CHARLOTTE, N.C.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) reported $859.5 million in
net sales from continuing operations for the second quarter 2014, an
increase of 8.4% versus the prior year. The Company achieved organic
sales growth of 8.0% during the quarter, led by double digit sales
growth at Carlisle Interconnect Technologies (CIT) and strong sales
growth at Carlisle Construction Materials (CCM). The positive impact on
net sales from fluctuations in foreign exchange was 0.4%.
Income from continuing operations in the second quarter 2014 rose 18% to
$75.7 million, or $1.15 per diluted share. Income growth was primarily
driven by higher sales volume and savings from the Carlisle Operating
System, partially offset by higher product costs at CCM and reductions
in selling price.
For the six months ended June 30, 2014, net sales from continuing
operations of $1.51 billion grew 6.2% over the prior year period,
reflecting organic growth of 5.8% and the positive impact of
fluctuations in foreign exchange of 0.4%. Income from continuing
operations for the six months ended June 30, 2014 rose 3.2% to $112.1
million, or $1.70 per diluted share. Income from continuing operations
for the prior year six month period ended June 30, 2013 includes a
discrete tax benefit of $11.8 million, or $0.18 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,
“We achieved solid organic sales growth of 8.0% during the quarter with
each of our segments increasing sales. We leveraged our sales growth to
a 12% EBIT (earnings before interest and income taxes) improvement
driven by exceptional performance at CIT. Our EBIT margin grew 40 basis
points to 14.2% for the second quarter. CIT’s performance was again a
highlight with double digit sales growth and record EBIT margin of
21.0%. We continue to maintain a positive outlook for our sales and EBIT
growth for the remainder of this year.
“At CCM, second quarter sales increased 9.2% on stronger demand for
commercial roofing. CCM’s EBIT increased 3.7%. CCM’s EBIT was negatively
impacted by lower selling price, higher product costs as well as
start-up costs at our new PVC plant. The outlook for the commercial
construction market for the remainder of the year remains positive and
the company is well positioned with our new capacity to handle the
expected increase in demand. High single digit sales growth is expected
for the full year 2014 at CCM.
“CIT had another outstanding quarter with 11% sales growth and 53% EBIT
growth, demonstrating exceptional leverage. Growth in the aerospace
market remained strong during the second quarter on record demand for
CIT’s IFEC (In-Flight Entertainment and Connectivity) applications and
increased sales related to the Boeing 787 program. CIT’s EBIT margin
rose 570 basis points to 21.0%. In addition to achieving high sales
growth, CIT continues to deliver excellent results from the Carlisle
Operating System.
“Carlisle Brake & Friction’s (CBF) sales increased 4.3% during the
second quarter 2014. EBIT declined 13% due primarily to lower selling
price. With continued year-over-year order increases, as well as a
growing backlog, largely attributable to our customer expansion
initiatives, we are planning for improving year-over-year sales growth
for the balance of the year.
“Carlisle FoodService Products (CFS) achieved sales growth of 2.1%
during the second quarter and EBIT growth of 15% as CFS continues to
make progress on its performance improvement initiatives. CFS had strong
growth in the healthcare market offset by lower sales in the foodservice
product market. CFS’ 2014 EBIT includes a $1.1 million gain from the
sale of a recently closed facility in The Netherlands.
“Our current cash on hand is $757 million. We continue to review
opportunities to use our available liquidity to maximize shareholder
value by acquiring companies that fit our long-term growth and margin
profiles as well as returning capital to shareholders.”
Roberts concluded by stating, “For the full year 2014, we continue to
plan for high single-digit percentage sales growth and EBIT leverage
from our sales growth. CIT and CCM continue to be the primary drivers of
this year’s sales growth as the outlook for the aerospace and commercial
construction markets remain favorable. Capital expenditures for the year
are expected to be approximately $117 million. Our balance sheet
continues to be strong and we continue to be solidly positioned to
pursue our long-term growth objectives.”
