CHARLOTTE, N.C.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) reported $650.4 million in
net sales from continuing operations for the first quarter 2014, an
increase of 3.3% versus the prior year. Sales growth was achieved in all
segments led by strong organic growth at Carlisle Interconnect
Technologies on robust aerospace demand. The positive impact on net
sales from fluctuations in foreign exchange was less than 1%.
Earnings before interest and income taxes (EBIT) was $63.0 million in
the first quarter 2014. EBIT grew 14% from the prior year reflecting
higher sales volume and savings from the Carlisle Operating System,
partially offset by lower selling prices.
Income from continuing operations was $36.5 million, or $0.56 per
diluted share, in the first quarter 2014, an 18% decrease from income of
$44.3 million, or $0.68 per diluted share, in the first quarter 2013.
The reduction in income in the first quarter 2014 versus the prior year
was primarily attributable to a discrete tax benefit in 2013 of $13.0
million, or $0.20 per diluted share, from the release of a deferred tax
liability in connection with a tax election in a foreign jurisdiction.
All financial and percentage comparisons are made to the same quarter of
the previous year, unless otherwise stated.
Comment
David A. Roberts
, Chairman, President and Chief Executive Officer, said,
“Despite the severe winter weather negatively impacting the quarter, we
achieved sales growth in all our segments and leveraged that growth to a
14% EBIT improvement. Our EBIT margin grew 90 basis points to 9.7% for
the quarter. Highlighting the quarter was our performance at Carlisle
Interconnect Technologies (CIT). CIT achieved an exceptional 20.3% EBIT
margin, a record for CIT as well as the highest margin performance in
any Carlisle segment since 2008.
“At CCM, first quarter sales increased 2.3% and EBIT declined 11%. CCM’s
sales growth came from high demand in Europe, offset by slightly lower
sales in the U.S. due to the harsh winter. CCM’s U.S. sales in January
and February were down from the same prior year period primarily in the
northern states. We saw a strong rebound in March as the weather
improved. CCM’s EBIT declined primarily due to lower selling price as
well as the negative impact of mix changes and lower capacity
utilization at our two new insulation plants. We expect higher sales
growth in upcoming quarters from sales that were delayed due to weather
and continue to anticipate growth in U.S. commercial construction. We
expect high single digit sales growth and leveraged EBIT growth at CCM
for the full year.
“CIT achieved 6.9% sales growth, all of which was organic, and
outstanding EBIT growth of 67%. CIT’s EBIT margin rose 730 basis points
to a record 20.3%. CIT had double-digit sales growth in the aerospace
market on strong IFEC (In-Flight Entertainment and Connectivity) sales
as well as strong demand from the Boeing 787 program. In addition, CIT
achieved excellent operating leverage through continued execution of the
Carlisle Operating System. CIT commenced activities to construct a
190,000 square foot plant in Nogales, Mexico, to handle growing
aerospace demand. This plant is expected to be completed later this year.
“Carlisle Brake and Friction’s (CBF) sales increased 1.5% compared to
the first quarter 2013. Sequentially, sales increased 15%. CBF’s EBIT
declined 16% primarily on lower selling price. Organically, CBF’s sales
were flat in the first quarter versus the prior year after taking out
the impact of foreign exchange fluctuations, an improvement compared to
the six previous quarters of sales declines. With seven consecutive
months of year-over-year order increases, as well as a growing backlog,
we believe we are past the bottom in demand experienced in 2013 and
expect modest sales growth at CBF in 2014.
“At Carlisle Foodservice Products (CFS), sales increased by 3.3% and
EBIT grew an impressive 39%. CFS’ operating performance continues to
improve despite softness experienced in the first quarter in the
foodservice market, due in part to the harsh winter in the U.S.
“We remain focused on growing our businesses, expanding performance
improvement initiatives through the Carlisle Operating System and
investing in new products and new markets. In addition, we are committed
to using our cash on hand and available liquidity to maximize
shareholder value by acquiring companies that fit our long-term growth
and margin profiles and returning capital to shareholders through
dividends and share repurchases.”
