Carlisle Companies Reports Fourth Quarter Diluted EPS of $1.49 and Full Year 2018 Results
SCOTTSDALE, ARIZONA, February 7, 2019 - 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.
The following information was filed by Carlisle Companies Inc (CSL) on Thursday, February 7, 2019 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.