SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) today announced its financial
results for the three and twelve month periods ended December 31, 2018.
-
Record Fourth Quarter Revenue increased 8.8% to $1.1 billion driven
by organic revenue growth of 5.3%
-
Operating income for the quarter of $114.6 million, increased 22.7%
-
Reported diluted EPS for the quarter was $1.49, including $0.17 of
restructuring, facility rationalization, and acquisition related costs
-
Repurchased 1.6 million shares for $164.4 million in the quarter
and 4.4 million shares for $459.8 million for the full year
-
Board of Directors authorized an additional 5 million shares for
repurchase on February 5, 2019
Fourth Quarter 2018
Revenues of $1.1 billion increased 8.8% from $990.5 million in the
fourth quarter of 2017. Organic revenue grew 5.3% (organic revenue
defined as revenue excluding acquired revenues within the last twelve
months, ASC 606 revenue recognition standard, and the impact of changes
in foreign exchange rates versus the U.S. Dollar). Acquired revenue
contributed a total of 4.3% in the quarter. Changes in foreign exchange
rates and the adoption of ASC 606 revenue recognition standard each had
a negative (0.4%) impact on revenues.
Operating income of $114.6 million, up 22.7% from the fourth quarter of
2017, resulted in an operating margin of 10.6%, a 120 basis point
improvement. Operating income performance was driven by higher sales
volume, price realization, and contributions from the Carlisle Operating
System (COS), partially offset by increases in freight, labor-related
and raw material costs, and restructuring at Carlisle Brake & Friction
(CBF).
During the fourth quarter of 2018, Carlisle announced that it had
entered into a definitive purchase agreement to acquire Petersen
Aluminum Corporation, a manufacturer of high-quality metal roofing
products for approximately $197 million, which closed on January 11,
2019.
Consistent with our Vision 2025 strategy, Carlisle repurchased 1.6
million shares of common stock for $164.4 million in the fourth quarter.
Full Year 2018
2018 revenues of $4.5 billion increased 19.4% from $3.8 billion for
2017. Acquired revenues contributed a total of 11.2%. Organic revenues
grew 7.2%. Foreign exchange had a positive impact of 0.4%, while
adoption of ASC 606 revenue recognition standard had a positive impact
of 0.6%.
2018 operating income of $509.0 million, up 9.7% from 2017, resulted in
an operating margin of 11.4%. Operating income performance was driven by
higher sales volume, price realization, and contributions from the
Carlisle Operating System (COS). Operating Income performance was
partially offset by increases in freight, labor-related, and raw
material costs, and unfavorable product mix.
For the full year 2018, Carlisle delivered diluted EPS of $5.88,
including restructuring, facility rationalization, and acquisition
related costs of $0.45. Carlisle's EPS benefited from a lower effective
tax rate and reduced share count.
Carlisle repurchased a record 4.4 million shares of common stock for
$459.8 million and returned a record $93.5 million to shareholders in
the form of dividends.
CEO Comment
“Strong demand from customers across our end markets, price discipline,
efficiencies gained from the Carlisle Operating System (COS) and
execution by our dedicated employees around the globe contributed to a
solid fourth quarter and a strong finish to year one of our journey
toward Vision 2025. We delivered record highs in full year revenues,
diluted EPS, share repurchases, and dividends paid.
Furthermore, we gained solid traction on the key pillars of Vision 2025.
Some highlights included:
-
Achieving 7.2% organic revenue growth, well in excess of our long-term
growth target of 5%
-
Maintaining strong price discipline across businesses, leading to
positive realization for the year
-
Delivering cost savings of 1.5% of sales through COS, well within our
targeted range of 1-2%
-
Completing ~$70 million of restructuring actions instituted over the
last two years at CIT, CFT, and CBF
-
Reshaping our portfolio with the sale of Carlisle FoodService Products
(CFS) for $758 million in early 2018 and making strategic
acquisitions, including the recently announced acquisition of Petersen
-
Leveraging our strong cash flow and balance sheet by deploying over
$550 million into record share repurchases and dividends paid, more
than half-way to our stated objective of deploying $1 billion into
share repurchases under Vision 2025
Despite geopolitical and economic uncertainties, we remain optimistic
that we can achieve high-single-digit revenue growth in 2019 given
generally favorable market conditions across our segments and execution
on the strategies and key actions we've put in place over the last year.