Roberts concluded by stating, “For the full year 2014, we continue to
plan for high single-digit percentage sales growth, primarily driven by
growth at CCM and CIT, and expect to generate EBIT leverage from our
sales growth. Capital expenditures for the year are expected to be
approximately $119 million. Our balance sheet continues to be strong and
we are solidly positioned to pursue our long-term growth objectives.”
Segment Results for First Quarter 2014
Carlisle Construction Materials (CCM): Net sales in the first
quarter of 2014 of $347.4 million increased by 2.3%. CCM’s sales into
Europe grew 63%, exclusive of a 2.1% favorable foreign exchange impact
within that region, reflecting growing demand for single-ply roofing
solutions, and recovering market conditions. Within the U.S., CCM’s
sales declined by 2.5%, primarily reflecting harsh weather conditions in
the first quarter of 2014 compared to the prior year. CCM’s overall EBIT
margin of 9.2% in the first quarter of 2014 declined by 130 basis points
from the prior year primarily due to lower selling price, unfavorable
mix changes and lower capacity utilization at our new insulation plants.
CCM also commenced startup production activities during the first
quarter 2014 at its new PVC manufacturing plant in Greenville, IL and
incurred plant startup expenses of $1.8 million, as compared to plant
startup expenses in the first quarter of 2013 of $1.7 million.
Carlisle Interconnect Technologies (CIT): Net sales in the first
quarter of 2014 grew 6.9% to $150.9 million versus the prior year. Sales
in CIT’s aerospace market were up 12%, partially offset by a 14% decline
in sales to the military market and a 11% decline in sales to the
industrial market. CIT’s EBIT margin grew 730 basis points to a record
20.3%, primarily due to higher sales volume, savings from the Carlisle
Operating System, favorable mix changes and savings from purchasing
initiatives. Included in CIT’s EBIT in the first quarter 2014 was $0.9
million in other income for proceeds received in final settlement of the
Thermax acquisition. By comparison, CIT’s EBIT in the first quarter of
2013 included $1.1 million of acquisition costs related to the fair
valuation of acquired inventory from CIT’s purchase of Thermax.
Carlisle Brake
& Friction (CBF): CBF’s first quarter 2014 net
sales growth of 1.5%, to $92.2 million, primarily reflecting the
positive impact of foreign exchange fluctuations from the stronger Euro
and British pound. CBF’s organic sales, which exclude foreign exchange
impacts, were flat versus the prior year, reflecting sales volume growth
of approximately 2% offset by lower selling price. CBF’s sales into the
agriculture market grew 17%. This increase was partially offset by a
decline in sales to the mining and construction markets of 20% and 3%,
respectively. CBF’s EBIT margin during the first quarter declined 210
basis points to 10.0%, primarily due to lower selling price.
Carlisle FoodService Products (CFS): Net sales in the first
quarter of 2014 grew 3.3% to $59.9 million compared to the prior year.
CFS achieved strong sales volume growth to the healthcare market of 24%
primarily reflecting higher demand for retherm equipment used to reheat
and maintain food temperature for meal delivery. This increase was
partially offset by 8% lower sales volume to the foodservice market,
which had lower demand due in part to harsh weather. CFS’ EBIT margin
grew 310 basis points during the first quarter of 2014 to 11.9%
primarily due to higher sales volume and savings from the Carlisle
Operating System.
Income Tax Expense
The Company’s 2014 year to date provision for income taxes includes tax
on ordinary earnings at an anticipated rate of approximately 33%. The
33.6% effective rate for the first quarter of 2014 also includes current
quarter discrete tax expense of $0.4 million.
The Company’s first quarter 2013 effective tax rate of 5.9% reflected
discrete tax benefits of $13.0 million primarily related to a tax
election made in a foreign jurisdiction that resulted in the release of
deferred tax liabilities. Excluding discrete items, the first quarter
2013 effective tax rate was 33.5%.
Cash Flow
Cash flow provided from operations of $51.3 million for the three months
ended March 31, 2014 increased by $13.3 million primarily reflecting
lower usage of cash to fund working capital offset by a reduction in net
income in 2014 versus 2013. For the first quarter 2014, average working
capital (defined as the average of the quarter end balances, excluding
current year acquisitions, for 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) declined to 19.7%, from 20.9% in the prior year.
