Carlisle Companies Reports Third Quarter Diluted Earnings per Share of $1.87
SCOTTSDALE, ARIZONA, October 20, 2020 - Carlisle Companies Incorporated (NYSE:CSL) today announced its third quarter 2020 financial results.
•CCM reported 22.0% operating margin despite a sales decline of approximately 8%
•CIT responded quickly to the downturn with restructuring and diversification efforts, which partially offset global aerospace market declines
•Reported EPS of $1.87 includes $0.08 of costs attributable to restructuring and COVID-19 items
•Carlisle repurchased 1.2 million shares for $150 million during the third quarter and increased its dividend 5%, the 44th consecutive year of increases
Comments from Chris Koch, Chairman, President and Chief Executive Officer
"As we enter the fourth quarter of 2020 and our 10th month of operating in this COVID-19 pandemic, I am grateful for the dedication and commitment of all Carlisle's employees to our customers, our company, our communities and to each other. Our continued efforts to stay focused on serving our essential customers and protecting each other are actions of which we all should be proud, and ones we know will assure the future long-term growth and prosperity of Carlisle. There is no question that it is the Carlisle team's hard work, dedication and perseverance that has sustained us through a challenging 2020, and it will be that same unyielding spirit that will help us deliver on Vision 2025.
Despite the many challenges facing Carlisle and the global economy in 2020, Vision 2025 remains very much intact. The Vision 2025 roadmap delivers $8 billion in revenues, 20% operating margin, and 15% return on invested capital (ROIC), all driving to $15 of earnings per share.
As a reminder, the foundational pillars of Vision 2025 include:
•Drive organic growth in excess of 5%.
•Utilize the Carlisle Operating System (COS) consistently to reduce costs 1-2% of sales, driving operating leverage.
•Build scale with synergistic acquisitions.
•Continue to invest in and develop exceptional talent.
•Deploy over $3 billion into capital expenditures, share repurchases and dividends.
While the COVID-19 pandemic has affected our near-term results, we are confident our proactive approach will allow us to accelerate through the recovery by: further improving the efficiency of our businesses through COS, continuing to make the investments necessary to deliver a world-class Carlisle Experience, and ensuring we maintain the discipline and rigor in our capital allocation process. Taken together, these actions will result in Carlisle achieving our Vision 2025 goal of $15 of earnings per share.
Third Quarter Results
Third quarter results were led again by CCM, which delivered a 5% year-over-year improvement in operating income despite an 8% decline in revenue. Notably, there was sequential improvement through the third quarter with September sales ending slightly positive year-over-year for the first time since the pandemic began. Recently announced price increases by the major CCM competitors and improving demand trends in the industry are positive signs as we move into the fourth quarter and 2021. These strong signals are coupled with significant long-term positive re-roofing projections, CCM's consistent price leadership, efficiencies gained from COS and our ability to deliver world-class service through the Carlisle Experience. We continue to be extremely pleased with CCM's ability to generate cash and deliver operating income in excess of 20% in our core commercial roofing business even
The following information was filed by Carlisle Companies Inc (CSL) on Tuesday, October 20, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.