-
Revenues of $984.7 million Driven by Robust 8.8% Organic Growth
-
Reported Earnings from Continuing Operations of $0.92 per Share
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) reported record revenues of
$984.7 million for the first quarter of 2018, a 27.2% increase from
$774.0 million for the first quarter of 2017. Organic revenues grew
8.8%, acquired revenues contributed a total of 15.5% in the quarter,
foreign exchange had a positive impact of 1.5%, and adoption of the new
FASB revenue recognition standard had a positive impact of 1.4%.
Diluted EPS from continuing operations improved primarily due to higher
sales volume of +$0.11, savings from the Carlisle Operating System (COS)
of +$0.12, and a lower effective tax rate due to U.S. tax reform of
+$0.10. Partially offsetting this performance was raw material and
freight cost inflation of -$0.15 primarily at Carlisle Construction
Materials (CCM) and higher interest expense of -$0.08.
|
|
|
Three Months Ended March 31,
|
(in millions, except per share amounts)
|
|
|
2018
|
|
2017
|
Revenues
|
|
|
$
|
984.7
|
|
$
|
774.0
|
Operating income
|
|
|
$
|
94.7
|
|
$
|
89.5
|
Income from continuing operations, net of tax
|
|
|
$
|
57.9
|
|
$
|
57.9
|
Diluted EPS from continuing operations
|
|
|
$
|
0.92
|
|
$
|
0.88
|
Items affecting comparability (1) |
|
|
$
|
0.05
|
|
$
|
0.08
|
(1)
|
|
See schedule of Items Affecting Comparability in the financial
exhibits
|
|
|
|
All financial and percentage comparisons in the Company's first quarter
of 2018 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 Carlisle's solid first quarter results in light of
the challenging raw material environment. Carlisle experienced strong
organic growth resulting in record first quarter revenues. Our Operating
Income performance was driven by savings from the restructuring and
facility rationalization actions taken across our business in 2017, and
continued operational improvements and cost savings from the Carlisle
Operating System. This performance was offset by rising freight and raw
material costs at CCM.
For the past year, Carlisle has expended significant effort and capital
to integrate our acquisitions, optimize our global footprint, and drive
efficiencies in our businesses. In the first quarter, we saw significant
positive signs that those investments are paying off: Accella remains on
track for stated synergies, Carlisle Fluid Technologies (CFT) is seeing
the benefits of plant closures, Carlisle Interconnect Technologies (CIT)
continues to see strong SatCom and Aerospace revenue and income growth,
and Carlisle Brake & Friction (CBF) is showing improved leverage as we
emerge from the downturn in their end markets. Additionally, and equally
important, we experienced slight but meaningful positive price
realization in our CCM core markets.
After closing out our 100th anniversary in 2017, the first quarter saw
us launch Vision 2025, the cornerstone of our next one hundred years. In
Vision 2025, we seek to drive above-market organic growth, build scale
in our core businesses by pursuing synergistic acquisitions, further
leverage our COS culture to drive efficiencies through all business
processes, continue to return cash to shareholders, and invest in
attracting, developing, and retaining exceptional talent in order to
achieve $8 billion of revenue, 20% operating income, and 15% ROIC. In
the first quarter of 2018, we took the first steps in achieving this
vision by: delivering organic growth of 8.8%, paying $23.1 million in
dividends, repurchasing approximately $129 million of Carlisle shares,
increasing R&D spend by 16%, and optimizing our portfolio by completing
the divestiture of Carlisle FoodService Products for $750 million. As
2018 continues, we are well-positioned to take advantage of strong
global markets and improving fundamentals in our businesses."
Carlisle Construction Materials (CCM) achieved record first
quarter revenues despite harsh winter conditions in much of the United
States. Accella's revenue performance met our expectations and
integration activities are on track. CCM's year-over-year operating
income decline was due to approximately $11 million of increased raw
material and freight costs, in line with our stated expectations for the
quarter.
(in millions)
|
|
Three Months Ended March 31,
|
|
Acquisition
Effect
|
|
Price /
Volume
Effect
|
|
Exchange
Rate Effect
|
|
2018
|
|
2017
|
|
Change $
|
|
Change %
|
Revenues
|
|
$
|
598.6
|
|
|
$
|
446.1
|
|
|
$
|
152.5
|
|
34.2%
|
|
26.9%
|
|
6.3%
|
|
1.0%
|
Operating income
|
|
$
|
75.8
|
|
|
$
|
80.7
|
|
|
$
|
(4.9)
|
|
(6.1)%
|
|
|
|
|
|
|
Operating margin percentage
|
|
12.7
|
%
|
|
18.1
|
%
|
|
|
|
|
|
|
|
|
|
|
Items affecting comparability
|
|
$
|
(1.8
|
)
|
|
$
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We now expect CCM revenues to grow in the low twenty percent range in
2018, including contributions from acquisitions, with organic revenue
growth in the mid-single digits.