As we embark on year two of our journey toward Vision 2025, we will
build on the achievements of year one and continue to drive towards our
objectives: exceed 5% organic growth, utilize COS to deliver
efficiencies and operating leverage, build scale with synergistic
acquisitions, continue to invest in exceptional talent and deploy over
$3 billion into capital expenditures, share repurchases and dividends.
As always, we recognize and appreciate Carlisle's achievements are the
culmination of efforts by our employees, channel partners, and
suppliers, as well as the continued trust placed in us by our customers."
Chris Koch,
President and Chief Executive Officer
Fourth Quarter 2018 Segment Highlights
Carlisle Construction Materials (CCM)
-
Revenues of $676.3 million, up 9.3% (organic +2.8%) year-over-year,
were driven by continued strength in U.S. roofing demand and
contributions from acquisitions.
-
Operating income was $97.3 million, up 10.9% year-over-year. Operating
margin of 14.4%, a 20 basis point improvement, benefited from price
discipline, benefits from COS, and operational improvements in legacy
CCM businesses, offset by raw material inflation, higher labor and
freight costs, and acquisitions.
-
Items affecting comparability were $0.5 million versus $5.8 million in
the fourth quarter of 2017.
-
We expect CCM to achieve high-single digit to low-double digit revenue
growth in 2019
Carlisle Interconnect Technologies (CIT)
-
Revenues of $231.6 million, up 11.1% year-over-year (+12.7% organic)
were driven by strength in Aerospace and Space/Defense. Carlisle's
adoption of ASC 606 revenue recognition decreased revenue by $4.4
million in the quarter.
-
Operating income was $33.3 million, up 52.1% year-over-year. Operating
margin of 14.4%, a 390 basis point improvement, benefited from higher
volumes, savings from COS, lower restructuring expenses, partially
offset by higher operating expenses and unfavorable mix.
-
Items affecting comparability were $2.2 million versus $3.9 million in
the fourth quarter of 2017.
-
We expect CIT to achieve mid-single digit revenue growth in 2019.
Carlisle Fluid Technologies (CFT)
-
Revenues of $82.4 million, up 4.3% (+5.8% organic) year-over-year,
reflecting strength in the General Industrial market in the Americas,
strong demand for standard products in Asia Pacific, partially offset
by softer Transportation markets and foreign currency translation
headwinds.
-
Operating income was $12.0 million, up 224.3% year-over-year.
Operating margin of 14.6%, a 990 basis point improvement, demonstrated
execution of CFT's plan to improve the margin profile of the business,
and benefited from our lower restructuring costs, progress on vertical
integration, savings from COS and price realization, partially offset
by raw material inflation and higher labor costs.
-
Items affecting comparability were $0.4 million versus $3.5 million in
the fourth quarter of 2017.
-
We expect CFT to achieve mid-single digit revenue growth in 2019.
Carlisle Brake & Friction (CBF)
-
Revenues of $87.0 million, up 3.2% (+4.9% organic), reflecting the
continued stability in off-highway vehicle markets and price
realization, partially offset by foreign currency translation
headwinds.
-
Operating loss was $(7.1) million, compared to a $(1.2) million loss
in the fourth quarter of 2017. Operating margin of (8.2)% declined 680
basis points year-over-year, driven by $9.1 million of costs
associated with our completed Tulsa, Oklahoma to Medina, Ohio facility
consolidation.
-
Items affecting comparability were $9.1 million versus $2.1 million in
the fourth quarter of 2017.
-
We expect CBF to achieve low-single digit revenue growth in 2019.
Cash Flow
Free cash flow (defined as cash provided by operating activities less
capital expenditures, and comprised of continuing and discontinued
operations) was $218.5 million in 2018, a decrease of $80.3 million
versus the prior year. The decrease in free cash flow was primarily
attributable to a greater usage of cash for income taxes related to the
effects of tax reform and the sale of CFS, offset by the impact of
higher cash earnings.
