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Carlisle Companies Reports Record Earnings for the Full Year 2015 of $319.6 Million, a 27% Increase Over the Prior Year, on Record Full Year Net Sales of $3.54 Billion
Reports Record Fourth Quarter $1.24 Earnings Per Share for 2015, a 53% Increase Over the Prior Year
CHARLOTTE, NORTH CAROLINA, February 4, 2016 - Carlisle Companies Incorporated (NYSE:CSL) reported net sales from continuing operations of $876.2 million for the fourth quarter ended December 31, 2015, an 11% increase from $790.0 million in the fourth quarter 2014. Net sales from the acquisition of the Finishing Brands business, reported in the Carlisle Fluid Technologies (CFT) segment, contributed 9.3% to net sales in the fourth quarter. Organic net sales (defined as net sales excluding sales from acquisitions within the last twelve months, as well as the impact of changes in foreign exchange rates versus the U.S. Dollar) grew 2.9%. Fluctuations from foreign exchange had a negative impact to net sales of 1.3%.
Income from continuing operations in the fourth quarter 2015 grew 54% to $81.7 million, compared with $53.2 million in the fourth quarter 2014, reflecting lower raw material costs supported by continued selling price discipline at Carlisle Construction Materials (CCM), savings from the Carlisle Operating System (COS), contribution from the Finishing Brands acquisition at CFT, and the non-recurrence of 2014 charges for plant startup and product line closing costs. These positive impacts were partially offset by lower selling price primarily at CCM and Carlisle Interconnect Technologies (CIT). The Companys effective tax rate in the fourth quarter 2015 was 30.3%, versus an effective rate of 33.9% in the prior year. On a per share basis, income from continuing operations in the fourth quarter 2015 increased 53% to a fourth quarter record $1.24 per diluted share, from $0.81 per diluted share in the prior year.
For the full year 2015, Carlisle reported record net sales from continuing operations of $3.54 billion, an 11% increase from $3.20 billion for the prior year. Net sales growth in 2015 reflected acquired growth of 8.8% and organic net sales growth of 3.6%, partially offset by the negative impact of foreign exchange of 1.8%. For the full year 2015, Carlisle reported record income from continuing operations of $319.6 million, a 27% increase over income of $251.7 million in 2014. On a per share basis, income from continuing operations in 2015 increased 26% to a record $4.82 per diluted share, from $3.83 per diluted share in the prior year.
All financial and percentage comparisons in the Companys fourth quarter reporting are made to the same quarter of the previous year, unless otherwise stated. On April 1, 2015, the Company completed the acquisition of the Finishing Brands business. Beginning in the second quarter 2015, the Company added a reportable segment, Carlisle Fluid Technologies, to reflect the acquisition of Finishing Brands. This press release also includes a comparison of three and twelve months
The following information was filed by Carlisle Companies Inc (CSL) on Thursday, February 4, 2016 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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