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 during challenging times. When taken with the
sequential improvements in the third quarter in sales, we are
cautiously optimistic about the fourth quarter and early 2021.
At CIT, we continue to experience the effects of a record global
decline in commercial aerospace production and the accompanying
ripple effects through the supply chain. That said, we do see signs
of an improving outlook. Some positive news includes: the European
regulatory body has approved the 737Max-8 aircraft for a return to
flying; Airbus announced in early October that it had delivered 57
aircraft in September, up from an April low of 14; Boeing has had
very few cancellations in recent weeks and daily TSA screenings
reached over one million passengers per day on October 18th, 2020
for the first time since March. With all these positives, and an
expected approval of a vaccine in the coming months, we feel we are
nearing the low point in our aerospace business and approaching a
slow but meaningful recovery.
CIT's Medical Technologies platform continued to be a positive
in the third quarter driven by robust demand for COVID-19 related
patient monitoring equipment, which was partially offset by the
reduction in elective surgeries and hospital capital spending. We
continue to seek opportunistic acquisition opportunities to
complement our existing product suite, driving to an improved
balance of market exposures at CIT.
CFT delivered positive sequential results despite being our most
global business and the most exposed to the pandemic. Operating
income improved 5% year-over-year driven by positive price
realization, improved operational execution and new product
introductions, including our recently launched market
differentiated fluid handling system for spray foam in spite of a
sales decline of 5%. We expect this positive trend of sequential
growth to continue as we move through the fourth quarter. The team
is executing and gaining traction on initiatives to deliver
improved quality and delivery to enhance our customers' experience.
We are confident the multitude of actions we continue to drive will
leverage nicely as we move into early 2021.
CBF delivered significantly improved sales results sequentially,
down 9% in the third quarter compared to down over 30% in the
second quarter of 2020. Market conditions are stabilizing but the
unfortunate reality is that demand for global off-highway vehicles
is still weak. Another contributing factor to CBF's results is,
similar to CIT, its exposure to a decimated aerospace industry into
which it supplies high margin metallic and carbon aircraft braking
products. Given the actions taken over the past several years, its
strong market position, and traction on new technology
introductions, we expect CBF to favorably leverage any improvements
in volume as its markets recover post-pandemic.
From a core financial position, Carlisle's disciplined and
conservative approach to the balance sheet and capital deployment,
coupled with our strong cash flow, position the company well to
accelerate through the recovery. In addition to funding Vision
2025, we remain focused on maintaining our financial and strategic
flexibility which gives us the ability to continue to
simultaneously fund organic growth, increase our dividend
consistently, seek synergistic acquisitions, primarily within the
construction products and medical technologies space, and
opportunistically repurchase shares. Some specific points that
highlight Carlisle's strong financial position:
- As of September 30, 2020, we had cash-on-hand of $719.0 million
and $1.0 billion of undrawn availability on our credit facility,
amounting to net debt to capital of approximately 36%.
- We increased our dividend 5% on August 6th, our 44th
consecutive year of increases, and paid $28.5 million to
shareholders on September 1st.
- We repurchased 1.2 million shares in the third quarter for $150
million, increasing our total repurchases to $1.5 billion since the
beginning of Vision 2025, well in excess of our original goal of $1
billion for the duration of the plan.
- We also continue to work an active M&A pipeline and are
focused on investing in our highest returning businesses to drive
value creation for shareholders.
We enter the fourth quarter of 2020 confident in our ability to
accelerate though this recovery and deliver on Vision 2025.
Needless to say, the uncertainties remaining around the pandemic,
including the length and severity of the economic downturn,
continued tension with China, and volatility surrounding upcoming
elections in the United States, likely, will result in a choppy
path to ultimate recovery, and we are unable to predict the full
impact or duration of these events on Carlisle at this time.
However, given our strong balance sheet and cash flow generating
capabilities, we are well prepared to navigate the future while
maintaining our disciplined and opportunistic capital deployment
strategy."
Third Quarter 2020
Revenue of $1.13 billion decreased 12.0% from $1.28 billion in
the third quarter of 2019. Organic revenue declined 14.3% (organic
revenue defined as revenue excluding acquired revenues within the
last 12 months and the impact of changes in foreign exchange rates
versus the U.S. Dollar). Acquired revenues contributed a total of
1.9% in the quarter. Changes in foreign exchange rates had a
positive 0.4% impact on revenues.
Operating income of $155.7 million decreased 18.5% from the
third quarter of 2019. Operating income performance was driven
primarily by volume declines, wage inflation and higher
restructuring costs, partially offset by raw material savings,
lower SG&A and contributions from COS.
