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Carlisle Companies Inc (CSL) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Carlisle Companies Inc

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CIK: 790051 Ticker: CSL


PRESS RELEASE
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02/06/20

Carlisle Companies Reports Record Fourth Quarter Diluted EPS of $1.81 and Full Year Diluted EPS of $8.21, an increase of 22% and 40%, respectively

SCOTTSDALE, ARIZONA, February 6, 2020 - Carlisle Companies Incorporated (NYSE:CSL) today announced its financial results for the three and twelve month periods ended
December 31, 2019.

•
Delivered operating income of a record $141 million in the fourth quarter, an increase of 23.3% year-over-year
•
Grew full year operating cash flow 107% to $703 million, generating free cash flow of $614 million, an increase of 181% year-over-year, representing 130% free cash flow conversion for the full year
•
Repurchased approximately 1 million shares for $150 million in the fourth quarter and 2.8 million shares for $382 million for the full year

CEO Comment

Chris Koch, President and Chief Executive Officer, commented: “Driven by strong underlying demand in North American non-residential roofing markets, Carlisle delivered record fourth quarter sales, operating income and diluted EPS. We accomplished these results despite the continued negative impact in the global economy driven by US/China trade negotiations, Brexit uncertainty, global industrial production declines and significant commercial aerospace production delays at a key customer.

We continue to gain traction on the key pillars of Vision 2025, under which we target: $8 billion in revenues, 20% operating margin, and 15% ROIC, all driving to $15 of earnings per share.

As we embark on year three of Vision 2025, we will build on the achievements of our first two years and continue to drive towards our objectives of: achieving 5% organic growth with leverage, utilizing the Carlisle Operating System (COS) to deliver efficiencies and annual cost savings of 1-2% of revenues, deploying $3 billion to build scale with synergistic acquisitions, continuing to invest in exceptional talent and allocating over $3 billion into capital expenditures, share repurchases and dividends.

Full year 2019 highlights include:

•
Delivered 2.8% organic revenue growth despite significant global headwinds; leveraged this growth to expand operating margins 220 basis points
•
Drove organic revenue growth of 5.0% since launching Vision 2025, in line with our long-term target
•
Maintained strong price discipline, leading to positive price realization across all businesses
•
Achieved gross savings and benefits from COS within our targeted range of 1-2% of revenues
•
Deployed over $600 million of capital into 8 strategic and synergistic acquisitions
•
Leveraged our strong cash flow and balance sheet by deploying over $485 million into share repurchases and dividends paid; 3-year total of $1.4 billion

In addition to our strong financial performance, we are pleased about the continued momentum our team has generated around Environmental Social and Governance (ESG) issues. In 2019 we established an ESG steering committee, developed an ESG reporting process, elevated the position of Director of Sustainability to report directly to the CEO and established a plan to publish our first ESG report in 2020. Additionally, we made progress in diversifying our Board of Directors and have made commitments to ensuring a $15 per hour minimum wage in our U.S. operations, gender pay equity, and a gender-balanced management team.


The following information was filed by Carlisle Companies Inc (CSL) on Friday, February 7, 2020 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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Inside Carlisle Companies Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income And Comprehensive Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accrued And Other Current Liabilities
Accrued And Other Current Liabilities (Details)
Accrued And Other Current Liabilities (Tables)
Accrued And Other Current Liabilities - Product Warranties (Details)
Acquisitions
Acquisitions (Details)
Acquisitions (Tables)
Commitment And Contingencies - Lease Assets And Lease Liabilities (Details)
Commitment And Contingencies - Lease Costs (Details)
Commitment And Contingencies - Lease Term And Discount Rate (Details)
Commitment And Contingencies - Maturity Of Lease Liabilities (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Leases (Details)
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Tables)
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)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Defined Benefit Plans (Details)
Employee Benefit Plans - Fair Value Measurements (Details)
Employee Benefit Plans - Net Periodic Benefit Cost And General Information (Details)
Employee Benefit Plans - Workers' Compensation And Related Losses (Details)
Exit And Disposal Activities
Exit And Disposal Activities (Details)
Exit And Disposal Activities (Tables)
Financial Instruments
Financial Instruments (Details)
Financial Instruments (Tables)
Financial Instruments - Accumulated Other Comprehensive Income (Loss) (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 (Tables)
Income Taxes - Balance Sheet Location For Deferred Items And Unrecognized Tax Benefits (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Pre-Tax Income And Provision (Details)
Income Taxes - Tax Examinations (Details)
Income Taxes Income Taxes - Tax Cuts And Jobs Act (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Other Long-Term Liabilities
Other Long-Term Liabilities (Details)
Other Long-Term Liabilities (Tables)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Tables)
Property, Plant, And Equipment, Net (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Balances (Details)
Revenue Recognition - Remaining Performance Obligation (Details)
Revenue Recognition - Timing Of Revenue Recognition And Reconciliation Of Disaggregate Revenue (Details)
Segment Information
Segment Information (Tables)
Segment Information - Net Sales And Long-Lived Assets (Details)
Segment Information- Financial Information For Operations (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Stock Award Information And Fair Value Assumptions (Details)
Stock-Based Compensation - Vesting And Deferred Compensation Plan (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Accounting Policies
Summary Of Accounting Policies (Policies)
Summary Of Accounting Policies (Tables)
Summary Of Accounting Policies - Allowance For Doubtful Accounts (Details)
Summary Of Accounting Policies - Extended Product Warranty Contracts And Pension (Details)
Summary Of Accounting Policies - Machinery And Equipment (Details)
Summary Of Accounting Policies Summary Of Accounting Policies - Effects Of Adopting Asc 842 (Details)
Summary Of Accounting Policies Summary Of Accounting Policies - Goodwill And Other Intangible Assets (Details)
Ticker: CSL
CIK: 790051
Form Type: 10-K Annual Report
Accession Number: 0000790051-20-000071
Submitted to the SEC: Mon Feb 10 2020 4:14:08 PM EST
Accepted by the SEC: Mon Feb 10 2020
Period: Tuesday, December 31, 2019
Industry: Fabricated Rubber Products

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