-
Record First Quarter Net Sales of $857.3 million, an increase of
8.0% versus prior year
-
First Quarter Earnings per Share from Continuing Operations of
$0.94, including $0.10 of restructuring, facility rationalization and
acquired inventory costs
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) reported net sales of $857.3
million for the first quarter ended March 31, 2017, an 8.0% increase
from $794.0 million in the first quarter of 2016. Net sales from
acquisitions contributed a total of 4.9% to net sales in the first
quarter of 2017. Organic net sales (defined as net sales excluding both
sales from acquisitions within the last twelve months and the impact of
changes in foreign exchange rates versus the U.S. Dollar) grew 3.7%.
Fluctuations from foreign exchange had a negative impact to net sales of
0.6%.
Income from continuing operations in the first quarter 2017 declined 10%
to $61.5 million, compared with $68.5 million in the first quarter 2016,
due to unfavorable operating performance in the Carlisle Interconnect
Technologies (CIT) segment, approximately $3.8 million of after-tax
charges primarily for the previously announced facility rationalization
and plant restructuring projects at CIT and the Carlisle Brake &
Friction (CBF) segment, and $2.5 million of after-tax acquired inventory
costs. Partially offsetting the year-over-year earnings decline were
higher net sales volume in the Construction Materials (CCM) segment and
savings from the Carlisle Operating System (COS). The Company’s
effective tax rate in the first quarter 2017 was 31.7%, versus an
effective rate of 33.0% in the prior year driven by a tax benefit tied
to the adoption of a new accounting standard. On a per share basis,
income from continuing operations in the first quarter 2017 decreased
10% to $0.94 per diluted share, from $1.05 per diluted share in the
prior year.
(in millions, except per share amounts)
|
|
Q1 2017
|
|
Q1 2016
|
|
Increase
(Decrease)
|
Net Sales
|
|
$
|
857.3
|
|
|
$
|
794.0
|
|
|
8.0
|
%
|
Earnings before interest and income taxes (EBIT)
|
|
$
|
96.7
|
|
|
$
|
110.6
|
|
|
(12.6
|
)%
|
Income from continuing operations, net of tax
|
|
$
|
61.5
|
|
|
$
|
68.5
|
|
|
(10.2
|
)%
|
Diluted earnings per share from continuing operations
|
|
$
|
0.94
|
|
|
$
|
1.05
|
|
|
(10.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
All financial and percentage comparisons in the Company’s first quarter
2017 reporting are made to the same quarter of the previous year, unless
otherwise stated.
Comment
D. Christian “Chris” Koch, President and Chief Executive Officer, said,
“We are pleased with the record sales performance in the first quarter
led by outstanding results at CCM. Through solid execution, CCM was able
to achieve sales growth in excess of the low single digit
non-residential roofing market growth rates while driving continued
margin expansion. The acquisition of San Jamar in the Carlisle
FoodService Products (CFS) segment announced earlier this year performed
as expected in the quarter with the integration progressing very well
and the team delivering excellent operating performance. CIT experienced
challenges in the commercial aerospace market during Q1. These
challenges were specifically due to the acceleration of in-sourcing by a
large commercial aerospace customer of in-flight entertainment and
connectivity (IFEC) products. Accompanying the negative impact of the
in-sourcing action was the timing of sales due to a technology shift
from traditional seatback IFEC products to CIT’s new satellite
connectivity (SatCom ARINC 791) products. We expect sales volumes
related to this issue to gradually improve as we move through 2017 and
as our very strong SatCom order pipeline is shipped to customers. CIT
remains very well-positioned to capitalize on future growth in the
commercial aerospace market with our new products and our recent
acquisition of Star Aviation.
“We successfully deployed approximately $226 million of cash in the
quarter to acquire San Jamar and Arbo, and returned $22.7 million in
cash to shareholders through our quarterly dividend. We increased our
credit facility in the quarter and now have $1.0 billion of
availability. Coupled with our expected strong operating cash flow, we
expect to have ample liquidity to make further investments in our
businesses and continue to return capital to our shareholders through a
consistent dividend and our share buyback program.