Third Quarter 2020 Segment
Highlights
Carlisle Construction Materials (CCM)
- Revenues of $823.5 million, down 7.8% (-8.1% organic)
year-over-year, were impacted by volume declines.
- Operating income was $181.3 million, up 4.8% year-over-year.
Operating margin of 22.0%, a 260 basis point improvement, was
driven by favorable raw material pricing, savings from COS and
lower SG&A, partially offset by volume declines, price and wage
inflation.
- Items affecting comparability were costs of $1.3 million versus
$0.8 million in the third quarter of 2019.
Carlisle Interconnect Technologies (CIT)
- Revenues of $168.5 million, down 30.3% (-39.1% organic)
year-over-year were negatively impacted by a significant decline in
orders from Aerospace customers, partially offset by
acquisitions.
- Operating loss was $3.7 million. Operating margin of -2.2%, was
affected by lower volumes, higher restructuring costs, and wage and
raw material inflation, partially offset by savings from COS and
lower SG&A.
- Items affecting comparability were costs of $4.5 million versus
$2.5 million in the third quarter of 2019.
Carlisle Fluid Technologies (CFT)
- Revenues of $65.0 million, down 5.1% (-10.8% organic)
year-over-year, reflected volume declines, particularly in the
transportation and automotive refinish markets, partially offset by
acquisitions and price.
- Operating income was $4.4 million, up 4.8% year over year.
Operating margin of 6.8%, a 70 basis point improvement, reflected
impacts from price, savings from COS and lower SG&A, partially
offset by lower volumes and wage and raw material inflation.
- Items affecting comparability were costs of $0.1 million versus
$1.0 million in the third quarter of 2019.
Carlisle Brake & Friction (CBF)
- Revenues of $69.7 million, down 9.1% (-10.8% organic)
year-over-year, reflected headwinds in off-highway vehicle end
markets.
- Operating income was $0.9 million. Operating margin of 1.3%, a
610 basis point decline, was driven by lower volumes and wage
inflation, partially offset by savings from COS.
- Items affecting comparability were costs of $0.4 million versus
$0.5 million in the third quarter of 2019.
Cash Flow
Free cash flow (defined as cash provided by operating activities
less capital expenditures, and comprised of continuing and
discontinued operations) was $367.5 million for the nine months
ended September, 30 2020, a decrease of $65.4 million versus the
prior year. Our priorities for the use of cash are to invest in
growth and performance improvement opportunities for our existing
businesses through capital expenditures, pursue strategic
acquisitions that meet return criteria, pay dividends and return
value to shareholders through share repurchases.
During the three months ended September 30, 2020, we redeployed
our free cash flow towards $149.9 million in share repurchases and
$28.5 million in dividends paid. As of September 30, 2020, we had
$719.0 million of cash and $1.0 billion of availability under our
revolving credit facility.
Table 1. Revenue Breakdown
Three Months Ended
September 30, 2020
CSL
CCM
CIT
CFT
CBF
Change in Organic Revenues
(14.3
)%
(8.1
)%
(39.1
)%
(10.8
)%
(10.8
)%
Net Impact from Acquisitions
1.9
%
—
%
8.8
%
4.4
%
—
%
Impact from FX
0.4
%
0.3
%
—
%
1.3
%
1.7
%
Change in Revenues
(12.0
)%
(7.8
)%
(30.3
)%
(5.1
)%
(9.1
)%
EPS referenced in this release is from continuing operations
unless otherwise noted.
Conference Call and
Webcast
The Company will discuss third quarter 2020 results on a
conference call at 5:00 p.m. ET today. The call may be accessed
live by going to the Investor Relations section of the Carlisle
website
(http://www.carlisle.com/investor-relations/events-and-webcasts/default.aspx),
or the taped call may be listened to shortly following the live
call at the same website location. A PowerPoint presentation will
accompany the call and can be found on the Carlisle website as
well.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the potential or expected
impacts of the global coronavirus (COVID-19) pandemic.