During 2018, we redeployed our free cash flow and cash from the sale of
CFS towards the acquisitions of Premium Panels, Sunlast Metals,
Tenencia, and RedGroup, the repurchase of approximately 4.4 million
shares of Carlisle common stock for $459.8 million and $93.5 million in
dividends paid. As of December 31, 2018, we had $803.6 million of cash
and $1 billion of availability under our revolving credit facility.
Table 1. Revenue Breakdown
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|
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|
Three Months Ended
December 31, 2018
|
|
|
Twelve Months Ended
December 31, 2018
|
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CCM
|
|
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CIT
|
|
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CFT
|
|
|
CBF
|
|
|
CCM
|
|
|
CIT
|
|
|
CFT
|
|
|
CBF
|
Change in Organic Revenues
|
|
|
2.8
|
%
|
|
|
12.7
|
%
|
|
|
5.8
|
%
|
|
|
4.9
|
%
|
|
|
5.1
|
%
|
|
|
11.3
|
%
|
|
|
2.4
|
%
|
|
|
16.1
|
%
|
Net Impact from Acquisitions
|
|
|
6.6
|
%
|
|
|
0.7
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
17.9
|
%
|
|
|
0.3
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
Impact from FX
|
|
|
(0.1
|
)%
|
|
|
(0.2
|
)%
|
|
|
(1.5
|
)%
|
|
|
(1.7
|
)%
|
|
|
0.3
|
%
|
|
|
0.2
|
%
|
|
|
1.2
|
%
|
|
|
1.5
|
%
|
Impact from Revenue Recognition
|
|
|
—
|
%
|
|
|
(2.1
|
)%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
2.7
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
Change in Revenues
|
|
|
9.3
|
%
|
|
|
11.1
|
%
|
|
|
4.3
|
%
|
|
|
3.2
|
%
|
|
|
23.3
|
%
|
|
|
14.5
|
%
|
|
|
3.6
|
%
|
|
|
17.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Conference Call and Webcast
The Company will discuss fourth quarter 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.
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, aerospace, medical, defense,
transportation, industrial, protective coating, auto refinishing,
agriculture, mining, and construction. Carlisle’s worldwide team of
employees generated $4.5 billion in net sales in 2018. Learn more about
Carlisle at
www.carlisle.com
.
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Carlisle Companies Incorporated
Unaudited Condensed Consolidated Statements of Income
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|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended
December 31,
|
(in millions except share and per share amounts)
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Revenues
|
|
|
$
|
1,077.3
|
|
|
|
$
|
990.5
|
|
|
|
$
|
4,479.5
|
|
|
|
$
|
3,750.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
798.5
|
|
|
|
739.4
|
|
|
|
3,304.8
|
|
|
|
2,702.5
|
Selling and administrative expenses
|
|
|
152.1
|
|
|
|
143.1
|
|
|
|
625.4
|
|
|
|
532.9
|
Research and development expenses
