other operating activities
|
|
0.8
|
|
|
0.1
|
|
|
|
Net cash provided by operating activities
|
|
154.3
|
|
|
13.7
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
Capital expenditures
|
|
(60.6)
|
|
|
(33.8)
|
|
|
Acquisitions, net of cash
|
|
(49.3)
|
|
|
(2.7)
|
|
|
Proceeds from sale of property and equipment
|
|
-
|
|
|
1.3
|
|
|
Proceeds from sale of businesses
|
|
25.8
|
|
|
5.3
|
|
|
Other investing activities
|
|
-
|
|
|
0.1
|
|
|
|
Net cash used in investing activities
|
|
(84.1)
|
|
|
(29.8)
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
Net change in short-term borrowings and revolving credit lines
|
|
(64.3)
|
|
|
90.9
|
|
|
Redemption of Hawk bonds
|
|
-
|
|
|
(59.0)
|
|
|
Dividends
|
|
(22.5)
|
|
|
(21.1)
|
|
|
Treasury shares and stock options, net
|
|
18.5
|
|
|
12.2
|
|
|
|
Net cash provided by (used in) financing activities
|
|
(68.3)
|
|
|
23.0
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
0.2
|
|
|
2.8
|
|
Change in cash and cash equivalents
|
|
2.1
|
|
|
9.7
|
|
Cash and cash equivalents
|
|
-
|
|
|
-
|
|
|
Beginning of period
|
|
74.7
|
|
|
89.4
|
|
|
End of period
|
$
|
76.8
|
|
$
|
99.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions,
except percentages
|
|
Three Months Ended
June 30,
|
|
|
Increase
(Decrease)
|
|
|
Six Months Ended
June 30,
|
|
|
Increase
(Decrease)
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Amount
|
|
Percent
|
|
|
|
2012
|
|
|
2011
|
|
|
Amount
|
|
Percent
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
$
|
470.0
|
|
$
|
412.0
|
|
|
$
|
58.0
|
|
14.1%
|
|
|
$
|
823.9
|
|
$
|
663.3
|
|
|
$
|
160.6
|
|
24.2%
|
|
Carlisle Transportation Products
|
|
|
203.3
|
|
|
195.7
|
|
|
|
7.6
|
|
3.9%
|
|
|
|
434.8
|
|
|
396.5
|
|
|
|
38.3
|
|
9.7%
|
|
Carlisle Brake & Friction
|
|
|
133.3
|
|
|
128.0
|
|
|
|
5.3
|
|
4.1%
|
|
|
|
267.2
|
|
|
247.1
|
|
|
|
20.1
|
|
8.1%
|
|
Carlisle Interconnect Technologies
|
|
|
114.7
|
|
|
71.7
|
|
|
|
43.0
|
|
60.0%
|
|
|
|
225.4
|
|
|
137.4
|
|
|
|
88.0
|
|
64.0%
|
|
Carlisle FoodService Products
|
|
|
63.3
|
|
|
63.4
|
|
|
|
(0.1)
|
|
-0.2%
|
|
|
|
122.6
|
|
|
120.1
|
|
|
|
2.5
|
|
2.1%
|
|
|
|
$
|
984.6
|
|
$
|
870.8
|
|
|
$
|
113.8
|
|
13.1%
|
|
|
$
|
1,873.9
|
|
$
|
1,564.4
|
|
|
$
|
309.5
|
|
19.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest and Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
$
|
85.5
|
|
$
|
54.2
|
|
|
$
|
31.3
|
|
57.7%
|
|
|
$
|
127.5
|
|
$
|
72.2
|
|
|
$
|
55.3
|
|
76.6%
|
|
Carlisle Transportation Products
|
|
|
18.4
|
|
|
5.3
|
|
|
|
13.1
|
|
247.2%
|
|
|
|
38.1
|
|
|
18.8
|
|
|
|
19.3
|
|
102.7%
|
|
Carlisle Brake & Friction
|
|
|
24.8
|
|
|
20.8
|
|
|
|
4.0
|
|
19.2%
|
|
|
|
50.0
|
|
|
40.6
|
|
|
|
9.4
|
|
23.2%
|
|
Carlisle Interconnect Technologies
|
|
|
17.4
|
|
|
11.7
|
|
|
|
5.7
|
|
48.7%
|
|
|
|
34.1
|
|
|
20.6
|
|
|
|
13.5
|
|
65.5%
|
|
Carlisle FoodService Products
|
|
|
5.7
|
|
|
5.3
|
|
|
|
0.4
|
|
7.5%
|
|
|
|
11.2
|
|
|
10.8
|
|
|
|
0.4
|
|
3.7%
|
|
Corporate
|
|
|
(11.5)
|
|
|
(11.9)
|
|
|
|
0.4
|
|
3.4%
|
|
|
|
(24.4)
|
|
|
(22.4)
|
|
|
|
(2.0)
|
|
-8.9%
|
|
Total
|
|
$
|
140.3
|
|
$
|
85.4
|
|
|
$
|
54.9
|
|
64.3%
|
|
|
$
|
236.5
|
|
$
|
140.6
|
|
|
$
|
95.9
|
|
68.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
18.2%
|
|
|
13.2%
|
|
|
|
|
|
|
|
|
15.5%
|
|
|
10.9%
|
|
|
|
|
|
|
Carlisle Transportation Products
|
|
|
9.1%
|
|
|
2.7%
|
|
|
|
|
|
|
|
|
8.8%
|
|
|
4.7%
|
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
|
18.6%
|
|
|
16.3%
|
|
|
|
|
|
|
|
|
18.7%
|
|
|
16.4%
|
|
|
|
|
|
|
Carlisle Interconnect Technologies
|
|
|
15.2%
|
|
|
16.3%
|
|
|
|
|
|
|
|
|
15.1%
|
|
|
15.0%
|
|
|
|
|
|
|
Carlisle FoodService Products
|
|
|
9.0%
|
|
|
8.4%
|
|
|
|
|
|
|
|
|
9.1%
|
|
|
9.0%
|
|
|
|
|
|
|
Corporate
|
|
|
-1.2%
|
|
|
-1.4%
|
|
|
|
|
|
|
|
|
-1.3%
|
|
|
-1.4%
|
|
|
|
|
|
|
Total
|
|
|
14.2%
|
|
|
9.8%
|
|
|
|
|
|
|
|
|
12.6%
|
|
|
9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: Carlisle Companies Incorporated