Reports Record Fourth Quarter $1.24 Earnings Per Share for 2015, a
53% Increase Over the Prior Year
CHARLOTTE, N.C.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) reported net sales from
continuing operations of $876.2 million for the fourth quarter ended
December 31, 2015, an 11% increase from $790.0 million in the fourth
quarter 2014. Net sales from the acquisition of the Finishing Brands
business, reported in the Carlisle Fluid Technologies (CFT) segment,
contributed 9.3% to net sales in the fourth quarter. Organic net sales
(defined as net sales excluding sales from acquisitions within the last
twelve months, as well as the impact of changes in foreign exchange
rates versus the U.S. Dollar) grew 2.9%. Fluctuations from foreign
exchange had a negative impact to net sales of 1.3%.
Income from continuing operations in the fourth quarter 2015 grew 54% to
$81.7 million, compared with $53.2 million in the fourth quarter 2014,
reflecting lower raw material costs supported by continued selling price
discipline at Carlisle Construction Materials (CCM), savings from the
Carlisle Operating System (COS), contribution from the Finishing Brands
acquisition at CFT, and the non-recurrence of 2014 charges for plant
startup and product line closing costs. These positive impacts were
partially offset by lower selling price primarily at CCM and Carlisle
Interconnect Technologies (CIT). The Company’s effective tax rate in the
fourth quarter 2015 was 30.3%, versus an effective rate of 33.9% in the
prior year. On a per share basis, income from continuing operations in
the fourth quarter 2015 increased 53% to a fourth quarter record $1.24
per diluted share, from $0.81 per diluted share in the prior year.
For the full year 2015, Carlisle reported record net sales from
continuing operations of $3.54 billion, an 11% increase from $3.20
billion for the prior year. Net sales growth in 2015 reflected acquired
growth of 8.8% and organic net sales growth of 3.6%, partially offset by
the negative impact of foreign exchange of 1.8%. For the full year 2015,
Carlisle reported record income from continuing operations of $319.6
million, a 27% increase over income of $251.7 million in 2014. On a per
share basis, income from continuing operations in 2015 increased 26% to
a record $4.82 per diluted share, from $3.83 per diluted share in the
prior year.
All financial and percentage comparisons in the Company’s fourth quarter
reporting are made to the same quarter of the previous year, unless
otherwise stated. On April 1, 2015, the Company completed the
acquisition of the Finishing Brands business. Beginning in the second
quarter 2015, the Company added a reportable segment, Carlisle Fluid
Technologies, to reflect the acquisition of Finishing Brands. This press
release also includes a comparison of three and twelve months ended
December 31, 2015 to 2014 selected financial results on a pro forma
basis for Carlisle and the CFT segment, which assumes the acquisition of
Finishing Brands had occurred on January 1, 2014. For selected pro forma
information and reconciliation to the reported GAAP amounts, refer to
the financial exhibits.
Comment
Chris Koch, President and Chief Executive Officer, said, “I am pleased
to report Carlisle’s record-setting results in 2015. Under Dave Roberts’
leadership in 2015, we achieved record net sales, record EBIT (earnings
before interest and income taxes), record EBIT margin, record net cash
provided by operating activities and record income from continuing
operations. Our EBIT margin in 2015 grew 150 basis points to 14.2%.
Moreover, 2015 marked the formation of two new growth platforms – the
fluid handling technologies business in the CFT segment and the medical
technology business in the CIT segment. These are high quality
businesses that we will further build out, through organic growth
efforts and acquisitions, providing additional value to shareholders.
“Carlisle Construction Materials achieved record net sales of $2.00
billion, a 3.5% increase over the prior year, and record EBIT margin of
17.5% in 2015. Organically, CCM’s net sales grew 5.5% on a growing
commercial construction market in the U.S. Partially offsetting this
growth was the negative impact from foreign exchange fluctuations to net
sales of 2.0%. CCM’s operating performance was outstanding, with EBIT
growing an impressive 31% in 2015 and EBIT margin increasing 360 basis
points. Throughout 2015, the management team at CCM was resolute in
maintaining selling price discipline in a lower raw material cost
environment, leading to its higher margin levels. The outlook in
commercial construction in the U.S. remains positive. We intend to
remain selling price disciplined and expect continued solid performance
in 2016 at CCM.
“Carlisle Interconnect Technologies also had an excellent year in 2015,
achieving record net sales of $784.6 million, a 17% increase over the
prior year, reflecting acquisition growth of 11.8% and organic net sales
growth of 5.6%. CIT’s EBIT grew 7.1% to a record $141.6 million. CIT’s
EBIT margin declined 180 basis points to 18.0%, primarily due to
contractual selling price reductions with a large aircraft OEM as well
as the integration of the LHi Technologies (LHi) medical acquisition.
With LHi, sales into the medical technology market now make up
approximately 15% of CIT’s total net sales. Our overall outlook for CIT
in 2016 is for net sales growth in the mid-to-high single digit percent
range with continued growth in aerospace and further expansion of our
medical and other high technology applications. As part of product
development for the in-flight entertainment connectivity (IFEC) market,
CIT recently launched its new SatCom product, an antenna adaptor plate
solution, to take advantage of the next stage of IFEC – satellite
connectivity. Satellite technology on aircraft provides global in-flight
Wi-Fi connectivity. In 2016, CIT is expanding its manufacturing
footprint in Franklin, WI with a 30,000 square foot addition to support
sales of its new SatCom adaptor plate solution. Also in 2016, CIT will
continue construction in Dongguan, China on its new previously announced
260,000 square foot facility to meet demand for its medical technology
and aerospace applications.
