SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) today announced its financial
results for the three month period ended March 31, 2019.
-
First quarter revenue increased 8.9% to a record $1.1 billion, of
that 5.9% was organic
-
Operating income reached a record $114.7 million, an increase of
21.1% year-over-year
-
Diluted EPS from continuing operations for the quarter included
$0.08 of restructuring, facility rationalization, and acquisition
related costs
-
Repurchased 1.4 million shares for $157.1 million in the quarter
First Quarter 2019
Revenues of $1.1 billion increased 8.9% from $984.7 million in the first
quarter of 2019. Organic revenue grew 5.9% (organic revenue defined as
revenue excluding acquired revenues within the last twelve months and
the impact of changes in foreign exchange rates versus the U.S. Dollar).
Acquired revenues contributed a total of 3.9% in the quarter. Changes in
foreign exchange rates had a negative (0.9%) impact on revenues.
Operating income of $114.7 million was up 21.1% from the first quarter
of 2018. Operating income performance was driven by higher sales volume,
price realization, and contributions from the Carlisle Operating System
(COS), partially offset by increases in labor-related costs, unfavorable
mix, and higher restructuring at Carlisle Interconnect Technologies
(CIT).
In addition to the factors driving operating income improvement, diluted
EPS from continuing operations was beneficially impacted by lower taxes
and share count.
During the first quarter of 2019, Carlisle completed the acquisition of
Petersen Aluminum Corporation, a manufacturer of high-quality
architectural metal products, and subsequently on April 1, 2019,
acquired MicroConnex, a manufacturer of highly engineered microminiature
flex circuits and sensors.
Carlisle repurchased 1.4 million shares of common stock for $157.1
million in the first quarter.
Comment
Chris Koch, President and Chief Executive Officer, said, “Our record
results in the first quarter reflected: continued healthy demand across
many of our key end markets, price discipline, efficiencies gained from
COS, contributions from acquisitions, and solid execution of our
operating plans by Carlisle's employees around the globe. Building on
the solid momentum we gained during the fourth quarter of 2018, we drove
record first quarter revenues, operating income, and diluted EPS. We
also continue to gain traction on the key objectives of Vision 2025,
including:
-
Achieving 5.9% organic revenue growth, in excess of our long-term
growth target of 5%
-
Leveraging revenue growth to deliver a 21% increase in operating income
-
Maintaining strong price discipline across businesses, leading to
positive price realization at all four segments
-
Delivering cost savings of 1.3% of sales through COS, within our
targeted range of 1-2%
-
Utilizing our strong cash flow and balance sheet to deploy over $180
million into share repurchases and dividends paid, now totaling almost
$1.1 billion since the beginning of 2017
-
Continuing to reshape the portfolio and build out our capabilities by
acquiring Petersen Aluminum Corporation within CCM, and on April 1,
2019, MicroConnex within CIT
We are pleased with the strong start to 2019 and are optimistic about
both our near and long-term prospects for growth despite persistent
uncertainties around the China trade negotiations and Brexit.
We remain focused on executing Vision 2025 objectives: exceeding 5%
organic growth, utilizing COS to deliver efficiencies and operating
leverage, building scale with synergistic acquisitions, continuing to
invest in exceptional talent, and deploying over $3 billion into capital
expenditures, share repurchases and dividends."
First Quarter 2019 Segment Highlights
Carlisle Construction Materials (CCM)
-
Revenues of $671.1 million, up 12.1% (organic +6.3%) year-over-year,
were driven by continued strength in U.S. roofing demand, growth in
Europe, new product introductions and contributions from acquisitions,
despite challenging weather that reduced available roofing days to
contractors.
-
Operating income was $92.9 million, up 22.6% year-over-year. Operating
margin of 13.8%, a 110 basis point improvement, benefited from
price/cost realization, savings and benefits from COS, and operational
improvements, offset by higher labor and acquisition related costs.
-
Items affecting comparability were costs of $1.6 million versus income
of $1.8 million in the first quarter of 2018.
-
We now expect CCM to achieve low-double digit revenue growth in 2019,
vs. up high-single to low-double digits prior.