“Carlisle Construction Materials (CCM) achieved net sales of
$446.1 million, a 10.5% increase over prior year, and EBIT margin of
18.1% in the first quarter of 2017. The net sales and EBIT margin
performance represent first quarter records for CCM. Higher sales volume
was led by low-teens growth experienced in the U.S. non-residential
roofing markets. EBIT growth of 11.6% was driven by higher net sales
volume and COS savings, partially offset by unfavorable price and raw
material cost dynamics, and $0.5 million of pre-tax acquired inventory
costs related to the Arbo acquisition.
“The outlook for the U.S. non-residential roofing market remains
positive. For full year 2017, we are increasing CCM’s outlook to
mid-to-high single digit net sales growth rates. CCM remains committed
to maintaining price discipline in their markets.
“Carlisle Interconnect Technologies (CIT) net sales in the first
quarter 2017 declined 1.3% versus prior year reflecting acquisition
growth of 7.9%, and an organic net sales decline of 8.9%. Fluctuations
from foreign exchange had a negative impact to net sales of 0.3%. The
organic net sales decrease was due to the aforementioned in-sourcing
initiatives by a large commercial aerospace customer and timing of the
IFEC to SatCom product shift. CIT’s EBIT fell 39% primarily related to
the aforementioned sales volume reductions and $4.3 million of pre-tax
facility rationalization and plant restructuring costs related to
efforts focused on improving operational efficiencies throughout the
business. We expect to generate substantial savings beginning in 2018
from these operational efficiency improvement efforts.
“Our 2017 net sales outlook for CIT is for growth in the mid-single
digit range reflecting our price discipline on legacy IFEC products and
the corresponding impact of the customer in-sourcing initiative. We are
optimistic that our growing backlog and increasing ramp-up of SatCom
product sales will contribute to sales growth in the latter half of the
year.
“Carlisle FoodService Products (CFS) achieved net sales of $83.3
million, a 38% increase over prior year reflecting acquisition growth of
32%, and an organic net sales increase of 5.9%. EBIT decreased 18% to
$5.8 million, including $3.4 million of pre-tax acquired inventory costs
related to the San Jamar acquisition. CFS recorded its seventh
consecutive quarter of year-over-year organic sales growth. CFS organic
sales represents a quarterly record for this segment, with growth driven
by janitorial/sanitation products and healthcare equipment.
“The integration of the San Jamar acquisition is progressing very well.
San Jamar expands our position in several hygienic, food management, and
safety product categories. The rollout of the Carlisle Operating System
has been positively embraced by San Jamar employees who have already
identified and implemented various continuous improvement opportunities.
“CFS continues to remain focused on the execution of its strategies of
operational excellence, sales growth, and the successful integration of
San Jamar. We expect CFS to achieve low-to-mid single digit organic net
sales growth for the full year 2017.
“Carlisle Fluid Technologies (CFT) net sales in the quarter
declined 1.1% versus prior year reflecting acquisition growth of 2.2%,
and an organic net sales decline of 0.5%. Fluctuations from foreign
exchange had a negative impact to net sales of 2.8%. Sales volumes
decreased in Asia Pacific primarily due to the timing of system sales.
Offsetting these sales declines was strength experienced in EMEA driven
by growth in the automotive refinishing market and a full quarter of
sales from last year’s acquisition of MS Powder. First quarter 2017 EBIT
decreased 29% primarily due to lower sales volume and as previously
communicated, ongoing investments to position the business for future
growth and margin improvement.
“The outlook across CFT’s largest global end markets remain positive,
and our expectations for net sales growth are in the mid-single digit
percent range.
“Carlisle Brake and Friction (CBF) net sales increased 1.7% in
the quarter reflecting an organic net sales increase of 3.6% and a
negative impact to net sales from fluctuations in foreign exchange rates
of 1.9%. CBF experienced sales growth for the first time since the third
quarter of 2014, with increases in key end markets, including mining,
which has not seen growth since 2012. EBIT declined 68% as a result of
unfavorable product mix, higher raw material costs, and expenses related
to the previously announced closure of the Tulsa, OK manufacturing
facility.