“The Carlisle Fluid Technologies segment, our newly created strategic
platform with the acquisition of Finishing Brands, contributed $203.2
million in total net sales in 2015 and $20.8 million in EBIT. These
results were especially impressive considering CFT’s EBIT includes $9.3
million in one-time acquisition related costs as well as approximately
650 basis points of acquisition related amortization expense. We look
forward to increased opportunities as CFT brings its team together into
new headquarters in Phoenix, AZ during 2016. CFT is on track with its
strategy to grow and improve performance through continued
implementation of COS, new products, vertical integration initiatives,
footprint rationalization, as well as global sales share gains. 2016
outlook remains positive for CFT end markets with sales increases likely
to be in the mid-single digit range.
“Carlisle Brake & Friction’s (CBF) key markets of construction, mining
and agriculture remained in a prolonged downturn during 2015 due to the
continued global economic slowdown and well-publicized drop in commodity
pricing. CBF’s net sales declined 13% in 2015 to $310.2 million,
consisting of a 7.6% decline in organic net sales and a 5.1% decline due
to foreign exchange. CBF’s EBIT declined 35% in 2015 and EBIT margin
declined 190 basis points to 5.6%. CBF has taken aggressive steps and
removed $8 million in costs to counteract further declines in EBIT. In
2016, CBF will continue to focus on cost reduction initiatives, given
further deterioration in demand, and pursue new business and product
opportunities.
“Carlisle FoodService Products’ (CFS) net sales declined slightly by
0.7% in 2015 and EBIT declined 7.8%. CFS’ lower EBIT included the
non-recurrence of a $1.1 million gain from the sale of property that
occurred in 2014. In 2015, CFS’ new product and sales initiatives
demonstrated progress throughout the year with improved sales results in
the third and fourth quarters. In 2016, we expect low-single digit net
sales growth and EBIT improvement in line with net sales growth.
“In addition to record earnings performance in 2015, our businesses
generated $529.2 million in cash from operations, setting another
record. We used our cash to maximize value to shareholders by making
investments in acquisitions and capital expenditures totaling $671.0
million. In addition, we returned $209.5 million to shareholders in
dividends and share repurchases. We ended the year with $410.7 million
in cash on hand. With our strong cash generation, we expect to have
ample liquidity to make further investments in our businesses and return
capital to shareholders.
“Our excellent track record from COS continued in 2015. 2015 savings
from COS exceeded our expectations and reached record levels. CFT and
LHI embraced the COS philosophy and framework very quickly after their
respective acquisitions. We’ve extended our COS methodology to identify
and execute on capital investment projects that provide additional net
savings. COS continues to gain momentum within all our operating units.”
Koch concluded by stating, “The portfolio transformation and successful
implementation of the Carlisle Operating System under the leadership of
Dave Roberts have significantly increased value to Carlisle’s
shareholders and are expected to generate future growth opportunities.
For 2016, we expect total net sales growth to be in the mid-single digit
percent range, led by performance of our CIT, CFT and CCM segments. We
expect capital expenditures will be approximately $100 million to $125
million with the new investments identified for CFT and expansion plans
for CIT. We are actively pursuing strategic acquisitions to bolt on to
our existing segments and expect 2016 will be another year of record
performance.”
Segment Results for Fourth Quarter 2015
Carlisle Construction Materials (CCM): Net sales in the fourth
quarter 2015 increased 4.4% to $483.6 million, reflecting organic net
sales growth of 6.0% offset by the negative impact of foreign exchange
fluctuations of 1.6%. CCM’s organic net sales growth reflected healthy
demand for commercial roofing and insulation applications. Favorable
weather conditions in the fourth quarter of 2015 versus the prior year
also contributed to net sales growth. CCM’s EBIT margin rose 520 basis
points to 17.9%, primarily reflecting lower raw material costs and
savings from the Carlisle Operating System. These positive impacts were
partially offset by lower selling price.
Carlisle Interconnect Technologies (CIT): Net sales in the fourth
quarter 2015 declined 1.0% to $189.6 million primarily reflecting a
slight decline in net sales to the aerospace market. Net sales to the
aerospace market declined 1%, reflecting lower contractual selling price
partially offset by higher sales volume. Sales volume growth was
somewhat negatively impacted by lower net sales to two of CIT’s larger
customers, reflecting timing of orders due to customer scheduling delays
and year-end inventory management. Net sales to the medical market rose
6%. Net sales to the military, and test and measurement markets each
grew by 2%. Net sales to the industrial market were down 21%. CIT’s EBIT
margin declined 180 basis points to 15.7%, primarily reflecting lower
selling price from contractual pricing reductions and unfavorable
changes in mix during the quarter. CIT’s EBIT in the fourth quarter also
includes $1.3 million of product warranty costs and new product startup
costs. Included in CIT’s EBIT in the prior year was $2.4 million in
costs related to the acquisition of LHi that occurred on October 1, 2014.
Carlisle Fluid Technologies (CFT): Net sales in the fourth
quarter 2015 were $73.6 million. CFT’s net sales in the fourth quarter
increased 8.4% over net sales in the third quarter of 2015 of $67.9
million. On a pro forma basis, net sales in the fourth quarter declined
4.9% versus pro forma net sales in the prior year, comprised of a 4.4%
negative impact due to foreign currency fluctuation and a 0.5% decline
in organic net sales. On a pro forma basis, CFT’s EBIT margin for the
fourth quarter of 2015 declined 140 basis points to 15.9% primarily due
to higher organizational costs, as CFT executes its global strategy.