Carlisle Interconnect Technologies (CIT) revenues in the first
quarter of 2018 demonstrated solid recovery from 2017 challenges, driven
largely by the SatCom and Aerospace markets, and an increase of $11
million due to Carlisle's adoption of the new revenue recognition
standard. The SatCom ramp continues on track, delivering revenues of
approximately $20 million in the quarter. Operating income improved
year-over-year driven by higher volumes, COS initiatives, and lower
restructuring spend.
(in millions)
|
|
Three Months Ended March 31,
|
|
Acquisition
Effect
|
|
Price /
Volume
Effect
|
|
Exchange
Rate Effect
|
|
2018
|
|
2017
|
|
Change $
|
|
Change %
|
Revenues
|
|
$
|
224.3
|
|
|
$
|
194.2
|
|
|
$
|
30.1
|
|
15.5%
|
|
—%
|
|
15.3%
|
|
0.2%
|
Operating income
|
|
$
|
27.2
|
|
|
$
|
21.5
|
|
|
$
|
5.7
|
|
26.5%
|
|
|
|
|
|
|
Operating margin percentage
|
|
12.1
|
%
|
|
11.1
|
%
|
|
|
|
|
|
|
|
|
|
|
Items affecting comparability
|
|
$
|
2.6
|
|
|
$
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We now expect CIT revenues to exceed ten percent growth in 2018.
Carlisle Fluid Technologies (CFT) revenues in the first quarter
of 2018, excluding FX, were flat. Strong growth in Transportation and
General Industrial markets was offset by the decision to exit low margin
revenue related to our factory consolidations. Solid operating income
improvement was achieved by price realization and savings from COS.
(in millions)
|
|
Three Months Ended March 31,
|
|
Acquisition
Effect
|
|
Price /
Volume
Effect
|
|
Exchange
Rate Effect
|
|
2018
|
|
2017
|
|
Change $
|
|
Change %
|
Revenues
|
|
$
|
63.5
|
|
|
$
|
60.5
|
|
|
$
|
3.0
|
|
5.0%
|
|
—%
|
|
(0.1)%
|
|
5.1%
|
Operating income
|
|
$
|
5.7
|
|
|
$
|
4.9
|
|
|
$
|
0.8
|
|
16.3%
|
|
|
|
|
|
|
Operating margin percentage
|
|
9.0
|
%
|
|
8.1
|
%
|
|
|
|
|
|
|
|
|
|
|
Items affecting comparability
|
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We continue to expect CFT revenues to grow mid-single digits in 2018.
Carlisle Brake & Friction (CBF) achieved strong organic
revenue growth in the first quarter of 2018, the fifth consecutive
quarter of sequential growth, reflecting a continued recovery in
off-highway vehicle markets, especially key end markets of Construction,
Agriculture, and Mining. CBF delivered strong operating income growth,
driven largely by volume, partially offset by costs associated with an
ongoing facility rationalization.
(in millions)
|
|
Three Months Ended March 31,
|
|
Acquisition
Effect
|
|
Price /
Volume
Effect
|
|
Exchange
Rate Effect
|
|
2018
|
|
2017
|
|
Change $
|
|
Change %
|
Revenues
|
|
$
|
98.3
|
|
|
$
|
73.2
|
|
|
$
|
25.1
|
|
34.3%
|
|
—%
|
|
28.5%
|
|
5.8%
|
Operating income
|
|
$
|
4.5
|
|
|
$
|
1.2
|
|
|
$
|
3.3
|
|
275.0%
|
|
|
|
|
|
|
Operating margin percentage
|
|
4.6
|
%
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Items affecting comparability
|
|
$
|
2.0
|
|
|
$
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We now expect CBF revenues to grow in the mid-teens in 2018.
Koch concluded by stating, “We are excited to enter our second century
of operations with a clear road map for sustained success, Vision 2025.
Our experienced and talented teams in place across our portfolio of
businesses embody the drive, energy, and enthusiasm required to deliver
this plan's expected outcomes for our shareholders. Carlisle's
performance in the first quarter of 2018 demonstrates that Vision 2025
is well underway.