“Our outlook for 2017 is cautious optimism that we have reached the
bottom of the cycle in our key markets. We now expect CBF net sales to
be slightly positive for 2017.”
Koch concluded by stating, “For the full year, we continue to plan for
total net sales growth to be in the high-single digit percent range. We
expect capital expenditures will be approximately $125 to $150 million
as investments identified for expansion at CCM, CIT, and CFT move
forward, and the additional cost reduction improvements at CBF related
to their footprint rationalization efforts are rolled out. 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 as well as returning capital to shareholders through
dividends and share repurchases.”
Cash Flow
Cash flow provided from operations of $31.9 million for the three months
ended March 31, 2017 was $77.1 million lower than cash provided of
$109.0 million for the prior year period primarily due to lower net
income and an increase in cash usage for working capital to support the
organic sales growth.
Free cash flow (defined as cash provided by operating activities less
capital expenditures, and comprised of continuing and discontinued
operations) was $1.5 million in the first quarter of 2017, a decrease of
$88.8 million versus the prior year. The decrease in free cash flow was
primarily attributable to lower net income, a greater usage of cash for
working capital, and higher capital expenditures versus the prior year.
For the full year, we expect free cash flow conversion to be
approximately 100%.
Net cash used in investing activities of $256.2 million for the three
months ended March 31, 2017 included $225.8 million used primarily for
the acquisitions of San Jamar and Arbo, net of cash acquired.
As of March 31, 2017, we had $134.0 million cash on hand and $1.0
billion of availability under our revolving credit facility.
Conference Call and Webcast
The Company will discuss first quarter 2017 results on a conference call
at 5:00 p.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 diversified global company with
a portfolio of businesses focused on the manufacture and distribution of
highly engineered products for both original equipment and aftermarket
channels. Carlisle’s markets include: commercial roofing, energy,
agriculture, mining, construction, aerospace, defense, foodservice,
healthcare, sanitary maintenance, transportation, industrial, protective
coating and auto refinishing. Leveraging the Carlisle Operating System
(COS) and an entrepreneurial spirit to drive continuous improvement,
Carlisle’s worldwide team of employees generated $3.7 billion in net
sales in 2016. Learn more about Carlisle at www.carlisle.com.
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
|
|
Unaudited Condensed Consolidated Statements of Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
(in millions except share and per share amounts)
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
857.3
|
|
|
$
|
794.0
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
609.6
|
|
|
|
548.6
|
|
|
|
Selling and administrative expenses
|
|
|
139.7
|
|
|
|
124.1
|
|
|
|
Research and development expenses
|
|
|
12.8
|
|
|
|
11.3
|
|
|
|
Other income, net
|
|
|
(1.5
|
)
|
|
|
(0.6
|
)
|
|
|
Earnings before interest and income taxes
|
|
|
96.7
|
|
|
|
110.6
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
6.6
|
|
|
|
8.4
|
|
|
|
Earnings before income taxes from continuing operations
|
|
|
90.1
|
|
|
|
102.2
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
28.6
|
|
|
|
33.7
|
|
|