Segment Results for Second Quarter 2014
Carlisle Construction Materials (CCM): Net sales in the second
quarter of 2014 of $535.6 million rose 9.2% reflecting higher demand for
roofing systems and polyiso applications, partially offset by lower
selling price. CCM’s EBIT margin declined 80 basis points to 15.1% in
the quarter primarily due to lower selling price, higher product costs
including freight and higher plant startup expense. CCM incurred startup
expenses of $1.8 million during the quarter at its new PVC manufacturing
plant in Greenville, IL, as compared to plant startup expenses in the
second quarter of 2013 of $1.3 million.
Carlisle Interconnect Technologies (CIT): Net sales of $162.2
million in the second quarter of 2014 rose 11.3% compared to the prior
year. Sales in CIT’s aerospace, and test and measurement markets were up
13% and 31%, respectively. Sales to the military market were relatively
level and sales to the industrial market were down 4%. CIT’s EBIT margin
improved 570 basis points to a record 21.0%, primarily due to higher
sales volume and savings from the Carlisle Operating System.
Carlisle Brake
& Friction (CBF): Net sales in the second
quarter of 2014 increased 4.3% to $97.6 million, reflecting 2.3% organic
sales growth and a 2.0% positive impact on sales from fluctuations in
foreign exchange rates. CBF’s organic sales growth of 2.3% primarily
reflected higher sales volume partially offset by lower selling price.
Sales into the construction and agriculture markets increased 11% and
2%, respectively. These increases were partially offset by a modest
decline in sales to the mining market of 2%. CBF’s EBIT margin during
the second quarter declined 210 basis points to 11.1%, primarily due to
lower selling price. EBIT for the second quarter 2014 includes $0.4
million in restructuring costs related to the closure of its Akron, OH
facility.
Carlisle FoodService Products (CFS): Net sales in the second
quarter of 2014 grew 2.1% to $64.1 million. Sales into the healthcare
market increased by 13% on higher demand for equipment. This was
partially offset by 3% lower sales in the foodservice market, primarily
reflecting lower international sales volume. CFS’ EBIT margin grew 150
basis points during the second quarter of 2014 to 13.1% primarily
reflecting a gain of $1.1 million from the sale of exited property in
Zevenaar, Netherlands.
Cash Flow
Cash flow provided from operations of $70.4 million for the six months
ended June 30, 2014 was lower than the prior year period by $49.1
million primarily due to the disposition of the Transportation Products
business on December 31, 2013. Cash flow provided by this divested
business in the prior year period was concentrated in the first half of
2013 due to seasonality of the lawn and garden market.
For the second 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 18.0%, from 19.5% in the prior year.
Capital expenditures during the first six months 2014 were $63.9 million
versus $49.4 million in the prior year. Capital expenditures in 2014
include construction commencement for CIT’s new 190,000 sq. ft. facility
in Nogales, Mexico. The Company expects full year capital expenditures
will be approximately $117 million. During the second quarter 2014, the
Company received $9.7 million in settlement of the finalized working
capital adjustment from the Transportation Products divestiture.
As of June 30, 2014, the Company had $757 million of cash on hand and
$600 million of borrowing availability under its credit facility.
Conference Call and Webcast
The Company will discuss second 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 also be found on the Carlisle website.
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
$2.9 billion in net sales in 2013, is focused on continuously improving
the value of the Carlisle brand by developing the best products,
ensuring the highest quality and providing unequaled customer service in
the many industries we serve. Learn more about Carlisle at www.carlisle.com.