Capital expenditures during the first quarter of 2014 were $24.1 million
versus $26.8 million in the prior year. Capital expenditures for the
prior year include expenditures of $2.7 million of the divested
Transportation Products business. The Company expects full year capital
expenditures will be approximately $119 million.
As of March 31, 2014, the Company had $779.7 million of cash on hand and
$600 million of borrowing availability under its credit facility.
Conference Call and Webcast
The Company will discuss first quarter 2014 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
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,
foodservice, healthcare and sanitary maintenance. 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
$2.9 billion in net sales in 2013, 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.
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Statements of Earnings
|
For the Three Months Ended
|
|
|
March 31,
|
(Dollars in millions, except per share amounts)
|
|
2014
|
|
2013
|
|
|
|
|
|
Net sales
|
|
$
|
650.4
|
|
|
$
|
629.6
|
|
|
|
|
|
|
Cost and expenses:
|
|
|
|
|
Cost of goods sold
|
|
|
488.3
|
|
|
|
477.2
|
|
Selling and administrative expenses
|
|
|
92.2
|
|
|
|
90.4
|
|
Research and development expenses
|
|
|
8.0
|
|
|
|
7.4
|
|
Other Income, net
|
|
|
(1.1
|
)
|
|
|
(0.8
|
)
|
|
|
|
|
|
Earnings before interest and income taxes
|
|
|
63.0
|
|
|
|
55.4
|
|
|
|
|
|
|
Interest expense, net
|
|
|
8.0
|
|
|
|
8.3
|
|
Earnings before income taxes from continuing operations
|
|
|
55.0
|
|
|
|
47.1
|
|
|
|
|
|
|
Income tax expense
|
|
|
18.5
|
|
|
|
2.8
|
|
Income from continuing operations
|
|
|
36.5
|
|
|
|
44.3
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(1.1
|
)
|
|
|
14.4
|
|
Income tax (benefit) expense
|
|
|
(0.4
|
)
|
|
|
3.5
|
|
Income (loss) from discontinued operations
|
|
|
(0.7
|
)
|
|
|
10.9
|
|
Net income
|
|
$
|
35.8
|
|
|
$
|
55.2
|
|
|
|
|
|
|
Basic earnings (loss) per share attributable to common shares
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.57
|
|
|
$
|
0.70
|
|
Income (loss) from discontinued operations
|
|
|
(0.01
|
)
|
|
|
0.17
|
|
Basic Earnings per share
|
|
$
|
0.56
|
|
|
$
|
0.87
|
|
|
|
|
|
|
Diluted earnings (loss) per share attributable to common shares
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.56
|
|
|
$
|
0.68
|
|
Income (loss) from discontinued operations
|
|
|
(0.01
|
)
|
|
|
0.17
|
|
Diluted earnings per share
|
|
$
|
0.55
|
|
|
$
|
0.85
|
|
|
|
|
|
|
Average shares outstanding - in thousands
|
|
|
|
|
Basic
|
|
|
63,878
|
|
|
|
63,253
|
|
Diluted
|
|
|
65,089
|
|
|
|
64,719
|
|
|
|
|
|
|
Dividends declared and paid
|
|
$
|
14.2
|
|
|
$
|
12.8
|
|
Dividends declared and paid per share
|
|
$
|
0.22
|
|
|
$
|
0.20
|
|
|
|
|
|
|
(1) Numerator for basic and diluted EPS calculated based on
"two-class" method of computing earnings per share:
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
36.3
|
|
|
$
|
44.0
|
|
Net income
|
|
$
|
35.6
|
|
|
$
|
54.9
|
|
|
|
Carlisle Companies Incorporated
|
Segment Information