Carlisle Brake & Friction (CBF): Net sales in the fourth
quarter of 2015 declined 11% to $68.1 million, comprised of 7.2% lower
organic net sales and a 3.5% negative impact on net sales from foreign
exchange rate fluctuations. Net sales in the construction market
declined by 25%. Net sales in the mining market were relatively level to
the prior year. Net sales in the agriculture market declined by 3%.
CBF’s EBIT margin during the fourth quarter decreased 20 basis points to
0.7%, reflecting lower sales volume offset by operating expense
reductions. Included in CBF’s EBIT in the fourth quarter of 2015 was
$0.7 million in fixed asset writedowns. Included in CBF’s EBIT in the
prior year was $1.1 million in inventory write-downs and $0.9 million in
severance expense for staffing reductions.
Carlisle FoodService Products (CFS): Net sales in the fourth
quarter 2015 grew 3.9% to $61.3 million. Net sales in the foodservice
market grew 4% on increased sales to e-commerce retail customers. Net
sales in the janitorial/sanitation market grew 10% driven by increased
net sales to big-box retail customers. Net sales to the healthcare
market grew 2%. CFS’ EBIT margin during the fourth quarter of 11.4% was
relatively level to the prior year reflecting the favorable impact of
higher net sales volume offset by unfavorable changes in sales mix.
Cash Flow
Cash flow provided from operations of $529.2 million for the year ended
December 31, 2015 was $233.3 million higher than cash provided of $295.9
million for the prior year period primarily due to higher net income and
lower usage of cash for working capital in 2015 versus the prior period.
In 2015, 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 from continuing
operations, excluding current year acquisitions, calculated on an
annualized basis) increased to 18.2%, as compared to 17.8% for the prior
year.
Free cash flow (defined as cash provided by operating activities less
capital expenditures, and comprised of continuing and discontinued
operations) was $457.1 million in 2015, an increase of $280.0 million
versus the prior year. The increase in free cash flow was primarily
attributable to increased cash provided from operations and lower
capital expenditures in 2015 versus the prior year.
Net cash used in investing activities of $670.8 million for the year
ended December 31, 2015 included $598.9 million used for the acquisition
of Finishing Brands, net of cash acquired.
In 2015, the Company repurchased 1,496,411 shares under our share
repurchase program. The Company increased its annual dividend paid to
shareholders by 17% to $1.10 per share, our 39th year of
consecutive dividend increases. As of December 31, 2015, we had $410.7
million cash on hand and $600 million of availability under our
revolving credit facility.
Conference Call and Webcast
The Company will discuss fourth quarter and full year 2015 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. Forward-looking
statements generally use words such as “expect,” “foresee,”
“anticipate,” “believe,” “project,” “should,” “estimate,” “will,”
“plans,” “forecast,” and similar expressions, and reflect our
expectations concerning the future. 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 which
cannot be recovered in product pricing; domestic and foreign
governmental and public policy changes including environmental and
industry regulations; threats associated with and efforts to combat
terrorism; protection and validity of patent and other intellectual
property rights; the successful integration and identification of our
strategic acquisitions; the cyclical nature of our businesses; and the
outcome of pending and future litigation and governmental proceedings.
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 interest rate and currency exchange rate
fluctuations. Further, any conflict in the international arena
may adversely affect general market conditions and our future
performance. We refer you to the documents we file from time to
time with the Securities and Exchange Commission, such as our reports on
Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other
risks and uncertainties that could cause our actual results to differ
materially from our current expectations and from the forward-looking
statements contained in this press release. We undertake no
obligation to update any forward-looking statement.
About Carlisle Companies Incorporated
Carlisle Companies Incorporated 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, mining, construction, aerospace and defense electronics,
medical technology, foodservice, healthcare, sanitary maintenance,
transportation, general industrial, protective coating, wood, specialty
and auto refinishing. Through our group of decentralized operating
companies led by entrepreneurial management teams, we bring innovative
product solutions to solve the challenges facing our customers. Our
worldwide team of employees, who generated $3.5 billion in net sales in
2015, is focused on continuously improving the value of the Carlisle
brand by developing the best products, ensuring the highest quality and
providing unequaled customer service in the many industries we serve.
Learn more about Carlisle at www.carlisle.com.
