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Exhibit 99.1
PRESS RELEASE |  |
02/08/18
Carlisle Companies Reports Record Full Year and Fourth Quarter Net Sales
• | Record Fourth Quarter Net Sales of $1,071.8 million on 7.6% Organic Growth |
• | Record Fourth Quarter Reported Earnings per Share from Continuing Operations of $1.82, including $0.19 of Restructuring, Facility Rationalization and Acquisition Related Costs, and $0.84 of estimated positive direct and indirect impact due to the Tax Cuts and Jobs Act |
• | Full Year Reported Earnings per Share from Continuing Operations of $5.71, including $0.64 of Restructuring, Facility Rationalization and Acquisition Related Cost and $0.82 of estimated positive direct and indirect impact due to the Tax Cuts and Jobs Act |
• | Generated full year operating cash flows of $458.7 million |
• | Signed definitive agreement to sell Carlisle FoodService Products for $750 million |
SCOTTSDALE, ARIZONA, February 8, 2018 - Carlisle Companies Incorporated (NYSE:CSL) reported record fourth quarter 2017 net sales of $1,071.8 million, a 20.0% increase from $893.5 million in the fourth quarter of 2016. Acquired net sales contributed a total of 11.7% in the quarter. Organic net sales grew 7.6% (organic net sales are 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). Foreign exchange had a positive impact of 0.7%.
Fourth quarter 2017 adjusted diluted EPS improved due to the positive direct and indirect impact of the Tax Cuts and Jobs Act. This increase was offset by lower operating results related to lower sales and margin in the Carlisle Interconnect Technologies (CIT) segment, rising raw material costs in the Carlisle Construction Materials (CCM) segment, and increased costs related to restructuring, facility rationalization, and acquisition related costs at CCM, CIT, Carlisle Fluid Technologies (CFT) and the Carlisle Brake & Friction (CBF) segments. Partially offsetting the lower operating results were higher net sales volume at CCM and CBF, acquired operating earnings at Carlisle FoodService Products (CFS), and savings from the Carlisle Operating System (COS).
(in millions, except per share amounts) | Q4 2017 | Q4 2016 | YTD 2017 | YTD 2016 | ||||||||||||
Net sales | $ | 1,071.8 | $ | 893.5 | $ | 4,089.9 | $ | 3,675.4 | ||||||||
Operating income | $ | 104.0 | $ | 114.7 | $ | 505.7 | $ | 438.1 | ||||||||
Adjusted operating income (1) | $ | 104.0 | $ | 114.7 | $ | 505.7 | $ | 579.6 | ||||||||
Income from continuing operations, net of tax | $ | 115.1 | $ | 76.5 | $ | 365.3 | $ | 250.8 | ||||||||
Adjusted income from continuing operations, net of tax (1) | $ | 115.1 | $ | 86.6 | $ | 365.3 | $ | 383.5 | ||||||||
Diluted EPS from continuing operations | $ | 1.82 | $ | 1.17 | $ | 5.71 | $ | 3.83 | ||||||||
Adjusted diluted EPS from continuing operations (1) | $ | 1.82 | $ | 1.32 | $ | 5.71 | $ | 5.86 | ||||||||
Items affecting comparability after tax impact on EPS(2) | $ | (0.65 | ) | $ | 0.16 | $ | (0.18 | ) | $ | 0.26 | ||||||
(1) | Adjusted to exclude goodwill and intangible asset impairment charges totaling $141.5 million pre-tax, $132.7 million after-tax or $2.03 per share for 2016 YTD period. See related Non-GAAP Reconciliation in the financial exhibits. |
(2) | See schedule of Items Affecting Comparability in the financial exhibits. |
The following information was filed by Carlisle Companies Inc (CSL) on Thursday, February 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: CSL
CIK: 790051
Form Type: 10-K Annual Report
Accession Number: 0000790051-18-000095
Submitted to the SEC: Fri Feb 16 2018 3:40:54 PM EST
Accepted by the SEC: Fri Feb 16 2018
Period: Sunday, December 31, 2017
Industry: Fabricated Rubber Products
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