For 2018, we now expect total company revenue growth including
acquisitions to be in the mid-to-high teens. We continue to expect
corporate expense of approximately $70 million, a full year tax rate in
the 25-27% range, and net interest expense to be in the $60 to 70
million range. In addition, we expect our share repurchase program to
exceed $250 million in 2018. We remain well-positioned with our
liquidity and strong balance sheet to continue to pursue growth
opportunities both organically and through acquisitions, while returning
value to shareholders.”
Cash Flow
Cash flow provided from operations of $33.2 million for the three months
ended March 31, 2018, was $1.3 million higher than cash provided of
$31.9 million for the prior year period.
Free cash flow (defined as cash provided by operating activities less
capital expenditures, and comprised of continuing and discontinued
operations) was $(9.3) million for the three months ended March 31,
2018, a decrease of $10.8 million versus the prior year. The decrease in
free cash flow was due to higher capital expenditures versus the prior
year in support of organic sales growth. For the full year, excluding
the effect of the sale of FoodService Products, we expect free cash flow
conversion to be approximately 100%.
As of March 31, 2018, we had $979.1 million cash on hand and $1.0
billion of availability under our revolving credit facility.
Conference Call and Webcast
The Company will discuss the first quarter of 2018 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.
Definitions of Organic Revenue and Free Cash
Flow
Organic revenue is defined as revenues excluding revenues from
acquisitions within the last twelve months, changes in foreign exchange
rates versus the U.S. Dollar, and the adoption of the new revenue
recognition standard.
Free Cash Flow is defined as Operating Cash Flows less Capital
Expenditures.
About Carlisle Companies Incorporated
Carlisle Companies Incorporated is a diversified, global portfolio of
niche brands and businesses with highly engineered and high margin
products. Carlisle is committed to generating superior shareholder
returns by combining a unique management style of decentralization,
entrepreneurial spirit, active M&A, and a balanced approach to capital
deployment, all with a culture of continuous improvement as embodied in
the Carlisle Operating System. Carlisle’s markets include: commercial
roofing, specialty polyurethane, agriculture, mining, construction,
aerospace, medical, defense, transportation, industrial, protective
coating and auto refinishing. Carlisle’s worldwide team of employees
generated $4.1 billion in revenues in 2017. Learn more about Carlisle at
www.carlisle.com
.
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Statements of Income
|
|
|
|
Three Months Ended March 31,
|
(in millions except share and per share amounts)
|
|
2018
|
|
2017
|
Revenues
|
|
$
|
984.7
|
|
|
$
|
774.0
|
|
|
|
|
|
|
Cost of goods sold
|
|
735.3
|
|
|
547.9
|
|
Selling and administrative expenses
|
|
148.6
|
|
|
124.9
|
|
Research and development expenses
|
|
13.9
|
|
|
12.0
|
|
Other operating (income) expense, net
|
|
(7.8
|
)
|
|
(0.3
|
)
|
Operating income
|
|
94.7
|
|
|
89.5
|
|
Interest expense, net
|
|
14.5
|
|
|
6.6
|
|
Other non-operating (income) expense, net
|
|
1.9
|
|
|
(1.4
|
)
|
Income from continuing operations before income taxes
|
|
78.3
|
|
|
84.3
|
|
Provision for income taxes
|
|
20.4
|
|
|
26.4
|
|
Income from continuing operations
|
|
57.9
|
|
|
57.9
|
|
|
|
|
|
|
Discontinued operations:
|
|
|
|
|
Income before income taxes
|
|
299.0
|
|
|
6.2
|
|