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Carlisle Companies Incorporated
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Unaudited Condensed Consolidated Statements of Earnings
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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(in millions except share and per share
amounts)
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2015
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2014
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2015
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2014
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Net Sales
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$
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876.2
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$
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790.0
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$
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3,543.2
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$
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3,204.0
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Cost and expenses:
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Cost of goods sold
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623.4
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594.3
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2,536.5
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2,384.5
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Selling and administrative expenses
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116.5
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97.0
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461.9
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379.0
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Research and development expenses
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11.8
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8.8
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42.8
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33.8
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Other (income) expense, net
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(1.2)
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0.9
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0.1
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(1.6)
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Earnings before interest and income taxes
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125.7
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89.0
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501.9
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408.3
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Interest expense, net
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8.4
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8.5
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34.0
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32.2
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Earnings before income taxes from continuing operations
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117.3
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80.5
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467.9
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376.1
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Income tax expense
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35.6
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27.3
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148.3
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124.4
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Income from continuing operations
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81.7
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53.2
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319.6
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251.7
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Discontinued operations
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Income (loss) before income taxes
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0.1
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(0.2)
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0.1
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(2.1)
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Income tax benefit
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-
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-
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-
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(1.7)
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Income (loss) from discontinued operations
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0.1
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(0.2)
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0.1
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(0.4)
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Net income
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$
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81.8
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$
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53.0
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$
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319.7
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$
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251.3
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Basic earnings per share attributable to common shares(1)
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Income from continuing operations
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$
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1.25
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$
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0.81
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$
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4.89
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$
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3.89
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Income from discontinued operations
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-
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0.01
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-
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-
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Basic earnings per share
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$
