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Carlisle Companies Inc (CSL) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Carlisle Companies Inc

CIK: 790051 Ticker: CSL


PRESS RELEASE
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10/23/18

Carlisle Companies Reports Third Quarter 2018 Results

Third Quarter 2018 Highlights:
Revenue of $1.2 billion increased 17.9% vs. last year, or 5.5% organic
GAAP earnings per diluted share (EPS) of $1.59 compared to $1.26 last year, a 26.2% increase
Results impacted by unfavorable September weather, price sensitivity at Accella, and retirement costs at CCM

SCOTTSDALE, ARIZONA, October 23, 2018 - Carlisle Companies Incorporated (NYSE:CSL) reported revenues of $1,181.4 million for the third quarter of 2018, a 17.9% increase from $1,002.4 million in the third quarter of 2017. Organic revenues grew 5.5%, acquired revenues contributed 11.7% growth in the quarter, and adoption of ASC 606 revenue recognition standard increased sales 0.6%.
Carlisle reported third quarter Operating Income of $140.0 million, up 3.9% from the third quarter of 2017 primarily driven by price realization and higher sales volumes, benefits from continued execution of the Carlisle Operating System, and contributions from acquisitions. Operating Income performance was partially offset by increases in freight, labor-related, and executive retirement costs. In addition to the aforementioned drivers, Carlisle's diluted EPS benefited from a lower effective tax rate and reduced share count in the quarter.
 
 
Three Months Ended
September 30,
(in millions, except per share amounts)
 
2018
 
2017
Revenues
 
$
1,181.4

 
$
1,002.4

Operating income
 
$
140.0

 
$
134.8

Income from continuing operations, net of tax
 
$
96.9

 
$
79.1

Diluted EPS from continuing operations
 
$
1.59

 
$
1.26

Items affecting comparability (1)
 
$
0.09

 
$
0.24

(1) 
See schedule of Items Affecting Comparability in the financial exhibits
All financial and percentage comparisons in the Company's third quarter of 2018 reporting are made to the same quarter of the previous year, unless otherwise stated.

Comment
Chris Koch, President and CEO, stated, "I am pleased to report we achieved 5.5% organic growth in the quarter, driven by strong demand, price realization in our core business, and the execution of our growth strategy for metal roofing products at CCM, continued robust commercial aircraft build rates and MedTech market strength at CIT, strength in the General Industrial markets at CFT and positive trends in off-highway vehicle markets at CBF.
In the third quarter, Carlisle experienced certain challenges at CCM that negatively affected revenues and reported operating income. These included well above average wet weather in much of the Eastern US, Midwest and Texas, which reduced days on the roof. Our pricing strategy at Accella tested the upper limits of the market and impacted volumes in the quarter. Despite these challenges, we are encouraged by continued solid underlying demand for our products across commercial construction markets, our ability to maintain share while driving price realization in core CCM products, and slated actions to accelerate integration of and improve profitability at Accella.
That said, we continue to build momentum and execute on our Vision 2025 objectives. Consistent with our key strategic initiatives, year-to-date organic growth has exceeded our long-term goal of 5%, CFT's margin improvement continues to benefit from our 2017 restructuring and vertical integration initiatives; our Carlisle Operating System (COS) has driven savings of 1.5% of sales so far this year, in line with our targeted 1-2%; and we continued to return capital to shareholders, paying $69.7 million in dividends and repurchasing $295.4 million of Carlisle shares in 2018 so far, surpassing our initial 2018 plan."



The following information was filed by Carlisle Companies Inc (CSL) on Tuesday, October 23, 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Shareholders' Equity (Unaudited)
Condensed Consolidated Statement Of Shareholders' Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Earnings And Comprehensive Income (Unaudited)
Acquisitions
Acquisitions (Details)
Acquisitions (Tables)
Acquisitions - Assets Acquired And Liabilities Assumed (Details)
Basis Of Presentation
Commitments And Contingencies
Commitments And Contingencies - Litigation And Environmental Matters (Details)
Defined Benefit Plan
Defined Benefit Plan (Tables)
Defined Benefit Plan - Defined Benefit Plan (Details)
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Tables)
Discontinued Operations - Assets And Liabilities Of Discontinued Operations (Details)
Discontinued Operations - Results From Discontinued Operations (Details)
Discontinued Operations - Summary Of Cash Flows From Discontinued Operations (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Exit And Disposal Activities
Exit And Disposal Activities (Details)
Exit And Disposal Activities (Tables)
Exit And Disposal Activities - Components Of Exit And Disposal Activities (Details)
Exit And Disposal Activities - Exit And Disposal Activity Liability (Details)
Financial Instruments
Financial Instruments (Details)
Financial Instruments (Tables)
Financial Instruments - Changes In Aoci Related To Cash Flow Hedges (Details)
Goodwill And Other Intangible Assets, Net
Goodwill And Other Intangible Assets, Net (Tables)
Goodwill And Other Intangible Assets, Net - Changes In The Carrying Amount Of Goodwill (Details)
Goodwill And Other Intangible Assets, Net - Net Carrying Value Of Other Intangibles (Details)
Goodwill And Other Intangible Assets, Net - Other Intangibles And Amortization (Details)
Income Taxes
Income Taxes (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
New Accounting Pronouncements
New Accounting Pronouncements (Details)
New Accounting Pronouncements (Tables)
New Accounting Pronouncements - Effects Of Adopting Asc 606 (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Revenue Recognition - Change In Contract Assets (Details)
Revenue Recognition - Change In Contract Liabilities (Details)
Revenue Recognition - Remaining Performance Obligation (Details)
Revenue Recognition - Timing Of Revenue Recognition And Reconciliation Of Disaggregate Revenue (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Standard Product Warranties
Standard Product Warranties (Details)
Standard Product Warranties (Tables)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)

Material Contracts, Statements, Certifications & more

Carlisle Companies Inc provided additional information to their SEC Filing as exhibits

Ticker: CSL
CIK: 790051
Form Type: 10-Q Quarterly Report
Accession Number: 0000790051-18-000149
Submitted to the SEC: Thu Oct 25 2018 12:21:10 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Fabricated Rubber Products

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