|
|
In millions,
|
|
Quarter Ended
|
|
Increase
|
except percentages
|
|
March 31,
|
|
(Decrease)
|
|
|
2014
|
|
2013
|
|
Amount
|
|
Percent
|
Net Sales
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
$
|
347.4
|
|
|
$
|
339.6
|
|
|
$
|
7.8
|
|
|
2
|
%
|
Carlisle Interconnect Technologies
|
|
$
|
150.9
|
|
|
$
|
141.2
|
|
|
|
9.7
|
|
|
7
|
%
|
Carlisle Brake & Friction
|
|
$
|
92.2
|
|
|
$
|
90.8
|
|
|
|
1.4
|
|
|
2
|
%
|
Carlisle FoodService Products
|
|
$
|
59.9
|
|
|
$
|
58.0
|
|
|
|
1.9
|
|
|
3
|
%
|
|
|
$
|
650.4
|
|
|
$
|
629.6
|
|
|
$
|
20.8
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest and Income Taxes
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
$
|
31.9
|
|
|
$
|
35.8
|
|
|
$
|
(3.9
|
)
|
|
-11
|
%
|
Carlisle Interconnect Technologies
|
|
$
|
30.7
|
|
|
$
|
18.4
|
|
|
|
12.3
|
|
|
67
|
%
|
Carlisle Brake & Friction
|
|
$
|
9.2
|
|
|
$
|
11.0
|
|
|
|
(1.8
|
)
|
|
-16
|
%
|
Carlisle FoodService Products
|
|
$
|
7.1
|
|
|
$
|
5.1
|
|
|
|
2.0
|
|
|
39
|
%
|
Corporate
|
|
$
|
(15.9
|
)
|
|
$
|
(14.9
|
)
|
|
|
(1.0
|
)
|
|
-7
|
%
|
Total
|
|
$
|
63.0
|
|
|
$
|
55.4
|
|
|
$
|
7.6
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT Margins
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
9.2
|
%
|
|
|
10.5
|
%
|
|
|
|
|
Carlisle Interconnect Technologies
|
|
|
20.3
|
%
|
|
|
13.0
|
%
|
|
|
|
|
Carlisle Brake & Friction
|
|
|
10.0
|
%
|
|
|
12.1
|
%
|
|
|
|
|
Carlisle FoodService Products
|
|
|
11.9
|
%
|
|
|
8.8
|
%
|
|
|
|
|
Corporate
|
|
|
-2.4
|
%
|
|
|
-2.4
|
%
|
|
|
|
|
Total
|
|
|
9.7
|
%
|
|
|
8.8
|
%
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Balance Sheets
|
|
|
|
March 31,
|
|
December 31,
|
(Dollars in millions except share amounts)
|
|
2014
|
|
2013
|
|
|
|
|
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
779.7
|
|
|
$
|
754.5
|
|
Receivables, less allowance of $2.7 in 2014 and $3.3 in 2013
|
|
|
412.1
|
|
|
|
399.6
|
|
Inventories
|
|
|
324.5
|
|
|
|
298.8
|
|
Deferred income taxes
|
|
|
35.6
|
|
|
|
35.7
|
|
Prepaid expenses and other current assets
|
|
|
35.0
|
|
|
|
46.4
|
|
Total current assets
|
|
|
1,586.9
|
|
|
|
1,535.0
|
|
|
|
|
|
|
Property, plant and equipment, net of accumulated depreciation
|
|
|
|
|
|
|
|
503.9
|
|
|
|
497.2
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
Goodwill, net
|
|
|
858.7
|
|
|
|
858.7
|
|
Other intangible assets, net
|
|
|
570.3
|
|
|
|
579.8
|
|
Other long-term assets
|
|
|
23.9
|
|
|
|
22.0
|
|
Non-current assets held for sale
|
|
|
2.2
|
|
|
|
0.3
|
|
Total other assets
|
|
|
1,455.1
|
|
|
|
1,460.8
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
3,545.9
|
|
|
$
|
3,493.0
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term debt, including current maturities
|
|
$
|
-
|
|
|
$
|
-
|
|
Accounts payable
|
|
|
223.6
|
|
|
|
187.0
|
|
Accrued expenses
|
|
|
141.9
|
|
|
|
172.0
|
|
Deferred revenue
|
|
|
17.5
|
|
|
|
17.4
|
|
Total current liabilities
|
|
|
383.0
|
|
|
|
376.4
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
Long-term debt
|
|
|
751.1
|
|
|
|
751.0
|
|
Deferred revenue
|
|
|
144.0
|