|
|
|
14.7
|
|
|
|
13.8
|
|
|
|
55.1
|
|
|
|
51.3
|
Other operating (income) expense, net
|
|
|
(2.6
|
)
|
|
|
0.8
|
|
|
|
(14.8
|
)
|
|
|
0.1
|
Operating income
|
|
|
114.6
|
|
|
|
93.4
|
|
|
|
509.0
|
|
|
|
464.0
|
Interest expense, net
|
|
|
11.8
|
|
|
|
12.1
|
|
|
|
53.5
|
|
|
|
33.5
|
Other non-operating (income) expense, net
|
|
|
3.3
|
|
|
|
(0.1
|
)
|
|
|
9.6
|
|
|
|
1.5
|
Income from continuing operations before income taxes
|
|
|
99.5
|
|
|
|
81.4
|
|
|
|
445.9
|
|
|
|
429.0
|
Provision for (benefit from) income taxes
|
|
|
10.4
|
|
|
|
(27.5
|
)
|
|
|
87.3
|
|
|
|
88.4
|
Income from continuing operations
|
|
|
89.1
|
|
|
|
108.9
|
|
|
|
358.6
|
|
|
|
340.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income taxes
|
|
|
(0.2
|
)
|
|
|
9.9
|
|
|
|
300.1
|
|
|
|
39.6
|
Provision for income taxes
|
|
|
0.8
|
|
|
|
3.7
|
|
|
|
47.6
|
|
|
|
14.7
|
(Loss) income from discontinued operations
|
|
|
(1.0
|
)
|
|
|
6.2
|
|
|
|
252.5
|
|
|
|
24.9
|
Net income
|
|
|
$
|
88.1
|
|
|
|
$
|
115.1
|
|
|
|
$
|
611.1
|
|
|
|
$
|
365.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
$
|
1.50
|
|
|
|
$
|
1.75
|
|
|
|
$
|
5.92
|
|
|
|
$
|
5.36
|
(Loss) income from discontinued operations
|
|
|
(0.02
|
)
|
|
|
0.09
|
|
|
|
4.17
|
|
|
|
0.39
|
Basic earnings per share
|
|
|
$
|
1.48
|
|
|
|
$
|
1.84
|
|
|
|
$
|
10.09
|
|
|
|
$
|
5.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
$
|
1.49
|
|
|
|
$
|
1.73
|
|
|
|
$
|
5.88
|
|
|
|
$
|
5.32
|
(Loss) income from discontinued operations
|
|
|
(0.02
|
)
|
|
|
0.09
|
|
|
|
4.14
|
|
|
|
0.39
|
Diluted earnings per share
|
|
|
$
|
1.47
|
|
|
|
$
|
1.82
|
|
|
|
$
|
10.02
|
|
|
|
$
|
5.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
59,156
|
|
|
|
61,798
|
|
|
|
60,393
|
|
|
|
63,073
|
Diluted
|
|
|
59,457
|
|
|
|
62,302
|
|
|
|
60,786
|
|
|
|
63,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and paid per share
|
|
|
$
|
0.40
|
|
|
|
$
|
0.37
|
|
|
|
$
|
1.54
|
|
|
|
$
|
1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
$
|
88.8
|
|
|
$
|
108.0
|
|
|
$
|
357.4
|
|
|
$
|
337.7
|
|
|
Net income
|
|
$
|
87.8
|
|
|
$
|
114.0
|
|
|
$
|
609.2
|
|
|
$
|
362.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
Unaudited Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Increase
(Decrease)
|
|
|
Year Ended
December 31,
|
|
|
Increase
(Decrease)
|
(in millions, except percentages)
|
|
|
2018
|
|
|
|
2017
|
|
|
|
Amount
|
|
|
Percent
|
|
|
2018
|
|
|
|
2017
|
|
|
|
Amount
|
|
|
Percent
|
Revenues
|
Carlisle Construction Materials
|
|
|
$
|
676.3
|
|
|
|
$
|
618.7
|
|
|
|
$
|
57.6
|
|
|
|
9.3
|
%
|
|
|
$
|
2,880.3
|
|
|
|
$
|
2,336.2
|
|
|
|
$
|
544.1
|
|
|
|
23.3
|
%
|
Carlisle Interconnect Technologies
|
|
|
231.6
|
|
|
|
208.5
|
|
|
|
23.1
|
|
|
|
11.1
|
%
|
|
|
933.8
|
|
|
|
815.3
|
|
|
|
118.5
|
|