|
Income from continuing operations
|
|
|
61.5
|
|
|
|
68.5
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
Income before income taxes
|
|
|
0.5
|
|
|
|
—
|
|
|
|
Income tax expense
|
|
|
0.2
|
|
|
|
—
|
|
|
|
Income from discontinued operations
|
|
|
0.3
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
61.8
|
|
|
$
|
68.5
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to common shares (1)
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.95
|
|
|
$
|
1.06
|
|
|
|
Income from discontinued operations
|
|
|
—
|
|
|
|
—
|
|
|
|
Basic earnings per share
|
|
$
|
0.95
|
|
|
$
|
1.06
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to common shares (1)
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.94
|
|
|
$
|
1.05
|
|
|
|
Income from discontinued operations
|
|
|
—
|
|
|
|
—
|
|
|
|
Diluted earnings per share
|
|
$
|
0.94
|
|
|
$
|
1.05
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding (in thousands):
|
|
|
|
|
|
|
Basic
|
|
|
64,353
|
|
|
|
64,018
|
|
|
|
Diluted
|
|
|
64,848
|
|
|
|
64,876
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and paid
|
|
$
|
22.7
|
|
|
$
|
19.5
|
|
|
|
Dividends declared and paid per share
|
|
$
|
0.35
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
(1)
|
|
Basic and diluted EPS calculated based on "two-class" method of
computing earnings per share using the following income
attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
61.0
|
|
|
$
|
67.8
|
|
|
|
Net income
|
|
$
|
61.3
|
|
|
$
|
67.8
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Segment Information
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Increase
(Decrease)
|
(in millions, except percentages)
|
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
$
|
446.1
|
|
|
$
|
403.7
|
|
|
$
|
42.4
|
|
|
10.5
|
%
|
Carlisle Interconnect Technologies
|
|
194.2
|
|
|
196.7
|
|
|
(2.5
|
)
|
|
(1.3
|
)
|
Carlisle FoodService Products
|
|
83.3
|
|
|
60.4
|
|
|
22.9
|
|
|
37.9
|
|
Carlisle Fluid Technologies
|
|
60.5
|
|
|
61.2
|
|
|
(0.7
|
)
|
|
(1.1
|
)
|
Carlisle Brake & Friction
|
|
73.2
|
|
|
72.0
|
|
|
1.2
|
|
|
1.7
|
|
Total
|
|
$
|
857.3
|
|
|
$
|
794.0
|
|
|
$
|
63.3
|
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest and Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
$
|
80.7
|
|
|
$
|
72.3
|
|
|
$
|
8.4
|
|
|
11.6
|
%
|
Carlisle Interconnect Technologies
|
|
22.3
|
|
|
36.6
|
|
|
(14.3
|
)
|
|
(39.1
|
)
|
Carlisle FoodService Products
|
|
5.8
|
|
|
7.1
|
|
|
(1.3
|
)
|
|
(18.3
|
)
|
Carlisle Fluid Technologies
|
|
4.9
|
|
|
6.9
|
|
|
(2.0
|
)
|
|
(29.0
|
)
|
Carlisle Brake & Friction
|
|
1.2
|
|
|
3.7
|
|
|
(2.5
|
)
|
|
(67.6
|
)
|
Corporate
|
|
(18.2
|
)
|
|
(16.0
|
)
|
|
(2.2
|
)
|
|
(13.8
|
)
|
Total
|
|
$
|
96.7
|
|
|
$
|
110.6
|
|
|
$
|
(13.9
|
)
|
|
(12.6
|
)
|
|
|
|
|
|
|
|
|
|
EBIT Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
18.1
|
%
|
|
17.9
|
%
|
|
|
|
|
Carlisle Interconnect Technologies
|
|
11.5
|
|
|
18.6
|
|
|
|
|
|
Carlisle FoodService Products
|
|
7.0
|
|
|
11.8
|
|
|
|
|
|
Carlisle Fluid Technologies
|
|
8.1
|
|
|
11.3
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
1.6
|
|
|
5.1
|
|
|
|
|
|
Total
|
|
11.3
|
|
|
13.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Condensed Consolidated Balance Sheets
|
|
(in millions except share and per share amounts)
|
|
March 31, 2017
|
|
December 31, 2016
|
|
|
(Unaudited)
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
134.0
|
|
|
$
|
385.3
|
|
Receivables, net
|
|
560.0
|
|
|
511.6
|
|
Inventories
|
|
428.0
|
|
|
377.0
|
|
Prepaid expenses