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1.25
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$
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0.82
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$
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4.89
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$
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3.89
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Diluted earnings per share attributable to common shares(1)
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Income from continuing operations
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$
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1.24
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$
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0.81
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$
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4.82
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$
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3.83
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Loss from discontinued operations
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-
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-
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-
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(0.01)
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Diluted earnings per share
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$
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1.24
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$
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0.81
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$
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4.82
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$
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3.82
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Average shares outstanding - in thousands
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Basic
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64,523
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64,517
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64,844
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64,170
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Diluted
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65,356
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65,698
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65,804
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65,304
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Dividends declared and paid
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$
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19.6
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$
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16.2
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$
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72.3
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$
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61.2
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Dividends declared and paid per share
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$
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0.30
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$
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0.25
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$
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1.10
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$
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0.94
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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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81.1
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$
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53.0
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$
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317.0
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$
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249.9
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Net income
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$
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81.2
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$
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52.8
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$
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317.1
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$
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249.5
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Carlisle Companies Incorporated
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Unaudited Segment Information
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Three Months Ended
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Increase
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Twelve Months Ended
|
Increase
|
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December 31,
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(Decrease)
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December 31,
|
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(Decrease)
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(in millions, except percentages)
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2015
|
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2014
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Amount
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Percent
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2015
|
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2014
|
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Amount
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Percent
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|
|
|
|
|
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
483.6
|
|
$
|
463.2
|
|
$
|
20.4
|
|
4.4
|
%
|
|
$
|
2,002.6
|
|
$
|
1,935.4
|
|
$
|
67.2
|
|
3.5
|
%
|
|
Carlisle Interconnect Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
189.6
|
|
|
191.6
|
|
|
(2.0)
|
|
(1.0)
|
|
|
|
|
784.6
|
|
|
669.1
|
|
|
115.5
|
|
17.3
|
|
|
Carlisle Fluid Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73.6
|
|
|
-
|
|
|
73.6
|
|
-
|
|
|
|
|
203.2
|
|
|
-
|
|
|
203.2
|
|
-
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68.1
|
|
|
76.2
|
|
|
(8.1)
|
|
(10.6)
|
|
|
|
|
310.2
|
|
|
355.3
|
|
|
(45.1)
|
|
(12.7)
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61.3
|
|
|
59.0
|
|
|
2.3
|
|
3.9
|
|
|
|
|
242.6
|
|
|
244.2
|
|
|
(1.6)
|
|