|
|
14.5
|
%
|
Carlisle Fluid Technologies
|
|
|
82.4
|
|
|
|
79.0
|
|
|
|
3.4
|
|
|
|
4.3
|
%
|
|
|
291.6
|
|
|
|
281.4
|
|
|
|
10.2
|
|
|
|
3.6
|
%
|
Carlisle Brake & Friction
|
|
|
87.0
|
|
|
|
84.3
|
|
|
|
2.7
|
|
|
|
3.2
|
%
|
|
|
373.8
|
|
|
|
317.9
|
|
|
|
55.9
|
|
|
|
17.6
|
%
|
Total
|
|
|
$
|
1,077.3
|
|
|
|
$
|
990.5
|
|
|
|
$
|
86.8
|
|
|
|
8.8
|
%
|
|
|
$
|
4,479.5
|
|
|
|
$
|
3,750.8
|
|
|
|
$
|
728.7
|
|
|
|
19.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss)
|
Carlisle Construction Materials
|
|
|
$
|
97.3
|
|
|
|
$
|
87.7
|
|
|
|
$
|
9.6
|
|
|
|
10.9
|
%
|
|
|
$
|
435.4
|
|
|
|
$
|
421.9
|
|
|
|
$
|
13.5
|
|
|
|
3.2
|
%
|
Carlisle Interconnect Technologies
|
|
|
33.3
|
|
|
|
21.9
|
|
|
|
11.4
|
|
|
|
52.1
|
%
|
|
|
117.3
|
|
|
|
89.5
|
|
|
|
$
|
27.8
|
|
|
|
31.1
|
%
|
Carlisle Fluid Technologies
|
|
|
12.0
|
|
|
|
3.7
|
|
|
|
8.3
|
|
|
|
224.3
|
%
|
|
|
37.1
|
|
|
|
16.1
|
|
|
|
$
|
21.0
|
|
|
|
130.4
|
%
|
Carlisle Brake & Friction
|
|
|
(7.1
|
)
|
|
|
(1.2
|
)
|
|
|
(5.9
|
)
|
|
|
(491.7
|
)%
|
|
|
(0.8
|
)
|
|
|
2.6
|
|
|
|
$
|
(3.4
|
)
|
|
|
(130.8
|
)%
|
Segment Totals
|
|
|
135.5
|
|
|
|
112.1
|
|
|
|
23.4
|
|
|
|
20.9
|
%
|
|
|
589.0
|
|
|
|
530.1
|
|
|
|
$
|
58.9
|
|
|
|
11.1
|
%
|
Corporate and unallocated (1) |
|
|
(20.9
|
)
|
|
|
(18.7
|
)
|
|
|
(2.2
|
)
|
|
|
(11.8
|
)%
|
|
|
(80.0
|
)
|
|
|
(66.1
|
)
|
|
|
$
|
(13.9
|
)
|
|
|
(21.0
|
)%
|
Total
|
|
|
$
|
114.6
|
|
|
|
$
|
93.4
|
|
|
|
$
|
21.2
|
|
|
|
22.7
|
%
|
|
|
$
|
509.0
|
|
|
|
$
|
464.0
|
|
|
|
$
|
45.0
|
|
|
|
9.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
14.4
|
%
|
|
|
14.2
|
%
|
|
|
20 bps
|
|
|
|
|
|
15.1
|
%
|
|
|
18.1
|
%
|
|
|
(300) bps
|
|
|
|
Carlisle Interconnect Technologies
|
|
|
14.4
|
%
|
|
|
10.5
|
%
|
|
|
390 bps
|
|
|
|
|
|
12.6
|
%
|
|
|
11.0
|
%
|
|
|
160 bps
|
|
|
|
Carlisle Fluid Technologies
|
|
|
14.6
|
%
|
|
|
4.7
|
%
|
|
|
990 bps
|
|
|
|
|
|
12.7
|
%
|
|
|
5.7
|
%
|
|
|
700 bps
|
|
|
|
Carlisle Brake & Friction
|
|
|
(8.2
|
)%
|
|
|
(1.4
|
)%
|
|
|
(680) bps
|
|
|
|
|
|
(0.2
|
)%
|
|
|
0.8
|
%
|
|
|
(100) bps
|
|
|
|
Total
|
|
|
10.6
|
%
|
|
|
9.4
|
%
|
|
|
120 bps
|
|
|
|
|
|
11.4
|
%
|
|
|
12.4
|
%
|
|
|
(100) bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
$
|
19.7
|
|
|
|
$
|
14.9
|
|
|
|
$
|
4.8
|
|
|
|
32.2
|
%
|
|
|
$
|
77.9
|
|
|
|
$
|
41.9
|
|
|
|
$
|
36.0
|
|
|
|
85.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Interconnect Technologies
|
|
|
14.7
|
|
|
|
14.5
|
|
|
|
0.2
|
|
|
|
1.4
|
%
|
|
|
58.3
|
|
|
|
55.8
|
|
|
|
2.5
|
|
|
|
4.5
|
%
|
Carlisle Fluid Technologies
|
|
|
5.8
|
|
|
|
6.5
|
|
|
|
(0.7
|
)
|
|
|
(10.8
|
)%
|
|
|
22.9
|
|
|
|
23.0
|
|
|
|
(0.1
|
)
|
|
|
(0.4
|
)%
|
Carlisle Brake & Friction
|
|
|
6.4
|
|
|
|
5.9
|
|
|
|
0.5
|
|
|
|
8.5
|
%
|
|
|
23.5
|
|
|
|
23.0
|
|
|
|
0.5
|
|
|
|
2.2