|
|
25.2
|
|
|
24.3
|
|
Other current assets
|
|
44.0
|
|
|
57.0
|
|
Total current assets
|
|
1,191.2
|
|
|
1,355.2
|
|
|
|
|
|
|
Property, plant, and equipment, net
|
|
660.9
|
|
|
632.2
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
Goodwill, net
|
|
1,176.9
|
|
|
1,081.2
|
|
Other intangible assets, net
|
|
1,018.9
|
|
|
872.2
|
|
Other long-term assets
|
|
22.8
|
|
|
25.0
|
|
Total other assets
|
|
2,218.6
|
|
|
1,978.4
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
4,070.7
|
|
|
$
|
3,965.8
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
291.3
|
|
|
$
|
243.6
|
|
Accrued expenses
|
|
188.4
|
|
|
246.7
|
|
Deferred revenue
|
|
28.6
|
|
|
23.2
|
|
Total current liabilities
|
|
508.3
|
|
|
513.5
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
Long-term debt
|
|
596.5
|
|
|
596.4
|
|
Deferred revenue
|
|
174.5
|
|
|
172.0
|
|
Other long-term liabilities
|
|
273.2
|
|
|
217.0
|
|
Total long-term liabilities
|
|
1,044.2
|
|
|
985.4
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Preferred stock
|
|
—
|
|
|
—
|
|
Common stock
|
|
78.7
|
|
|
78.7
|
|
Additional paid-in capital
|
|
338.5
|
|
|
335.3
|
|
Deferred compensation equity
|
|
11.9
|
|
|
10.3
|
|
Treasury shares, at cost
|
|
(386.9
|
)
|
|
(382.6
|
)
|
Accumulated other comprehensive loss
|
|
(110.5
|
)
|
|
(122.2
|
)
|
Retained earnings
|
|
2,586.5
|
|
|
2,547.4
|
|
Total shareholders' equity
|
|
2,518.2
|
|
|
2,466.9
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
4,070.7
|
|
|
$
|
3,965.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
Three Months Ended March 31,
|
(in millions)
|
|
2017
|
|
2016
|
Operating activities
|
|
|
|
|
Net income
|
|
$
|
61.8
|
|
|
$
|
68.5
|
|
Reconciliation of net income to cash flows provided by operating
activities:
|
|
|
|
|
Depreciation
|
|
19.6
|
|
|
18.4
|
|
Amortization
|
|
19.2
|
|
|
15.1
|
|
Stock-based compensation, net of tax benefit
|
|
3.2
|
|
|
2.8
|
|
Other operating activities, net
|
|
0.6
|
|
|
1.2
|
|
Changes in assets and liabilities, excluding effects of acquisitions:
|
|
|
|
|
Receivables
|
|
(34.1
|
)
|
|
(1.3
|
)
|
Inventories
|
|
(33.8
|
)
|
|
(20.0
|
)
|
Prepaid expenses and other assets
|
|
3.3
|
|
|
6.2
|
|
Accounts payable
|
|
31.2
|
|
|
27.1
|
|
Accrued expenses
|
|
(46.6
|
)
|
|
(17.5
|
)
|
Deferred revenues
|
|
7.8
|
|
|
5.5
|
|
Other long-term liabilities
|
|
(0.3
|
)
|
|
3.0
|
|
Net cash provided by operating activities
|
|
31.9
|
|
|
109.0
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Capital expenditures
|
|
(30.4
|
)
|
|
(18.7
|
)
|
Acquisitions, net of cash acquired
|
|
(225.8
|
)
|
|
(8.1
|
)
|
Net cash used in investing activities
|
|
(256.2
|
)
|
|
(26.8
|
)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Dividends paid
|
|
(22.7
|
)
|
|
(19.5
|
)
|
Proceeds from revolving credit facility
|
|
50.0
|
|
|
—
|
|
Repayment of revolving credit facility
|
|
(50.0
|
)
|
|
—
|
|
Proceeds from exercise of stock options, net
|
|
(5.4
|
)
|
|
4.5
|
|
Repurchases of common stock
|
|
—
|
|
|
(28.5
|
)
|
Net cash used in financing activities
|
|
(28.1
|
)
|
|
(43.5
|
)
|
|
|
|
|
|
Effect of foreign currency exchange rate changes on cash and cash
equivalents
|
|
1.1
|
|
|
1.1
|
|
Change in cash and cash equivalents
|
|
(251.3
|
)
|
|
39.8
|
|
Cash and cash equivalents
|
|
|
|
|
Beginning of period
|
|
385.3
|
|
|
410.7
|
|
End of period
|
|
$
|
134.0
|
|
|
$
|
450.5
|
|
|
|
|
|
|
|
|
|
|

View source version on businesswire.com: http://www.businesswire.com/news/home/20170427006683/en/
Source: Carlisle Companies Incorporated