Forward-looking statements generally use words such as “expect,”
“foresee,” “anticipate,” “believe,” “project,” “should,”
“estimate,” “will,” “plans,” “forecast,” and similar expressions,
and reflect our expectations concerning the future. It is possible
that our future performance may differ materially from current
expectations expressed in these forward-looking statements, due to
a variety of factors such as: risks from the global coronavirus
(COVID-19) pandemic including, for example, expectations regarding
the impact of the coronavirus (COVID-19) on our businesses,
including on customer demand, supply chains and distribution
systems, production, our ability to maintain appropriate labor
levels, our ability to ship products to our customers, our ability
to obtain financial and tax benefits from the recently passed CARES
Act, our future results or our full-year financial outlook,
increasing price and product/service competition by foreign and
domestic competitors, including new entrants; technological
developments and changes; the ability to continue to introduce
competitive new products and services on a timely, cost-effective
basis; our mix of products/services; increases in raw material
costs which cannot be recovered in product pricing; domestic and
foreign governmental and public policy changes including
environmental and industry regulations; threats associated with and
efforts to combat terrorism; protection and validity of patent and
other intellectual property rights; the successful integration and
identification of our strategic acquisitions; the cyclical nature
of our businesses; and the outcome of pending and future litigation
and governmental proceedings. In addition, such statements could be
affected by general industry and market conditions and growth
rates, the condition of the financial and credit markets, and
general domestic and international economic conditions including
interest rate and currency exchange rate fluctuations. Further, any
conflict in the international arena may adversely affect general
market conditions and our future performance. We refer you to the
documents we file from time to time with the Securities and
Exchange Commission, such as our reports on Form 10-K, Form 10-Q
and Form 8-K, for a discussion of these and other risks and
uncertainties that could cause our actual results to differ
materially from our current expectations and from the
forward-looking statements contained in this press release. We
undertake no obligation to update any forward-looking
statement.
About Carlisle Companies
Incorporated
Carlisle Companies Incorporated is a diversified, global
portfolio of niche brands and businesses that manufactures highly
engineered products and solutions for its customers. Driven by our
strategic plan, Vision 2025, Carlisle is committed to generating
superior shareholder returns by combining an entrepreneurial
management style under a center-led framework with a balanced
approach to capital deployment, all with a culture of responsible
stewardship and continuous improvement as embodied in the Carlisle
Operating System. Carlisle’s markets include: commercial roofing,
specialty polyurethane, architectural metal, aerospace, medical
technologies, defense, transportation, industrial, protective
coating, auto refinishing, agriculture, and construction.
Carlisle’s worldwide team of employees generated $4.8 billion in
revenues in 2019. Learn more about Carlisle at
www.carlisle.com.
Carlisle Companies
Incorporated
Unaudited Condensed Consolidated
Statements of Income
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions except per share amounts)
2020
2019
2020
2019
Revenues
$
1,126.7
$
1,280.6
$
3,181.1
$
3,667.3
Cost of goods sold
796.4
900.4
2,291.2
2,604.3
Selling and administrative expenses
162.3
175.0
477.3
511.5
Research and development expenses
13.7
15.2
42.2
45.0
Other operating income, net
(1.4
)
(1.0
)
(1.4
)
(6.4
)
Operating income
155.7
191.0
371.8
512.9
Interest expense, net
19.0
16.7
57.7
49.6
Loss on extinguishment of debt
—
—
8.8
—
Interest income
(0.6
)
(1.7
)
(4.0
)
(6.2
)
Other non-operating expense (income),
net
0.9
(1.2
)
(0.3
)
(2.2
)
Income from continuing operations before
income taxes
136.4
177.2
309.6
471.7
Provision for income taxes
34.1
37.9
70.1