|
%
|
Corporate and unallocated (1) |
|
|
0.8
|
|
|
|
0.6
|
|
|
|
0.2
|
|
|
|
33.3
|
%
|
|
|
2.9
|
|
|
|
2.6
|
|
|
|
0.3
|
|
|
|
11.5
|
%
|
Total
|
|
|
$
|
47.4
|
|
|
|
$
|
42.4
|
|
|
|
$
|
5.0
|
|
|
|
11.8
|
%
|
|
|
$
|
185.5
|
|
|
|
$
|
146.3
|
|
|
|
$
|
39.2
|
|
|
|
26.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, litigation settlement costs, gains
and losses from and costs related to divestitures, and discrete tax
items). Because these items affect 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
December 31,
|
|
|
Year Ended
December 31,
|
(in millions, except per share amounts)
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Impact to Operating Income
|
Exit and disposal costs
|
|
|
$
|
6.1
|
|
|
|
$
|
7.0
|
|
|
|
$
|
17.9
|
|
|
|
$
|
26.8
|
|
Other facility rationalization costs
|
|
|
5.6
|
|
|
|
2.5
|
|
|
|
13.2
|
|
|
|
9.7
|
|
Acquisition related costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up amortization
|
|
|
—
|
|
|
|
5.4
|
|
|
|
1.0
|
|
|
|
7.7
|
|
Other acquisition costs
|
|
|
1.7
|
|
|
|
0.7
|
|
|
|
4.6
|
|
|
|
3.5
|
|
Litigation costs
|
|
|
—
|
|
|
|
—
|
|
|
|
2.5
|
|
|
|
—
|
|
Gains from divestitures
|
|
|
—
|
|
|
|
—
|
|
|
|
(6.6
|
)
|
|
|
—
|
|
Total
|
|
|
$
|
13.4
|
|
|
|
$
|
15.6
|
|
|
|
$
|
32.6
|
|
|
|
$
|
47.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact to Diluted EPS from Continuing Operations
(1)
|
Exit and disposal costs
|
|
|
$
|
0.08
|
|
|
|
$
|
0.08
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.29
|
|
Other facility rationalization costs
|
|
|
0.07
|
|
|
|
0.03
|
|
|
|
0.16
|
|
|
|
0.11
|
|
Acquisition related costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up amortization
|
|
|
—
|
|
|
|
0.05
|
|
|
|
0.01
|
|
|
|
0.07
|
|
Other acquisition costs
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.06
|
|
|
|
0.05
|
|
Litigation costs
|
|
|
—
|
|
|
|
—
|
|
|
|
0.03
|
|
|
|
—
|
|
Losses (gains) from divestitures
|
|
|
—
|
|
|
|
0.01
|
|
|
|
(0.08
|
)
|
|
|
0.01
|
|
Indemnification losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.07
|
|
Tax reform (benefit)
|
|
|
(0.08
|
)
|
|
|
(0.84
|
)
|
|
|
(0.06
|
)
|
|
|
(0.82
|
)
|
Total
|
|
|
$
|
0.09
|
|
|
|
$
|
(0.65
|
)
|
|
|
$
|
0.34
|
|
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact to Operating Income
|
Carlisle Construction Materials
|
|
|
$
|
0.5
|
|
|
|
$
|
5.8
|
|
|
|
$
|
0.4
|
|
|
|
$
|
9.5
|
|
Carlisle Interconnect Technologies
|
|
|
2.2
|
|
|
|
3.9
|
|
|
|
9.2
|
|
|
|
18.0
|
|
Carlisle Fluid Technologies
|
|
|
0.4
|
|
|
|
3.5
|
|
|
|
(0.1
|
)
|
|
|
12.6
|
|
Carlisle Brake & Friction
|
|
|
9.1
|
|
|
|
2.1
|
|
|
|
19.8
|
|
|
|
5.1
|
|
Corporate
|
|
|
1.2
|
|
|
|
0.3
|
|
|
|
3.3
|
|
|
|
2.5
|
|
Total
|
|
|
$
|
13.4
|
|
|
|
$
|
15.6
|
|
|
|
$
|
32.6
|
|
|
|
$
|
