Carlisle Companies Reports Record First Quarter 2018 Revenues
Revenues of $984.7 million Driven by Robust 8.8% Organic Growth
Reported Earnings from Continuing Operations of $0.92 per Share
SCOTTSDALE, ARIZONA, April 24, 2018 - 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)
Income from continuing operations, net of tax
Diluted EPS from continuing operations
Items affecting comparability (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.
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
The following information was filed by Carlisle Companies Inc (CSL) on Tuesday, April 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.