102.0
Income from continuing operations
102.3
139.3
239.5
369.7
Discontinued operations:
Loss before income taxes
—
(1.8
)
—
(1.8
)
Benefit from income taxes
—
(0.4
)
—
(2.3
)
(Loss) income from discontinued
operations
—
(1.4
)
—
0.5
Net income
$
102.3
$
137.9
$
239.5
$
370.2
Basic earnings per share attributable to
common shares:
Income from continuing operations(1)
$
1.88
$
2.45
$
4.35
$
6.46
(Loss) income from discontinued
operations
—
(0.02
)
—
0.01
Basic earnings per share
$
1.88
$
2.43
$
4.35
$
6.47
Diluted earnings per share attributable to
common shares:
Income from continuing operations(1)
$
1.87
$
2.42
$
4.31
$
6.40
(Loss) income from discontinued
operations
—
(0.02
)
—
0.01
Diluted earnings per share
$
1.87
$
2.40
$
4.31
$
6.41
Average shares outstanding:
Basic
54.1
56.7
54.9
57.1
Diluted
54.5
57.3
55.4
57.6
Dividends declared and paid per share
$
0.525
$
0.50
$
1.525
$
1.30
(1) Basic and diluted EPS calculated based
on "two-class" method of computing earnings per share using the
following income attributable to common shareholders:
Income from continuing operations
$
101.8
$
138.9
$
238.6
$
368.6
Net income
101.8
137.5
238.6
369.1
Carlisle Companies
Incorporated
Unaudited Segment Information
Three Months Ended
September 30,
Increase
(Decrease)
Nine Months Ended
September 30,
Increase
(Decrease)
(in millions, except percentages)
2020
2019
Amount
Percent
2020
2019
Amount
Percent
Revenues
Carlisle Construction Materials
$
823.5
$
893.5
$
(70.0
)
(7.8
)%
$
2,234.8
$
2,479.6
$
(244.8
)
(9.9
)%
Carlisle Interconnect Technologies
168.5
241.9
(73.4
)
(30.3
)%
577.0
733.7
(156.7
)
(21.4
)%
Carlisle Fluid Technologies
65.0
68.5
(3.5
)
(5.1
)%
169.8
198.9
(29.1
)
(14.6
)%
Carlisle Brake & Friction
69.7
76.7
(7.0
)
(9.1
)%
199.5
255.1
(55.6
)
(21.8
)%
Total
$
1,126.7
$
1,280.6
$
(153.9
)
(12.0
)%
$
3,181.1
$
3,667.3
$
(486.2
)
(13.3
)%
Operating Income (Loss)
Carlisle Construction Materials
$
181.3
$
173.0
$
8.3
4.8
%
$
426.6
$
448.4
$
(21.8
)
(4.9
)%
Carlisle Interconnect Technologies
(3.7
)
36.0
(39.7
)
(110.3
)%
11.2
102.5
(91.3
)
(89.1
)%
Carlisle Fluid Technologies
4.4
4.2
0.2
4.8
%
2.0
13.9
(11.9
)
(85.6
)%
Carlisle Brake & Friction
0.9
5.7
(4.8
)
(84.2
)%
(4.5
)
20.5
(25.0
)
(122.0
)%
Segment Totals
182.9
218.9
(36.0
)
(16.4
)%
435.3
585.3
(150.0
)
(25.6
)%
Corporate and unallocated (1)
(27.2
)
(27.9
)
0.7
(2.5
)%
(63.5
)
(72.4
)
8.9
(12.3
)%
Total
$
155.7
$
191.0
$
(35.3
)
(18.5
)%
$
371.8
$
512.9
$
(141.1
)
(27.5
)%
Operating Margin Percentage
Carlisle Construction Materials
22.0
%
19.4
%
260 bps
19.1
%
18.1
%
100 bps
Carlisle Interconnect Technologies
(2.2
)%
14.9
%
(1710) bps
1.9
%
14.0
%
(1210) bps
Carlisle Fluid Technologies
6.8
%
6.1
%
70 bps
1.2
%
7.0
%
(580) bps
Carlisle Brake & Friction
1.3
%
7.4
%
(610) bps
(2.3
)%
8.0
%
(1030) bps
Total
13.8
%
14.9
%
(110) bps
11.7
%
14.0
%
(230) bps
Depreciation and Amortization
Carlisle Construction Materials
$
24.4
$
23.4
$
1.0
4.3
%
$
74.2
$
69.2
$
5.0
7.2
%
Carlisle Interconnect Technologies
19.6
15.7
3.9
24.8
%
58.4
45.9
12.5
27.2
%
Carlisle Fluid Technologies
5.8
6.2
(0.4
)
(6.5
)%
17.4
17.9
(0.5
)
(2.8
)%
Carlisle Brake & Friction
5.4
5.3
0.1
1.9
%
16.3
16.2
0.1
0.6
%
Corporate and unallocated (1)
1.0
0.7
0.3
42.9
%
2.7
2.2
0.5
22.7
%
Total
$
56.2
$
51.3
$
4.9
9.6
%
$
169.0
$
151.4
$
17.6
11.6
%
(1)
Includes general corporate expenses and
other unallocated costs.
Carlisle Companies
Incorporated
Unaudited Items Affecting
Comparability Information
Items affecting comparability include
costs, and losses or gains related to, among other things, growth
and profitability improvement initiatives and other events outside
of core business operations (such as asset impairments, exit and
disposal and facility rationalization charges, costs of and related
to acquisitions, litigation settlement costs, gains and losses from
and costs related to divestitures, idle capacity and labor costs,
net of subsidies, losses on debt extinguishment and discrete tax
items). Because these items affect our, or any particular operating
segment's, financial condition or results in a specific period in
which they are recognized, we believe it is appropriate to present
the total of these items to provide information regarding the
comparability of results of operations period to period.