Provision for income taxes
|
|
47.3
|
|
|
2.3
|
|
Income from discontinued operations
|
|
251.7
|
|
|
3.9
|
|
Net income
|
|
$
|
309.6
|
|
|
$
|
61.8
|
|
|
|
|
|
|
Basic earnings per share attributable to common shares:
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.93
|
|
|
$
|
0.89
|
|
Income from discontinued operations
|
|
4.05
|
|
|
0.06
|
|
Basic earnings per share
|
|
$
|
4.98
|
|
|
$
|
0.95
|
|
|
|
|
|
|
Diluted earnings per share attributable to common shares:
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.92
|
|
|
$
|
0.88
|
|
Income from discontinued operations
|
|
4.02
|
|
|
0.06
|
|
Diluted earnings per share
|
|
$
|
4.94
|
|
|
$
|
0.94
|
|
|
|
|
|
|
Average shares outstanding (in thousands):
|
|
|
|
|
Basic
|
|
61,684
|
|
|
64,353
|
|
Diluted
|
|
62,164
|
|
|
64,848
|
|
|
|
|
|
|
Dividends declared and paid per share
|
|
$
|
0.37
|
|
|
$
|
0.35
|
|
|
|
|
|
|
|
|
|
|
(1) Basic and diluted EPS calculated based on
"two-class" method of computing earnings per share using
the following income attributable to common shares:
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
57.3
|
|
|
$
|
57.4
|
|
Net income
|
|
$
|
307.3
|
|
|
$
|
61.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Segment Information
|
|
|
|
|
Three Months Ended March 31,
|
|
Increase / (Decrease)
|
(in millions, except percentages)
|
|
2018
|
|
2017
|
|
Amount
|
|
Percent
|
Revenues to Unaffiliated Customers
|
|
Carlisle Construction Materials
|
|
$
|
598.6
|
|
|
$
|
446.1
|
|
|
$
|
152.5
|
|
|
34.2
|
%
|
Carlisle Interconnect Technologies
|
|
224.3
|
|
|
194.2
|
|
|
30.1
|
|
|
15.5
|
|
Carlisle Fluid Technologies
|
|
63.5
|
|
|
60.5
|
|
|
3.0
|
|
|
5.0
|
|
Carlisle Brake & Friction
|
|
98.3
|
|
|
73.2
|
|
|
25.1
|
|
|
34.3
|
|
Total
|
|
$
|
984.7
|
|
|
$
|
774.0
|
|
|
$
|
210.7
|
|
|
27.2
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
Carlisle Construction Materials
|
|
$
|
75.8
|
|
|
$
|
80.7
|
|
|
$
|
(4.9
|
)
|
|
(6.1
|
)%
|
Carlisle Interconnect Technologies
|
|
27.2
|
|
|
21.5
|
|
|
5.7
|
|
|
26.5
|
|
Carlisle Fluid Technologies
|
|
5.7
|
|
|
4.9
|
|
|
0.8
|
|
|
16.3
|
|
Carlisle Brake & Friction
|
|
4.5
|
|
|
1.2
|
|
|
3.3
|
|
|
275.0
|
|
Segment Totals
|
|
113.2
|
|
|
108.3
|
|
|
4.9
|
|
|
4.5
|
|
Corporate and unallocated (1) |
|
(18.5
|
)
|
|
(18.8
|
)
|
|
0.3
|
|
|
1.6
|
|
Total
|
|
$
|
94.7
|
|
|
$
|
89.5
|
|
|
$
|
5.2
|
|
|
5.8
|
|
|
|
|
|
|
|
|
|
|
Operating Margin Percentage
|
|
Carlisle Construction Materials
|
|
12.7
|
%
|
|
18.1
|
%
|
|
|
|
|
Carlisle Interconnect Technologies
|
|
12.1
|
|
|
11.1
|
|
|
|
|
|
Carlisle Fluid Technologies
|
|
9.0
|
|
|
8.1
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
4.6
|
|
|
1.6
|
|
|
|
|
|
Total
|
|
9.6
|
|
|
11.6
|
|
|
|
|
|
(1)
|
|
Includes general corporate expenses and other unallocated costs.
|
|
|
|
Carlisle Companies Incorporated
Unaudited Items Affecting
Comparability Information
Items affecting comparability include costs, and losses or gains related
to, among other things, growth and profitability improvement initiatives
and other events outside of core business operations (such as asset
impairments, exit and disposal and facility rationalization charges,
costs of and related to acquisitions, gains and losses from and costs
related to divestitures, and discrete tax items). Because these items
affect the Carlisle's, or any particular operating segment's, financial
condition or results in a specific period in which they are recognized,
we believe it is appropriate to present the total of these items to
provide information regarding the comparability of results of operations
period to period.