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Carlisle Companies Incorporated
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Unaudited Condensed Consolidated Statements of Earnings
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Three Months Ended June 30,
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Six Months Ended June 30,
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(in millions except share amounts)
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2014
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2013
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2014
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2013
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Net Sales
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$
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859.5
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$
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792.6
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$
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1,509.9
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$
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1,422.2
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Cost and expenses:
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Cost of goods sold
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634.9
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585.5
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1,123.3
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1,062.7
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Selling and administrative expenses
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95.4
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88.1
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187.6
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178.4
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Research and development expenses
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8.5
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7.4
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16.4
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14.8
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Other (income) expense, net
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(1.6)
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2.3
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(2.7)
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1.5
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Earnings before interest and income taxes
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122.3
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109.3
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185.3
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164.8
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Interest expense, net
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8.0
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8.6
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16.0
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16.9
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Earnings before income taxes from continuing operations
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114.3
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100.7
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169.3
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147.9
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Income tax expense
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38.6
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36.4
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57.2
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39.3
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Income from continuing operations
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75.7
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64.3
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112.1
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108.6
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Discontinued operations
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Income (loss) before taxes
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(0.1)
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(86.9)
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(1.2)
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(72.4)
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Income tax (benefit) expense
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0.4
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(30.8)
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(0.1)
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(27.2)
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Income (loss) from discontinued operations
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(0.5)
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(56.1)
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(1.1)
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(45.2)
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Net income
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$
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75.2
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$
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8.2
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$