(0.7)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
876.2
|
|
$
|
790.0
|
|
$
|
86.2
|
|
10.9
|
%
|
|
$
|
3,543.2
|
|
$
|
3,204.0
|
|
$
|
339.2
|
|
10.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest and Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
86.8
|
|
$
|
58.8
|
|
$
|
28.0
|
|
47.6
|
%
|
|
$
|
351.1
|
|
$
|
268.8
|
|
$
|
82.3
|
|
30.6
|
%
|
|
Carlisle Interconnect Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29.8
|
|
|
33.5
|
|
|
(3.7)
|
|
(11.0)
|
|
|
|
|
141.6
|
|
|
132.2
|
|
|
9.4
|
|
7.1
|
|
|
Carlisle Fluid Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.7
|
|
|
-
|
|
|
11.7
|
|
-
|
|
|
|
|
20.8
|
|
|
-
|
|
|
20.8
|
|
-
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.5
|
|
|
0.7
|
|
|
(0.2)
|
|
(28.6)
|
|
|
|
|
17.3
|
|
|
26.8
|
|
|
(9.5)
|
|
(35.4)
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.0
|
|
|
6.7
|
|
|
0.3
|
|
4.5
|
|
|
|
|
27.3
|
|
|
29.6
|
|
|
(2.3)
|
|
(7.8)
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10.1)
|
|
|
(10.7)
|
|
|
0.6
|
|
5.6
|
|
|
|
|
(56.2)
|
|
|
(49.1)
|
|
|
(7.1)
|
|
(14.5)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
125.7
|
|
$
|
89.0
|
|
$
|
36.7
|
|
41.2
|
%
|
|
$
|
501.9
|
|
$
|
408.3
|
|
$
|
93.6
|
|
22.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17.9
|
%
|
12.7
|
%
|
|
|
|
|
|
|
|
17.5
|
%
|
13.9
|
%
|
|
|
|
|
|
Carlisle Interconnect Technologies
|
15.7
|
|
|
17.5
|
|
|
|
|
|
|
|
|
|
18.0
|
|
|
19.8
|
|
|
|
|
|
|
|
Carlisle Fluid Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.9
|
|
|
-
|
|
|
|
|
|
|
|
|
|
10.2
|
|
|
-
|
|
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.7
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
5.6
|
|
|
7.5
|
|
|
|
|
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.4
|
|
|
11.4
|
|
|
|
|
|
|
|
|
|
11.3
|
|
|
12.1
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.2)
|
|
|
(1.4)
|
|
|
|
|
|
|
|
|
|
(1.6)
|
|
|
(1.5)
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.3
|
%
|
11.3
|
%
|
|
|
|
|
|
|
|
14.2
|
%
|
12.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
(in millions except share and per share amounts)
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
$
|
410.7
|
|
|
$
|
730.8
|
|
|
Receivables, net of allowance of $4.7 in 2015 and $4.8 in 2014
|
|
|
|
|
|
|
|
|
|
502.5
|
|
|
|
439.2
|
|
|
Inventories
|
|
|
|
|
|
|
|
|
|
356.0
|
|
|
|
339.1
|
|
|
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
35.4
|
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
|
|
50.3
|
|
|
|
67.0
|
|
|
|
Total current assets
|
|
|
|
|
|
|
|
|
|
1,319.5
|
|
|
|
1,611.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant, and equipment, net of accumulated depreciation
|
|
|
|
|
|
|
|
|
|
585.8
|
|
|
|
547.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill, net
|
|
|
|
|
|
|
|
|
|
1,134.4
|
|
|
|
964.5
|
|
|
Other intangible assets, net
|
|
|
|
|
|
|
|
|
|
887.8
|
|
|
|
611.7
|
|
|
Other long-term assets
|
|
|
|
|
|
|
|
|
|
26.6
|
|
|
|
23.7
|
|
|
|
Total other assets
|
|
|
|
|
|
|
|
|
|
2,048.8
|
|
|
|
1,599.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
|
|
|
|
|
$
|
3,954.1
|
|
|
$
|
3,758.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term debt, including current maturities
|
|
|
|
|
|
|
|
|
$
|
149.9
|
|
|
$
|
-
|
|
|
Accounts payable
|
|
|
|
|
|
|
|
|
|
212.6
|
|
|
|
198.0
|
|
|
Accrued expenses
|
|
|
|
|
|
|
|
|
|
219.4
|
|
|
|
176.3
|
|
|
Deferred revenue
|
|
|
|
|
|
|
|
|
|
24.0
|
|
|
|
17.9
|
|
|
|
Total current liabilities
|
|
|
|
|
|
|
|
|
|
605.9
|
|
|
|
392.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
598.7
|
|
|
|
749.8
|
|
|
Deferred revenue
|
|
|
|
|
|
|
|
|
|
159.7
|
|
|
|
151.1
|
|
|
Other long-term liabilities
|
|
|
|
|
|
|
|
|
|
242.4
|
|
|
|
260.6
|
|
|
|
Total long-term liabilities
|
|
|
|
|
|
|
|
|
|
1,000.8
|
|
|
|
1,161.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $1 par value per share. Authorized and unissued
5,000,000 shares
|
-
|
|
|
|
-
|
|
|
Common stock, $1 par value per share. Authorized 200,000,000 shares;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78,661,248 shares issued; 64,051,600 outstanding in 2015 and
64,691,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
outstanding in 2014
|
|
|
|
|
|
|
|
|
|
78.7
|
|
|
|
78.7
|
|
|
Additional paid-in capital
|
|
|
|
|
|
|
|
|
|
293.4
|
|
|
|
247.8
|
|
|
Deferred compensation equity
|
|
|
|
|
|
|
|
|
|
8.0
|
|
|
|
6.0
|
|
|
Cost of shares in treasury - 14,383,241 shares in 2015 and 13,723,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shares in 2014
|
|
|
|
|
|
|
|
|
|
(327.4)
|
|
|
|
(200.1)
|
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
|
(87.1)
|
|
|
|
(61.8)
|
|
|
Retained earnings
|
|
|
|
|
|
|
|
|
|
2,381.8
|
|
|
|
2,134.4
|
|
|
|
Total shareholders' equity
|
|
|
|
|
|
|
|
|
|
2,347.4
|
|
|
|
2,205.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
$
|
3,954.1
|
|
|
$
|
3,758.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31,
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
$
|
319.6
|
|
$
|
251.3
|
|
|
Reconciliation of net income to cash flows provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
73.5
|
|
|
64.7
|
|
|
|
Amortization
|
|
|
|
|
|
|
|
|
|
|
55.8
|
|
|
39.3
|
|
|
|
Non-cash compensation, net of tax benefit
|
|
|
|
|
|
|
|
|
|
|
2.7
|
|
|
3.3
|
|
|
|
(Gain) loss on sale of property and equipment, net
|
|
|
|
|
|
|
|
|
|
|
1.0
|
|
|
(0.9)
|
|
|
|
Deferred taxes
|
|
|
|
|
|
|
|
|
|
|
(15.8)
|
|
|
(9.9)
|
|
|
|
Foreign exchange (gain) loss
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(2.0)
|
|
|
|
Changes in assets and liabilities, excluding effects of acquisitions
and divestitures:
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
|
|
|
|
|
|
|
(11.8)
|
|
|
(18.1)
|
|
|
|
|
Inventories
|
|
|
|
|
|
|
|
|
|
|
23.0
|
|
|
(27.7)
|
|
|
|
|
Prepaid expenses and other assets
|
|
|
|
|
|
|
|
|
|
|
6.7
|
|
|
(5.5)
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
|
|
|
|
(2.9)
|
|
|
(5.1)
|
|
|
|
|
Accrued expenses and deferred revenues
|
|
|
|
|
|
|
|
|
|
|
78.4
|
|
|
14.5
|
|
|
|
|
Long-term liabilities
|
|
|
|
|
|
|
|
|
|
|
1.2
|
|
|
(8.5)
|
|
|
|
Other operating activities
|
|
|
|
|
|
|
|
|
|
|
(2.2)
|
|
|
0.5
|
|
|
|
Net cash provided by operating activities
|
|
|
|
|
|
|
|
|
|
|
529.2
|
|
|
295.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
|
|
|
|
|
|
(72.1)
|
|
|
(118.8)
|
|
|
Acquisitions, net of cash
|
|
|
|
|
|
|
|
|
|
|
(598.9)
|
|
|
(194.0)
|
|
|
Proceeds from sale of property and equipment
|
|
|
|
|
|
|
|
|
|
|
0.2
|
|
|
5.3
|
|
|
Proceeds from sale of business
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
9.7
|
|
|
|
Net cash used in investing activities
|
|
|
|
|
|
|
|
|
|
|
(670.8)
|
|
|