|
|
Three Months Ended March 31,
|
(in millions, except per share amounts)
|
|
2018
|
|
2017
|
Impact to Operating Income
|
|
Exit and disposal costs
|
|
3.1
|
|
|
3.2
|
Other facility rationalization costs
|
|
2.2
|
|
|
2.0
|
Acquisition related costs:
|
|
|
|
|
Inventory step-up amortization
|
|
—
|
|
|
0.5
|
Other acquisition costs
|
|
1.1
|
|
|
1.3
|
Gains from divestitures
|
|
(2.0
|
)
|
|
—
|
Total items affecting comparability
|
|
$
|
4.4
|
|
|
$
|
7.0
|
|
|
|
|
|
Impact to Diluted EPS from Continuing Operations
(1)
|
|
Exit and disposal costs
|
|
0.04
|
|
|
0.03
|
Other facility rationalization costs
|
|
0.02
|
|
|
0.03
|
Acquisition related costs:
|
|
|
|
|
Inventory step-up amortization
|
|
—
|
|
|
0.01
|
Other acquisition costs
|
|
0.01
|
|
|
0.01
|
Gains from divestitures
|
|
(0.02
|
)
|
|
—
|
Total items affecting comparability
|
|
$
|
0.05
|
|
|
$
|
0.08
|
|
|
|
|
|
Impact to Operating Income
|
|
Carlisle Construction Materials
|
|
$
|
(1.8
|
)
|
|
$
|
0.6
|
Carlisle Interconnect Technologies
|
|
2.6
|
|
|
4.3
|
Carlisle Fluid Technologies
|
|
0.5
|
|
|
0.5
|
Carlisle Brake & Friction
|
|
2.0
|
|
|
0.3
|
Corporate
|
|
1.1
|
|
|
1.3
|
Total items affecting comparability
|
|
$
|
4.4
|
|
|
$
|
7.0
|
|
|
|
|
|
Impact to Diluted EPS from Continuing Operations
(1)
|
|
Carlisle Construction Materials
|
|
$
|
(0.02
|
)
|
|
$
|
0.01
|
Carlisle Interconnect Technologies
|
|
0.03
|
|
|
0.05
|
Carlisle Fluid Technologies
|
|
0.01
|
|
|
0.01
|
Carlisle Brake & Friction
|
|
0.02
|
|
|
—
|
Corporate
|
|
0.01
|
|
|
0.01
|
Total items affecting comparability
|
|
$
|
0.05
|
|
|
$
|
0.08
|
(1)
|
|
|
Tax effect is based on the rate of the jurisdiction where the
expense is deductible or income is taxable.
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
|
|
Three Months Ended March 31,
|
(in millions)
|
|
2018
|
|
2017
|
Net cash provided by operating activities
|
|
33.2
|
|
|
31.9
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Proceeds from sale of discontinued operation
|
|
754.6
|
|
|
—
|
|
Capital expenditures
|
|
(42.5
|
)
|
|
(30.4
|
)
|
Acquisitions, net of cash acquired
|
|
(0.7
|
)
|
|
(225.8
|
)
|
Other investing activities, net
|
|
3.6
|
|
|
—
|
|
Net cash used in investing activities
|
|
715.0
|
|
|
(256.2
|
)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Proceeds from revolving credit facility
|
|
—
|
|
|
50.0
|
|
Repayments of revolving credit facility
|
|
—
|
|
|
(50.0
|
)
|
Repurchases of common stock
|
|
(122.0
|
)
|
|
—
|
|
Dividends paid
|
|
(23.1
|
)
|
|
(22.7
|
)
|
Withholding tax paid related to stock-based compensation
|
|
(4.6
|
)
|
|
(7.0
|
)
|
Proceeds from exercise of stock options
|
|
1.7
|
|
|
1.6
|
|
Net cash used in financing activities
|
|
(148.0
|
)
|
|
(28.1
|
)
|
|
|
|
|
|
Effect of foreign currency exchange rate changes on cash and cash
equivalents
|
|
1.9
|
|
|
1.1
|
|
|
|
|
|
|
Change in cash and cash equivalents
|
|
602.1
|
|
|
(251.3
|
)
|
Change in cash and cash equivalents of discontinued operations
|
|
(1.3
|
)
|
|
(4.6
|
)
|
Cash and cash equivalents
|
|
|
|
|
Beginning of period
|
|
378.3
|
|
|
385.3
|
|
End of period
|
|
$
|
979.1
|
|
|
$
|
129.4
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Selected Consolidated Balance Sheet Data
|
|
|
|
March 31,
|
|
December 31,
|
(in millions)
|
|
2018
|
|
2017
|
Cash and cash equivalents
|
|
979.1
|
|
378.3
|
Long-term debt
|
|
1,586.4
|
|
1,586.2
|
Total shareholders' equity
|
|
2,720.8
|
|
2,528.3
|
|
|
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180424006516/en/
Carlisle Companies Incorporated
Robert M. Roche, 480-781-5000
Vice
President and Chief Financial Officer
http://www.carlisle.com
Source: Carlisle Companies Incorporated