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per share
amounts)
2020
2019
2020
2019
Impact to Operating Income
Exit and disposal costs
$
5.5
$
1.8
$
18.6
$
10.1
Other facility rationalization costs
0.1
1.2
2.0
3.5
Acquisition related costs:
Inventory step-up amortization
0.2
1.0
0.4
2.2
Other acquisition costs
0.3
3.4
5.7
6.3
Idle capacity and labor costs, net of
subsidies
0.2
—
8.0
—
Gains from contingent consideration
—
—
—
(3.0
)
Gains from divestitures
—
—
(0.8
)
—
Total
$
6.3
$
7.4
$
33.9
$
19.1
Impact to Diluted EPS from Continuing
Operations (1)
Exit and disposal costs
$
0.08
$
0.02
$
0.25
$
0.13
Other facility rationalization costs
—
0.02
0.03
0.05
Acquisition related costs:
Inventory step-up amortization
—
0.01
—
0.03
Other acquisition costs
—
0.05
0.08
0.08
Idle capacity and labor costs, net of
subsidies
—
—
0.11
—
Gains from contingent consideration
—
—
—
(0.05
)
Losses (gains) from divestitures
—
0.01
(0.01
)
0.01
Loss on early extinguishment of debt
—
—
0.12
—
Indemnification losses
—
—
0.05
—
Discrete Tax items (2)
(0.01
)
(0.04
)
(0.11
)
(0.13
)
Total
$
0.07
$
0.07
$
0.52
$
0.12
Impact to Operating Income
Carlisle Construction Materials
$
1.3
$
0.8
$
3.2
$
2.6
Carlisle Interconnect Technologies
4.5
2.5
17.2
9.8
Carlisle Fluid Technologies
0.1
1.0
2.5
1.4
Carlisle Brake & Friction
0.4
0.5
5.8
2.3
Corporate
—
2.6
5.2
3.0
Total
$
6.3
$
7.4
$
33.9
$
19.1
Impact to Diluted EPS from Continuing
Operations (1)
Carlisle Construction Materials
$
0.02
$
0.02
$
0.10
$
0.05
Carlisle Interconnect Technologies
0.06
0.03
0.23
0.13
Carlisle Fluid Technologies
—
0.01
0.04
—
Carlisle Brake & Friction
—
0.01
0.07
0.03
Corporate
(0.01
)
—
0.08
(0.09
)
Total
$
0.07
$
0.07
$
0.52
$
0.12
(1)
Tax effect is based on the rate of the
jurisdiction where the expense is deductible or income is
taxable.
(2)
In order to provide better information to
the user, items affecting comparability include all discrete tax
items in current periods and all comparative periods.
Carlisle Companies
Incorporated
Unaudited Condensed Consolidated
Statements of Cash Flows
Nine Months Ended
September 30,
(in millions)
2020
2019
Net cash provided by operating
activities
$
440.2
$
489.5
Investing activities:
Capital expenditures
(72.7
)
(56.6
)
Acquisitions, net of cash acquired
(35.4
)
(287.7
)
Other investing activities, net
1.4
2.2
Net cash used in investing activities
(106.7
)
(342.1
)
Financing activities:
Proceeds from notes
740.7
—
Repayments of notes
(258.5
)
—
Borrowings from revolving credit
facility
500.0
—
Repayments of revolving credit
facility
(500.0
)
—
Financing costs
(24.2
)
—
Repurchase of common stock
(341.7
)
(232.1
)
Dividends paid
(84.5
)
(74.5
)
Proceeds from exercise of stock
options
12.9
27.3
Withholding tax paid related to
stock-based compensation
(7.4
)
(9.7
)
Other financing activities, net
(0.6
)
(2.7
)
Net cash provided by (used in) financing
activities
36.7
(291.7
)
Effect of foreign currency exchange rate
changes on cash and cash equivalents
(2.4
)
(1.2
)
Change in cash and cash equivalents
367.8
(145.5
)
Beginning of period
351.2
803.6
End of period
$
719.0
$
658.1
Carlisle Companies
Incorporated
Unaudited Selected Consolidated
Balance Sheet Data
(in millions)
September 30,
2020
December 31,
2019
Cash and cash equivalents
$
719.0
$
351.2
Long-term debt, including current
portion
2,080.3
1,591.6
Total shareholders' equity
2,475.3
2,642.8
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201020006172/en/
Jim Giannakouros, CFA Vice President of Investor Relations and
FP&A (480) 781-5135 jgiannakouros@carlisle.com
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