Carlisle Interconnect Technologies (CIT)
-
Revenues of $246.4 million, up 9.9% (+10.0% organic) year-over-year
were driven by strength in Aerospace, Test & Measurement, and
Space/Defense.
-
Operating income was $30.6 million, up 12.5% year-over-year. Operating
margin of 12.4%, a 30 basis point improvement, benefited from higher
volumes, price/cost realization, and savings and benefits from COS,
partially offset by higher restructuring and labor charges, and
unfavorable mix.
-
Items affecting comparability were costs of $4.9 million versus $2.6
million in the first quarter of 2018.
-
We now expect CIT to achieve mid-to-high single digit revenue growth
in 2019, vs. up mid-single digits prior.
Carlisle Fluid Technologies (CFT)
-
Revenues of $63.1 million, down 0.6% (+2.2% organic) year-over-year,
reflected strength in standard products in Automotive Refinish and
General Industrial markets, partially offset by softer Transportation
sales in China and foreign currency translation headwinds.
-
Operating income was $6.4 million, up 12.3% year-over-year. Operating
margin of 10.1%, a 110 basis point improvement, demonstrates CFT's
continued execution of their plans to improve the margin profile of
the business. Margins benefited from higher volumes, savings and
benefits from COS, and price/cost realization, partially offset by raw
material inflation, higher labor-related and restructuring charges.
-
Items affecting comparability were income of $0.9 million versus costs
of $0.5 million in the first quarter of 2018.
-
We continue to expect CFT to achieve mid-single digit revenue growth
in 2019.
Carlisle Brake & Friction (CBF)
-
Revenues of $91.3 million, down 7.1% (-3.8% organic) year-over-year,
reflected difficult year-over-year comparisons (Q1 2018 organic
revenue +28.5% y-o-y) in off-highway vehicle end markets, and foreign
currency translation headwinds, partially offset by price realization
and share gains.
-
Operating income was $6.5 million, up 44.4% year-over-year. Operating
margin of 7.1%, a 250 basis point improvement, was driven by
efficiencies gained by the Tulsa, Oklahoma to Medina, Ohio plant
consolidation, lower restructuring costs, price realization, and
savings and benefits from COS, partially offset by lower volumes and
higher labor-related and raw material costs.
-
Items affecting comparability were costs of $1.3 million versus $2.0
million in the first quarter of 2018.
-
We now expect CBF revenues to be flat in 2019, vs. up
low-single-digits prior.
Cash Flow
Free cash flow (defined as cash provided by operating activities less
capital expenditures, and comprised of continuing and discontinued
operations) was $86.5 million for the first three months ended March 31,
2019, an increase of $95.8 million versus the prior year. The increase
in free cash flow was primarily attributable to higher cash earnings,
more efficient usage of working capital, and lower capital expenditures.
During the first three months ended March 31, 2019, we redeployed our
free cash flow towards the acquisitions of Petersen Aluminum
Corporation, the repurchase of Carlisle common stock for $157.1 million
and $23.3 million in dividends paid. As of March 31, 2019, we had $516.6
million of cash and $1 billion of availability under our revolving
credit facility.
|
|
|
|
|
Table 1. Revenue Breakdown
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2019
|
|
|
|
|
CCM
|
|
|
CIT
|
|
|
CFT
|
|
|
CBF
|
Change in Organic Revenues
|
|
|
|
6.3
|
%
|
|
|
10.0
|
%
|
|
|
2.2
|
%
|
|
|
(3.8
|
)%
|
Net Impact from Acquisitions
|
|
|
|
6.3
|
%
|
|
|
0.2
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
Impact from FX
|
|
|
|
(0.5
|
)%
|
|
|
(0.3
|
)%
|
|
|
(2.8
|
)%
|
|
|
(3.3
|
)%
|
Change in Revenues
|
|
|
|
12.1
|
%
|
|
|
9.9
|
%
|
|
|
(0.6
|
)%
|
|
|
(7.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call and Webcast
The Company will discuss first quarter 2019 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 that manufactures highly engineered products
and solutions for our customers. 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 revenues in 2018. Learn more
about Carlisle at
www.carlisle.com
.