(297.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in short-term borrowings and revolving credit lines
|
|
|
|
|
|
|
|
|
|
|
(1.4)
|
|
|
-
|
|
|
Repayments of long-term debt
|
|
|
|
|
|
|
|
|
|
|
(1.5)
|
|
|
(1.5)
|
|
|
Dividends paid
|
|
|
|
|
|
|
|
|
|
|
(72.3)
|
|
|
(61.2)
|
|
|
Proceeds from issuance of treasury shares and stock options
|
|
|
|
|
|
|
|
|
|
|
39.4
|
|
|
42.5
|
|
|
Repurchases of common stock
|
|
|
|
|
|
|
|
|
|
|
(137.2)
|
|
|
-
|
|
|
|
Net cash used in financing activities
|
|
|
|
|
|
|
|
|
|
|
(173.0)
|
|
|
(20.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rate changes on cash and cash
equivalents
|
|
|
|
|
|
|
|
|
|
(5.5)
|
|
|
(1.6)
|
|
Change in cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
(320.1)
|
|
|
(23.7)
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
|
|
|
|
|
|
|
|
730.8
|
|
|
754.5
|
|
|
End of period
|
|
|
|
|
|
|
|
|
|
$
|
410.7
|
|
$
|
730.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Reconciliation of Reported Amounts to Pro Forma Amounts
|
|
|
|
|
|
|
|
|
|
|
|
The pro forma net sales, EBIT, and EBIT margin of (1) Carlisle
Companies and Finishing Brands combined and (2) the CFT segment
inclusive of Finishing Brands are provided in this earnings release
because management of the Company believes that the pro forma
financial information provides investors with additional information
regarding trends in the financial performance of the Finishing
Brands business in the periods presented in the earnings release,
particularly those related to changes in net sales attributable to
foreign exchange fluctuations and changes in prices, and its impact
on the EBIT results of the Company as well as the CFT segment.
|
|
|
|
|
|
|
|
|
|
|
|
The information provided in the Unaudited Pro Forma Segment
Information reflects the net sales, EBIT, and EBIT margin of (1)
Carlisle Companies and Finishing Brands Combined and (2) the CFT
Segment on a pro forma basis under the requirements of US GAAP in
ASC 805. The Company will also disclose the Company's and Finishing
Brands' combined pro forma financial information in its US GAAP
financial statement footnotes under Item 8 of annual Form 10-K.
|
|
|
|
|
|
|
|
|
|
|
|
The pro forma financial information presented below, as required
under ASC 805, assumes the acquisition of Finishing Brands was
consummated on January 1, 2014 and therefore net sales and EBIT of
Finishing Brands have been combined with those of the Company in the
periods prior to April 1, 2015, the date of the acquisition, and
have been adjusted under the ASC 805 requirements.
|
|
|
|
|
|
|
|
|
|
|
|
Accordingly, certain non-recurring costs related to the valuation of
inventory at fair value and other costs associated with the
acquisition, primarily professional fees, have been removed from the
2015 results and included in those of 2014. Also, the periods from
January 1, 2014 to March 31, 2015 include incremental amortization
and depreciation related to the measurement of intangible assets and
property, plant and equipment at fair value. The pro forma financial
information may not necessarily be indicative of future results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
Carlisle Companies and Finishing Brands Combined Pro Forma Results
|
December 31,
|
|
December 31,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Carlisle Companies Net Sales
|
$
|
876.2
|
|
|
$
|
790.0
|
|
|
$
|
3,543.2
|
|
|
$
|
3,204.0
|
|
Historical Net Sales of Finishing Brands not included in CSL
historical Net Sales
|
|
-
|
|
|
|
77.4
|
|
|
|
61.2
|
|
|
|
278.3
|
|
Carlisle Companies and Finishing Brands Combined Pro Forma Net
Sales
|
$
|
876.2
|
|
|
$
|
867.4
|
|
|
$
|
3,604.4
|
|
|
$
|
3,482.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Carlisle Companies EBIT
|
$
|
125.7
|
|
|
$
|
89.0
|
|
|
$
|
501.9
|
|
|
$
|
408.3
|
|
Historical EBIT of Finishing Brands not included in CSL historical
EBIT
|
|
-
|
|
|
|
17.6
|
|
|
|
10.0
|
|
|
|
56.2
|
|
Increase in amortization expense related to technology-based
intangibles
|
|
-
|
|
|
|
(1.3
|
)
|
|
|
(1.3
|
)
|
|
|
(5.3
|
)
|
Decrease in depreciation expense related to property, plant and
equipment
|
|
-
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.8
|
|
Increase in amortization expense related to customer-based
intangibles
|
|
-
|
|
|
|
(3.1
|
)
|
|
|
(3.1
|
)
|
|
|
(12.4
|
)
|
Decrease/(increase) in product cost related acquired inventory
|
|
-
|
|
|
|
-
|
|
|
|
8.6
|
|
|
|
(8.6
|
)
|
Decrease/(increase) in acquisition-related costs
|
|
-
|
|
|
|
-
|
|
|
|
4.2
|
|
|
|
(2.1
|
)
|
Carlisle Companies and Finishing Brands Combined Pro Forma EBIT
|
$
|
125.7
|
|
|
$
|
102.4
|
|
|
$
|
520.5
|
|
|
$
|
436.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Carlisle Companies EBIT Margin
|
|
14.3
|
%
|
|
|
11.3
|
%
|
|
|
14.2
|
%
|
|
|
12.7
|
%
|
Carlisle Companies and Finishing Brands Combined Pro Forma EBIT
Margin
|
|
14.3
|
%
|
|
|
11.8
|
%
|
|
|
14.4
|
%
|
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
CFT Segment Pro Forma Results
|
December 31,
|
|
December 31,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Segment Net Sales
|
$
|
73.6
|
|
|
$
|
-
|
|
|
$
|
203.2
|
|
|
$
|
-
|
|
Historical Net Sales of Finishing Brands not included in CSL
historical Net Sales
|
|
-
|
|
|
|
77.4
|
|
|
|
61.2
|
|
|
|
278.3
|
|
CFT Pro Forma Net Sales
|
|
$
|
73.6
|
|
|
$
|
77.4
|
|
|
$
|
264.4
|
|
|
$
|
278.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Segment EBIT
|
|
$
|
11.7
|
|
|
$
|
-
|
|
|
$
|
20.8
|
|
|
$
|
-
|
|
Historical EBIT of Finishing Brands not included in CSL historical
EBIT
|
|
-
|
|
|
|
17.6
|
|
|
|
10.0
|
|
|
|
56.2
|
|
Increase in amortization expense related to technology-based
intangibles
|
|
-
|
|
|
|
(1.3
|
)
|
|
|
(1.3
|
)
|
|
|
(5.3
|
)
|
Decrease in depreciation expense related to property, plant and
equipment
|
|
-
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.8
|
|
Increase in amortization expense related to customer-based
intangibles
|
|
-
|
|
|
|
(3.1
|
)
|
|
|
(3.1
|
)
|
|
|
(12.4
|
)
|
Decrease/(increase) in product cost related acquired inventory
|
|
-
|
|
|
|
-
|
|
|
|
8.6
|
|
|
|
(8.6
|
)
|
Decrease/(increase) in acquisition-related costs
|
|
-
|
|
|
|
-
|
|
|
|
2.9
|
|
|
|
(0.7
|
)
|
CFT Segment Pro Forma EBIT
|
$
|
11.7
|
|
|
$
|
13.4
|
|
|
$
|
38.1
|
|
|
$
|
30.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported CFT Segment EBIT Margin
|
|
15.9
|
%
|
|
|
-
|
|
|
|
10.2
|
%
|
|
|
-
|
|
CFT Segment Pro Forma EBIT Margin
|
|
15.9
|
%
|
|
|
17.3
|
%
|
|
|
14.4
|
%
|
|
|
10.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
|
Unaudited Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Increase
|
|
|
|
Twelve Months Ended
|
Increase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