|
|
|
143.6
|
|
Other long-term liabilities
|
|
|
236.4
|
|
|
|
235.9
|
|
Total long-term liabilities
|
|
|
1,131.5
|
|
|
|
1,130.5
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Preferred stock, $1 par value per share. Authorized and unissued
5,000,000 shares
|
|
|
-
|
|
|
|
-
|
|
Common stock, $1 par value per share. Authorized 100,000,000
shares;
78,661,248 shares issued; 64,086,326 outstanding in
2014 and
63,658,777 outstanding in 2013
|
|
|
|
|
|
|
78.7
|
|
|
|
78.7
|
|
|
|
|
|
|
Additional paid-in capital
|
|
|
216.5
|
|
|
|
201.1
|
|
Deferred Compensation - Equity
|
|
|
5.9
|
|
|
|
3.0
|
|
Cost of shares in treasury - 14,358,517 shares in 2014 and 14,761,481
|
|
|
|
|
shares in 2013
|
|
|
(207.6
|
)
|
|
|
(209.5
|
)
|
Accumulated other comprehensive loss
|
|
|
(28.0
|
)
|
|
|
(31.5
|
)
|
Retained earnings
|
|
|
1,965.9
|
|
|
|
1,944.3
|
|
Total shareholders' equity
|
|
|
2,031.4
|
|
|
|
1,986.1
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
3,545.9
|
|
|
$
|
3,493.0
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
|
|
For the Three Months ended March 31,
|
(Dollars in millions)
|
|
2014
|
|
2013
|
|
|
|
|
|
Operating activities
|
|
|
|
|
Net income
|
|
$
|
35.8
|
|
|
$
|
55.2
|
|
Reconciliation of net income to cash flows from operating activities:
|
|
|
|
|
Depreciation
|
|
|
15.5
|
|
|
|
20.2
|
|
Amortization
|
|
|
10.1
|
|
|
|
9.5
|
|
Non-cash compensation, net of tax benefit
|
|
|
4.2
|
|
|
|
6.4
|
|
(Gain) loss on divestiture of property and equipment, net
|
|
|
(0.6
|
)
|
|
|
0.6
|
|
Deferred taxes
|
|
|
2.1
|
|
|
|
(13.2
|
)
|
Foreign exchange (gain) loss
|
|
|
0.5
|
|
|
|
(0.4
|
)
|
Changes in assets and liabilities, excluding effects of
acquisitions
and divestitures:
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
(12.2
|
)
|
|
|
(34.8
|
)
|
Inventories
|
|
|
(25.3
|
)
|
|
|
22.2
|
|
Prepaid expenses and other assets
|
|
|
11.7
|
|
|
|
3.6
|
|
Accounts payable
|
|
|
36.6
|
|
|
|
4.9
|
|
Accrued expenses and deferred revenues
|
|
|
(28.8
|
)
|
|
|
(40.9
|
)
|
Long-term liabilities
|
|
|
0.5
|
|
|
|
4.0
|
|
Other operating activities
|
|
|
1.2
|
|
|
|
0.7
|
|
Net cash provided by operating activities
|
|
|
51.3
|
|
|
|
38.0
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Capital expenditures
|
|
|
(24.1
|
)
|
|
|
(26.8
|
)
|
Proceeds from sale of property and equipment
|
|
|
1.0
|
|
|
|
0.3
|
|
Net cash used in investing activities
|
|
|
(23.1
|
)
|
|
|
(26.5
|
)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Net change in short-term borrowings and revolving credit lines
|
|
|
-
|
|
|
|
0.6
|
|
Dividends
|
|
|
(14.2
|
)
|
|
|
(12.8
|
)
|
Treasury shares and stock options, net
|
|
|
11.2
|
|
|
|
4.7
|
|
Net cash used in financing activities
|
|
|
(3.0
|
)
|
|
|
(7.5
|
)
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
-
|
|
|
|
(0.5
|
)
|
Change in cash and cash equivalents
|
|
|
25.2
|
|
|
|
3.5
|
|
Cash and cash equivalents
|
|
|
|
|
Beginning of period
|
|
|
754.5
|
|
|
|
112.5
|
|
End of period
|
|
$
|
779.7
|
|
|
$
|
116.0
|
|
|
Source: Carlisle Companies Incorporated