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111.0
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$
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63.4
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Basic earnings (loss) per share attributable to common shares(1)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
|
|
$
|
|
|
|
1.17
|
|
|
|
|
|
|
|
$
|
|
|
|
1.01
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
1.73
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
1.71
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations
|
|
|
|
|
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
(0.88)
|
|
|
|
|
|
|
|
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
(0.71)
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per share
|
|
|
|
|
|
|
|
$
|
1.16
|
|
|
|
|
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
$
|
1.72
|
|
|
|
|
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share attributable to common shares(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
|
|
$
|
|
|
|
1.15
|
|
|
|
|
|
|
|
$
|
|
|
|
0.99
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
1.70
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
1.67
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations
|
|
|
|
|
|
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
(0.86)
|
|
|
|
|
|
|
|
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
(0.69)
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
$
|
1.14
|
|
|
|
|
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
$
|
1.69
|
|
|
|
|
|
|
|
$
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding - in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
64,100
|
|
|
|
|
|
|
|
63,409
|
|
|
|
|
|
|
|
|
|
63,990
|
|
|
|
|
|
|
|
63,343
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
65,441
|
|
|
|
|
|
|
|
64,695
|
|
|
|
|
|
|
|
|
|
65,329
|
|
|
|
|
|
|
|
64,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and paid
|
|
|
|
|
|
|
|
$
|
14.6
|
|
|
|
|
|
|
|
$
|
12.8
|
|
|
|
|
|
|
|
|
|
$
|
28.8
|
|
|
|
|
|
|
|
$
|
25.6
|
|
|
|
|
|
|
|
Dividends declared and paid per share
|
|
|
|
|
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Numerator for basic and diluted EPS calculated based on
"two-class" method of computing earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
|
|
$
|
|
|
|
74.9
|
|
|
|
|
|
|
|
$
|
|
|
|
63.9
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
111.1
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
108.1
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
$
|
|
|
|
74.4
|
|
|
|
|
|
|
|
$
|
|
|
|
8.1
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
110.0
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
63.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
|
Unaudited Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Increase
|
|
|
|
|
Six Months Ended
|
|
|
|
Increase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
(Decrease)
|
|
|
|
|
June 30,
|
|
|
|
(Decrease)
|
|
|
|
|
|
|
|
|
In millions, except percentages
|
|
2014
|
|
2013
|
|
|
|
|
Amount
|
|
|
|
Percent
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
Amount
|
|
|
Percent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
$
|
|
535.6
|
|
$
|
|
490.5
|
|
|
|
|
$
|
|
|
|
45.1
|
|
|
|
9.2
|
%
|
|
|
|
$
|
|
|
883.1
|
|
|
$
|
|
|
|
830.1
|
|
|
|
$
|
|
|
|
53.0
|
|
|
6.4
|
%
|
|
|
|
|
|
|
|
|
|
Carlisle Interconnect Technologies
|
|
162.2
|
|
|
|
145.7
|
|
|
|
|
|
|
|
|
16.5
|
|
|
|
11.3
|
|
|
|
|
|
|
|
|
313.1
|
|
|
|
|
|
|
286.9
|
|
|
|
|
|
|
|
26.2
|
|
|
9.1
|
|
|
|
|
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
97.6
|
|
|
|
93.6
|
|
|
|
|
|
|
|
|
4.0
|
|
|
|
4.3
|
|
|
|
|
|
|
|
|
189.8
|
|
|
|
|
|
|
184.4
|
|
|
|
|
|
|
|
5.4
|
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
Carlisle FoodService Products
|
|
|
|
|
64.1
|
|
|
62.8
|
|
|
|
|
|
1.3
|
|
|
|
2.1
|
|
|
|
|
|
|
123.9
|
|
|
|
120.8
|
|
|
|
|
3.1
|
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
859.5
|
|
$
|
792.6
|
|
|
|
|
$
|
66.9
|
|
|
|
8.4
|
%
|
|
|
|
$
|
1,509.9
|
|
|
$
|
1,422.2
|
|
|
|
$
|
87.7
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest and Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
$
|
|
81.1
|
|
$
|
|
78.2
|
|
|
|
|
$
|
|
|
|
2.9
|
|
|
|
3.7
|
%
|
|
|
|
$
|
|
|
112.9
|
|
|
$
|
|
|
|
114.0
|
|
|
|
$
|
|
|
|
(1.1)
|
|
|
(1.0)
|
%
|
|
|
|
|
|
|
|
|
|
Carlisle Interconnect Technologies
|
|
34.1
|
|
|
|
22.3
|
|
|
|
|
|
|
|
|
11.8
|
|
|
|
52.9
|
|
|
|
|
|
|
|
|
64.8
|
|
|
|
|
|
|
40.7
|
|
|
|
|
|
|
|
24.1
|
|
|
59.2
|
|
|
|
|
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
10.8
|
|
|
|
12.4
|
|
|
|
|
|
|
|
|
(1.6)
|
|
|
|
(12.9)
|
|
|
|
|
|
|
|
|
20.0
|
|
|
|
|
|
|
23.4
|
|
|
|
|
|
|
|
(3.4)
|
|
|
(14.5)
|
|
|
|
|
|
|
|
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
8.4
|
|
|
|
7.3
|
|
|
|
|
|
|
|
|
1.1
|
|
|
|
15.1
|
|
|
|
|
|
|
|
|
15.4
|
|
|
|
|
|
|
12.4
|
|
|
|
|
|
|
|
3.0
|
|
|
24.2
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
(12.1)
|
|
|
(10.9)
|
|
|
|
|
|
(1.2)
|
|
|
|
(11.0)
|
|
|
|
|
|
|
(27.8)
|
|
|
|
(25.7)
|
|
|
|
|
(2.1)
|
|
|
(8.2)
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
122.3
|
|
$
|
109.3
|
|
|
|
|
$
|
13.0
|
|
|
|
11.9
|
%
|
|
|
|
$
|
185.3
|
|
|
$
|
164.8
|
|
|
|
$
|
20.5
|
|
|
12.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
15.1
|
%
|
|
15.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.8
|
|
|
%
|
|
|
|
13.7
|
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Interconnect Technologies
|
|
21.0
|
|
|
|
