Carlisle Companies Reports Record First Quarter Diluted EPS of $1.33, a 45% Increase from Prior Year
SCOTTSDALE, ARIZONA, April 23, 2019 - 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.
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
The following information was filed by Carlisle Companies Inc (CSL) on Tuesday, April 23, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.