|
|
|
|
Three Months Ended
March 31,
|
(in millions except per share amounts)
|
|
|
|
2019
|
|
|
2018
|
Revenues
|
|
|
|
$
|
1,071.9
|
|
|
|
$
|
984.7
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
|
783.3
|
|
|
|
735.3
|
|
Selling and administrative expenses
|
|
|
|
164.2
|
|
|
|
148.6
|
|
Research and development expenses
|
|
|
|
14.4
|
|
|
|
13.9
|
|
Other operating (income) expense, net
|
|
|
|
(4.7
|
)
|
|
|
(7.8
|
)
|
Operating income
|
|
|
|
114.7
|
|
|
|
94.7
|
|
Interest expense, net
|
|
|
|
13.7
|
|
|
|
14.5
|
|
Other non-operating (income) expense, net
|
|
|
|
(0.4
|
)
|
|
|
1.9
|
|
Income from continuing operations before income taxes
|
|
|
|
101.4
|
|
|
|
78.3
|
|
Provision for income taxes
|
|
|
|
24.0
|
|
|
|
20.4
|
|
Income from continuing operations
|
|
|
|
77.4
|
|
|
|
57.9
|
|
|
|
|
|
|
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
—
|
|
|
|
299.0
|
|
(Benefit) provision for income taxes
|
|
|
|
(2.0
|
)
|
|
|
47.3
|
|
Income from discontinued operations
|
|
|
|
2.0
|
|
|
|
251.7
|
|
Net income
|
|
|
|
$
|
79.4
|
|
|
|
$
|
309.6
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to common shares:
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
$
|
1.34
|
|
|
|
$
|
0.93
|
|
Income from discontinued operations
|
|
|
|
0.03
|
|
|
|
4.05
|
|
Basic earnings per share
|
|
|
|
$
|
1.37
|
|
|
|
$
|
4.98
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to common shares:
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
$
|
1.33
|
|
|
|
$
|
0.92
|
|
Income from discontinued operations
|
|
|
|
0.03
|
|
|
|
4.02
|
|
Diluted earnings per share
|
|
|
|
$
|
1.36
|
|
|
|
$
|
4.94
|
|
|
|
|
|
|
|
|
|
Average shares outstanding (in thousands):
|
|
|
|
|
|
|
|
Basic
|
|
|
|
57,547
|
|
|
|
61,684
|
|
Diluted
|
|
|
|
57,870
|
|
|
|
62,164
|
|
|
|
|
|
|
|
|
|
Dividends declared and paid per share
|
|
|
|
$
|
0.40
|
|
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
$
|
77.1
|
|
|
|
$
|
57.3
|
|
Net income
|
|
|
|
79.1
|
|
|
|
307.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
Increase
(Decrease)
|
(in millions, except percentages)
|
|
|
|
2019
|
|
|
2018
|
|
|
Amount
|
|
|
Percent
|
Revenues
|
Carlisle Construction Materials
|
|
|
|
$
|
671.1
|
|
|
|
$
|
598.6
|
|
|
|
$
|
72.5
|
|
|
|
12.1
|
%
|
Carlisle Interconnect Technologies
|
|
|
|
246.4
|
|
|
|
224.3
|
|
|
|
22.1
|
|
|
|
9.9
|
%
|
Carlisle Fluid Technologies
|
|
|
|
63.1
|
|
|
|
63.5
|
|
|
|
(0.4
|
)
|
|
|
(0.6
|
)%
|
Carlisle Brake & Friction
|
|
|
|
91.3
|
|
|
|
98.3
|
|
|
|
(7.0
|
)
|
|
|
(7.1
|
)%
|
Total
|
|
|
|
$
|
1,071.9
|
|
|
|
$
|
984.7
|
|
|
|
$
|
87.2
|
|
|
|
8.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss)