15.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.7
|
|
|
|
|
|
|
14.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
11.1
|
|
|
|
13.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.5
|
|
|
|
|
|
|
12.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle FoodService Products
|
|
13.1
|
|
|
|
11.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.4
|
|
|
|
|
|
|
10.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
(1.4)
|
|
|
|
(1.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.8)
|
|
|
|
|
|
|
(1.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
14.2
|
%
|
13.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.3
|
|
|
%
|
11.6
|
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
(Dollars in millions except share amounts)
|
|
2014
|
|
2013
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
757.0
|
|
$
|
754.5
|
|
|
Receivables, net of allowance of $3.4 in 2014 and $3.3 in 2013
|
|
|
534.8
|
|
|
399.6
|
|
|
Inventories
|
|
|
329.6
|
|
|
298.8
|
|
|
Deferred income taxes
|
|
|
35.6
|
|
|
35.7
|
|
|
Prepaid expenses and other current assets
|
|
|
32.0
|
|
|
46.4
|
|
|
|
Total current assets
|
|
|
1,689.0
|
|
|
1,535.0
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net of accumulated depreciation
|
|
|
527.6
|
|
|
497.2
|
|
|
|
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
|
|
|
Goodwill, net
|
|
|
858.7
|
|
|
858.7
|
|
|
Other intangible assets, net
|
|
|
560.7
|
|
|
579.8
|
|
|
Other long-term assets
|
|
|
20.9
|
|
|
22.3
|
|
|
|
Total other assets
|
|
|
1,440.3
|
|
|
1,460.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
3,656.9
|
|
$
|
3,493.0
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
256.2
|
|
$
|
187.0
|
|
|
Accrued expenses
|
|
|
157.4
|
|
|
172.0
|
|
|
Deferred revenue
|
|
|
17.5
|
|
|
17.4
|
|
|
|
Total current liabilities
|
|
|
431.1
|
|
|
376.4
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
751.2
|
|
|
751.0
|
|
|
Deferred revenue
|
|
|
145.5
|
|
|
143.6
|
|
|
Other long-term liabilities
|
|
|
236.1
|
|
|
235.9
|
|
|
|
Total long-term liabilities
|
|
|
1,132.8
|
|
|
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; 64,112,417 outstanding in 2014 and
|
|
|
|
|
|
|
|
|
|
63,658,777 outstanding in 2013
|
|
|
78.7
|
|
|
78.7
|
|
|
Additional paid-in capital
|
|
|
219.0
|
|
|
201.1
|
|
|
Deferred Compensation - Equity
|
|
|
6.5
|
|
|
3.0
|
|
|
Cost of shares in treasury - 14,299,889 shares in 2014 and 14,761,481
|
|
|
|
|
|
|
|
|
|
shares in 2013
|
|
|
(208.4)
|
|
|
(209.5)
|
|
|
Accumulated other comprehensive loss
|
|
|
(29.4)
|
|
|
(31.5)
|
|
|
Retained earnings
|
|
|
2,026.6
|
|
|
1,944.3
|
|
|
|
Total shareholders' equity
|
|
|
2,093.0
|
|
|
1,986.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
3,656.9
|
|
$
|
3,493.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
111.0
|
|
$
|
63.4
|
|
|
Reconciliation of net income to cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.4
|
|
|
39.4
|
|
|
|
Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18.9
|
|
|
20.5
|
|
|
|
Non-cash compensation, net of tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.4
|
|
|
8.6
|
|
|
|
(Gain) loss on sale of property and equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.9)
|
|
|
0.9
|
|
|
|
Impairment of assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
100.0
|
|
|
|
Deferred taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.8
|
|
|
(46.3)
|
|
|
|
Foreign exchange (gain) loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.1
|
|
|
(0.1)
|
|
|
|
Changes in assets and liabilities, excluding effects of acquisitions
and divestitures:
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(135.2)
|
|
|
(118.3)
|
|
|
|
|
Inventories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30.8)
|
|
|
42.7
|
|
|
|
|
Prepaid expenses and other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.4
|
|
|
5.7
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69.2
|
|
|
24.8
|
|
|
|
|
Accrued expenses and deferred revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13.3)
|
|
|
(26.6)
|
|
|
|
|
Long-term liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.0
|
|
|
6.0
|
|
|
|
Other operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.4
|
|
|
(1.2)
|
|
|
|
Net cash provided by operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70.4
|
|
|
119.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(63.9)
|
|
|
(49.4)
|
|
|
Proceeds from sale of property and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.7
|
|
|
0.3
|
|
|
Proceeds from sale of businesses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.7
|
|
|
-
|
|
|
|
Net cash used in investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(50.5)
|
|
|
(49.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in short-term borrowings and revolving credit lines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(0.1)
|
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28.8)
|
|
|
(25.6)
|
|
|
Treasury shares and stock options, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.6
|
|
|
11.8
|
|
|
|
Net cash used in financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17.2)
|
|
|
(13.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.2)
|
|
|
(0.8)
|
|
Change in cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.5
|
|
|
55.7
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
754.5
|
|
|
112.5
|
|
|
End of period
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
757.0
|
|
$
|
168.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: Carlisle Companies Incorporated