(Decrease)
|
|
|
|
December 31,
|
|
(Decrease)
|
(in millions, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
Amount
|
|
Percent
|
|
|
|
2015
|
|
2014
|
|
Amount
|
|
Percent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
483.6
|
|
$
|
463.2
|
|
$
|
20.4
|
|
4.4
|
%
|
|
$
|
2,002.6
|
|
$
|
1,935.4
|
|
$
|
67.2
|
|
3.5%
|
|
Carlisle Interconnect Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
189.6
|
|
|
191.6
|
|
|
(2.0)
|
|
(1.0)
|
|
|
|
|
|
784.6
|
|
|
669.1
|
|
|
115.5
|
|
17.3
|
|
Carlisle Fluid Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73.6
|
|
|
-
|
|
|
73.6
|
|
-
|
|
|
|
|
|
203.2
|
|
|
-
|
|
|
203.2
|
|
-
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68.1
|
|
|
76.2
|
|
|
(8.1)
|
|
(10.6)
|
|
|
|
|
|
310.2
|
|
|
355.3
|
|
|
(45.1)
|
|
(12.7)
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61.3
|
|
|
59.0
|
|
|
2.3
|
|
3.9
|
|
|
|
|
|
242.6
|
|
|
244.2
|
|
|
(1.6)
|
|
(0.7)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
876.2
|
|
$
|
790.0
|
|
$
|
86.2
|
|
10.9
|
%
|
|
$
|
3,543.2
|
|
$
|
3,204.0
|
|
$
|
339.2
|
|
10.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest and Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
86.8
|
|
$
|
58.8
|
|
$
|
28.0
|
|
47.6
|
%
|
|
$
|
351.1
|
|
$
|
268.8
|
|
$
|
82.3
|
|
30.6%
|
|
Carlisle Interconnect Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29.8
|
|
|
33.5
|
|
|
(3.7)
|
|
(11.0)
|
|
|
|
|
|
141.6
|
|
|
132.2
|
|
|
9.4
|
|
7.1
|
|
Carlisle Fluid Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.7
|
|
|
-
|
|
|
11.7
|
|
-
|
|
|
|
|
|
20.8
|
|
|
-
|
|
|
20.8
|
|
-
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.5
|
|
|
0.7
|
|
|
(0.2)
|
|
(28.6)
|
|
|
|
|
|
17.3
|
|
|
26.8
|
|
|
(9.5)
|
|
(35.4)
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.0
|
|
|
6.7
|
|
|
0.3
|
|
4.5
|
|
|
|
|
|
27.3
|
|
|
29.6
|
|
|
(2.3)
|
|
(7.8)
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10.1)
|
|
|
(10.7)
|
|
|
0.6
|
|
5.6
|
|
|
|
|
|
(56.2)
|
|
|
(49.1)
|
|
|
(7.1)
|
|
(14.5)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
125.7
|
|
$
|
89.0
|
|
$
|
36.7
|
|
41.2
|
%
|
|
$
|
501.9
|
|
$
|
408.3
|
|
$
|
93.6
|
|
22.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17.9
|
%
|
12.7
|
%
|
|
|
|
|
|
|
|
|
17.5
|
%
|
13.9
|
%
|
|
|
|
|
Carlisle Interconnect Technologies
|
15.7
|
|
|
17.5
|
|
|
|
|
|
|
|
|
|
|
18.0
|
|
|
19.8
|
|
|
|
|
|
|
Carlisle Fluid Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.9
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
10.2
|
|
|
-
|
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.7
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
5.6
|
|
|
7.5
|
|
|
|
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.4
|
|
|
11.4
|
|
|
|
|
|
|
|
|
|
|
11.3
|
|
|
12.1
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.2)
|
|
|
(1.4)
|
|
|
|
|
|
|
|
|
|
|
(1.6)
|
|
|
(1.5)
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.3
|
%
|
11.3
|
%
|
|
|
|
|
|
|
|
|
14.2
|
%
|
12.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Pro Forma Segment Information1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Increase
|
|
|
Twelve Months Ended
|
Increase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
(Decrease)
|
|
|
December 31,
|
|
|
|
(Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Amount
|
|
|
Percent
|
|
|
2015
|
|
|
2014
|
|
|
Amount
|
|
|
Percent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
483.6
|
|
$
|
463.2
|
|
|
$
|
20.4
|
|
|
|
4.4
|
%
|
|
$
|
2,002.6
|
|
|
$
|
1,935.4
|
|
|
$
|
67.2
|
|
|
|
3.5
|
%
|
|
Carlisle Interconnect Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
189.6
|
|
|
191.6
|
|
|
|
(2.0)
|
|
|
|
(1.0)
|
|
|
|
|
784.6
|
|
|
|
669.1
|
|
|
|
115.5
|
|
|
|
17.3
|
|
|
Carlisle Fluid Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73.6
|
|
|
77.4
|
|
|
|
(3.8)
|
|
|
|
(4.9)
|
|
|
|
|
264.4
|
|
|
|
278.3
|
|
|
|
(13.9)
|
|
|
|
(5.0)
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68.1
|
|
|
76.2
|
|
|
|
(8.1)
|
|
|
|
(10.6)
|
|
|
|
|
310.2
|
|
|
|
355.3
|
|
|
|
(45.1)
|
|
|
|
(12.7)
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61.3
|
|
|
59.0
|
|
|
|
2.3
|
|
|
|
3.9
|
|
|
|
|
242.6
|
|
|
|
244.2
|
|
|
|
(1.6)
|
|
|
|
(0.7)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
876.2
|
|
$
|
867.4
|
|
|
$
|
8.8
|
|
|
|
1.0
|
%
|
|
$
|
3,604.4
|
|
|
$
|
3,482.3
|
|
|
$
|
122.1
|
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest and Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
86.8
|
|
$
|
58.8
|
|
|
$
|
28.0
|
|
|
|
47.6
|
%
|
|
$
|
351.1
|
|
|
$
|
268.8
|
|
|
$
|
82.3
|
|
|
|
30.6
|
%
|
|
Carlisle Interconnect Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29.8
|
|
|
33.5
|
|
|
|
(3.7)
|
|
|
|
(11.0)
|
|
|
|
|
141.6
|
|
|
|
132.2
|
|
|
|
9.4
|
|
|
|
7.1
|
|
|
Carlisle Fluid Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.7
|
|
|
13.4
|
|
|
|
(1.7)
|
|
|
|
(12.7)
|
|
|
|
|
38.1
|
|
|
|
30.0
|
|
|
|
8.1
|
|
|
|
27.0
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.5
|
|
|
0.7
|
|
|
|
(0.2)
|
|
|
|
(28.6)
|
|
|
|
|
17.3
|
|
|
|
26.8
|
|
|
|
(9.5)
|
|
|
|
(35.4)
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.0
|
|
|
6.7
|
|
|
|
0.3
|
|
|
|
4.5
|
|
|
|
|
27.3
|
|
|
|
29.6
|
|
|
|
(2.3)
|
|
|
|
(7.8)
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10.1)
|
|
|
(10.7)
|
|
|
|
0.6
|
|
|
|
5.6
|
|
|
|
|
(54.9)
|
|
|
|
(50.5)
|
|
|
|
(4.4)
|
|
|
|
(8.7)
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
125.7
|
|
$
|
102.4
|
|
|
$
|
23.3
|
|
|
|
22.8
|
%
|
|
$
|
520.5
|
|
|
$
|
436.9
|
|
|
$
|
83.6
|
|
|
|
19.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17.9%
|
12.7
|
%
|
|
|
|
|
|
|
|
|
|
17.5
|
%
|
13.9
|
%
|
|
|
|
|
|
|
|
|
Carlisle Interconnect Technologies
|
15.7
|
|
|
17.5
|
|
|
|
|
|
|
|
|
|
|
|
|
18.0
|
|
|
|
19.8
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Fluid Technologies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.9
|
|
|
17.3
|
|
|
|
|
|
|
|
|
|
|
|
|
14.4
|
|
|
|
10.8
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.7
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
5.6
|
|
|
|
7.5
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.4
|
|
|
11.4
|
|
|
|
|
|
|
|
|
|
|
|
|
11.3
|
|
|
|
12.1
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.2)
|
|
|
(1.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.5)
|
|
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.3%
|
11.8
|
%
|
|
|
|
|
|
|
|
|
|
14.4
|
%
|
12.5
|
%
|
|
|
|
|
|
|
|
|
1 See the last page of the financial exhibits for a
reconciliation of the pro forma net sales and EBIT reported above.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160204005426/en/
Source: Carlisle Companies Incorporated