|
Carlisle Construction Materials
|
|
|
|
$
|
92.9
|
|
|
|
$
|
75.8
|
|
|
|
$
|
17.1
|
|
|
|
22.6
|
%
|
Carlisle Interconnect Technologies
|
|
|
|
30.6
|
|
|
|
27.2
|
|
|
|
3.4
|
|
|
|
12.5
|
%
|
Carlisle Fluid Technologies
|
|
|
|
6.4
|
|
|
|
5.7
|
|
|
|
0.7
|
|
|
|
12.3
|
%
|
Carlisle Brake & Friction
|
|
|
|
6.5
|
|
|
|
4.5
|
|
|
|
2.0
|
|
|
|
44.4
|
%
|
Segment Totals
|
|
|
|
136.4
|
|
|
|
113.2
|
|
|
|
23.2
|
|
|
|
20.5
|
%
|
Corporate and unallocated (1) |
|
|
|
(21.7
|
)
|
|
|
(18.5
|
)
|
|
|
(3.2
|
)
|
|
|
(17.3
|
)%
|
Total
|
|
|
|
$
|
114.7
|
|
|
|
$
|
94.7
|
|
|
|
$
|
20.0
|
|
|
|
21.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
13.8
|
%
|
|
|
12.7
|
%
|
|
|
110 bps
|
|
|
|
Carlisle Interconnect Technologies
|
|
|
|
12.4
|
%
|
|
|
12.1
|
%
|
|
|
30 bps
|
|
|
|
Carlisle Fluid Technologies
|
|
|
|
10.1
|
%
|
|
|
9.0
|
%
|
|
|
110 bps
|
|
|
|
Carlisle Brake & Friction
|
|
|
|
7.1
|
%
|
|
|
4.6
|
%
|
|
|
250 bps
|
|
|
|
Total
|
|
|
|
10.7
|
%
|
|
|
9.6
|
%
|
|
|
110 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
$
|
22.6
|
|
|
|
$
|
19.1
|
|
|
|
$
|
3.5
|
|
|
|
18.3
|
%
|
Carlisle Interconnect Technologies
|
|
|
|
14.5
|
|
|
|
14.6
|
|
|
|
(0.1
|
)
|
|
|
(0.7
|
)%
|
Carlisle Fluid Technologies
|
|
|
|
5.7
|
|
|
|
5.4
|
|
|
|
0.3
|
|
|
|
5.6
|
%
|
Carlisle Brake & Friction
|
|
|
|
5.4
|
|
|
|
6.1
|
|
|
|
(0.7
|
)
|
|
|
(11.5
|
)%
|
Corporate and unallocated (1) |
|
|
|
0.8
|
|
|
|
0.7
|
|
|
|
0.1
|
|
|
|
14.3
|
%
|
Total
|
|
|
|
$
|
49.0
|
|
|
|
$
|
45.9
|
|
|
|
$
|
3.1
|
|
|
|
6.8
|
%
|
(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
March 31,
|
(in millions, except per share amounts)
|
|
|
|
2019
|
|
|
2018
|
Impact to Operating Income
|
Exit and disposal costs
|
|
|
|
$
|
6.8
|
|
|
|
$
|
3.1
|
|
Other facility rationalization costs
|
|
|
|
1.4
|
|
|
|
2.2
|
|
Acquisition related costs:
|
|
|
|
|
|
|
|
Inventory step-up amortization
|
|
|
|
0.5
|
|
|
|
—
|
|
Other acquisition costs
|
|
|
|
1.5
|
|
|
|
1.1
|
|
Gains from contingent consideration
|
|
|
|
(3.0
|
)
|
|
|
—
|
|
Gains from divestitures
|
|
|
|
—
|
|
|
|
(2.0
|
)
|
Total
|
|
|
|
$
|
7.2
|
|
|
|
$
|
4.4
|
|
|
|
|
|
|
|
|
|
Impact to Diluted EPS from Continuing Operations
(1)
|
Exit and disposal costs
|
|
|
|
$
|
0.09
|
|
|
|
$
|
0.04
|
|
Other facility rationalization costs
|
|
|
|
0.02
|
|
|
|
0.02
|
|
Acquisition related costs:
|
|
|
|
|
|
|
|
Inventory step-up amortization
|
|
|
|
—
|
|
|
|
—
|
|
Other acquisition costs
|
|
|
|
0.02
|
|
|
|
0.01
|
|
Gains from contingent consideration
|
|
|
|
(0.05
|
)
|
|
|
—
|
|
Gains from divestitures
|
|
|
|
—
|
|
|
|
(0.02
|
)
|
Total
|
|
|
|
$
|
0.08
|