47.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact to Diluted EPS from Continuing Operations
(1)
|
Carlisle Construction Materials
|
|
|
$
|
0.01
|
|
|
|
$
|
0.07
|
|
|
|
$
|
0.01
|
|
|
|
$
|
0.11
|
|
Carlisle Interconnect Technologies
|
|
|
0.03
|
|
|
|
0.06
|
|
|
|
0.11
|
|
|
|
0.22
|
|
Carlisle Fluid Technologies
|
|
|
—
|
|
|
|
0.04
|
|
|
|
—
|
|
|
|
0.13
|
|
Carlisle Brake & Friction
|
|
|
0.12
|
|
|
|
0.02
|
|
|
|
0.24
|
|
|
|
0.05
|
|
Corporate
|
|
|
(0.07
|
)
|
|
|
(0.84
|
)
|
|
|
(0.02
|
)
|
|
|
(0.73
|
)
|
Total
|
|
|
$
|
0.09
|
|
|
|
$
|
(0.65
|
)
|
|
|
$
|
0.34
|
|
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
Years Ended December 31,
|
(in millions)
|
|
|
2018
|
|
|
2017
|
Net cash provided by operating activities
|
|
|
$
|
339.2
|
|
|
|
$
|
458.7
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
Proceeds from sale of discontinued operation
|
|
|
758.0
|
|
|
|
—
|
|
Acquisitions, net of cash acquired
|
|
|
(19.5
|
)
|
|
|
(934.3
|
)
|
Capital expenditures
|
|
|
(120.7
|
)
|
|
|
(159.9
|
)
|
Other investing activities, net
|
|
|
11.4
|
|
|
|
(0.1
|
)
|
Net cash provided by (used in) investing activities
|
|
|
629.2
|
|
|
|
(1,094.3
|
)
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
Proceeds from revolving credit facility
|
|
|
—
|
|
|
|
1,189.0
|
|
Repayments of revolving credit facility
|
|
|
—
|
|
|
|
(1,189.0
|
)
|
Proceeds from notes
|
|
|
—
|
|
|
|
997.2
|
|
Repayments of notes
|
|
|
—
|
|
|
|
—
|
|
Repurchase of common stock
|
|
|
(459.8
|
)
|
|
|
(268.4
|
)
|
Dividends paid
|
|
|
(93.5
|
)
|
|
|
(92.1
|
)
|
Financing costs
|
|
|
—
|
|
|
|
(8.3
|
)
|
Proceeds from exercise of stock options
|
|
|
22.7
|
|
|
|
8.4
|
|
Withholding tax paid related to stock-based compensation
|
|
|
(10.1
|
)
|
|
|
(9.6
|
)
|
Net cash used in financing activities
|
|
|
(540.7
|
)
|
|
|
627.2
|
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rate changes on cash and cash
equivalents
|
|
|
(1.1
|
)
|
|
|
2.7
|
|
|
|
|
|
|
|
|
Change in cash and cash equivalents
|
|
|
426.6
|
|
|
|
(5.7
|
)
|
Less: change in cash and cash equivalents of discontinued operations
|
|
|
1.3
|
|
|
|
1.0
|
|
Beginning of period
|
|
|
378.3
|
|
|
|
385.0
|
|
End of period
|
|
|
$
|
803.6
|
|
|
|
$
|
378.3
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
Unaudited Selected Consolidated Balance Sheet Data
|
|
|
|
|
|
|
|
(in millions)
|
|
|
December 31, 2018
|
|
|
December 31, 2017
|
Cash and cash equivalents
|
|
|
$
|
803.6
|
|
|
|
$
|
378.3
|
Long-term debt
|
|
|
1,587.8
|
|
|
|
1,586.2
|
Total shareholders' equity
|
|
|
2,597.4
|
|
|
|
2,528.3
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190207005801/en/
Jim Giannakouros, CFA
Vice President of Investor Relations and FP&A
Carlisle
Companies Incorporated
(480) 781-5135
http://www.carlisle.com
Source: Carlisle Companies Incorporated