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
Impact to Operating Income
|
Carlisle Construction Materials
|
|
|
|
$
|
1.6
|
|
|
|
$
|
(1.8
|
)
|
Carlisle Interconnect Technologies
|
|
|
|
4.9
|
|
|
|
2.6
|
|
Carlisle Fluid Technologies
|
|
|
|
(0.9
|
)
|
|
|
0.5
|
|
Carlisle Brake & Friction
|
|
|
|
1.3
|
|
|
|
2.0
|
|
Corporate
|
|
|
|
0.3
|
|
|
|
1.1
|
|
Total
|
|
|
|
$
|
7.2
|
|
|
|
$
|
4.4
|
|
|
|
|
|
|
|
|
|
Impact to Diluted EPS from Continuing Operations
(1)
|
Carlisle Construction Materials
|
|
|
|
$
|
0.02
|
|
|
|
$
|
(0.02
|
)
|
Carlisle Interconnect Technologies
|
|
|
|
0.06
|
|
|
|
0.03
|
|
Carlisle Fluid Technologies
|
|
|
|
(0.02
|
)
|
|
|
0.01
|
|
Carlisle Brake & Friction
|
|
|
|
0.02
|
|
|
|
0.02
|
|
Corporate
|
|
|
|
—
|
|
|
|
0.01
|
|
Total
|
|
|
|
$
|
0.08
|
|
|
|
$
|
0.05
|
|
(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)
|
|
|
|
2019
|
|
|
2018
|
Net cash provided by operating activities
|
|
|
|
$
|
109.8
|
|
|
|
$
|
33.2
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
Acquisitions, net of cash acquired
|
|
|
|
(202.0
|
)
|
|
|
(0.7
|
)
|
Capital expenditures
|
|
|
|
(23.3
|
)
|
|
|
(42.5
|
)
|
Proceeds from sale of discontinued operation
|
|
|
|
—
|
|
|
|
754.6
|
|
Other investing activities, net
|
|
|
|
0.9
|
|
|
|
3.6
|
|
Net cash (used in) provided by investing activities
|
|
|
|
(224.4
|
)
|
|
|
715.0
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
(157.1
|
)
|
|
|
(122.0
|
)
|
Dividends paid
|
|
|
|
(23.3
|
)
|
|
|
(23.1
|
)
|
Proceeds from exercise of stock options
|
|
|
|
10.6
|
|
|
|
1.7
|
|
Withholding tax paid related to stock-based compensation
|
|
|
|
(3.3
|
)
|
|
|
(4.6
|
)
|
Net cash used in financing activities
|
|
|
|
(173.1
|
)
|
|
|
(148.0
|
)
|
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rate changes on cash and cash
equivalents
|
|
|
|
0.7
|
|
|
|
1.9
|
|
|
|
|
|
|
|
|
|
Change in cash and cash equivalents
|
|
|
|
(287.0
|
)
|
|
|
602.1
|
|
Less: change in cash and cash equivalents of discontinued operations
|
|
|
|
—
|
|
|
|
1.3
|
|
Beginning of period
|
|
|
|
803.6
|
|
|
|
378.3
|
|
End of period
|
|
|
|
$
|
516.6
|
|
|
|
$
|
979.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Selected Consolidated Balance Sheet Data
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
Cash and cash equivalents
|
|
|
|
$
|
516.6
|
|
|
|
$
|
803.6
|
Long-term debt
|
|
|
|
1,588.5
|
|
|
|
1,587.8
|
Total shareholders' equity
|
|
|
|
2,524.7
|
|
|
|
2,597.4
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190423005873/en/
Jim Giannakouros, CFA
Vice President of Investor Relations and FP&A
jgiannakouros@carlisle.com
Source: Carlisle Companies Incorporated