Carlisle Companies Incorporated (NYSE:CSL) today announced its
second quarter 2020 financial results.
- Despite an extremely challenging second quarter, Vision 2025
goals remain intact
- Reported EPS of $1.36 includes $0.25 of costs attributable
to restructuring, M&A and COVID-19 related plant closures and
absences
- CCM delivered 18.7% operating income margin overcoming an
approximately 20% decline in sales
- Solid performance in CIT-Medical partially offset expected
weakness in CIT-Aerospace business
- Balance sheet remains strong, with $738 million in cash and
untapped revolver of $1 billion
Comments from Chris Koch, Chairman,
President and Chief Executive Officer
"First and foremost, let me reflect how very proud I am of
Carlisle's global team and the perseverance and determination they
have displayed throughout this ongoing pandemic. Carlisle's
employees have rallied around each other, our customers and our
communities by supporting critical infrastructure, continuing to
operate our factories and distribution centers all the while
adhering to rigorous global health and safety guidelines, and
remaining active and positive contributors to their local
communities. Overall infections at Carlisle have remained low
thanks to diligent adherence to safety guidelines across our
operations. However, it saddens all of us at Carlisle as we reflect
on the three members of the Carlisle family we lost this quarter to
the virus: Maria Camacho, Roy Powell and Gilberto Chavarria Saquil.
Their loss is a harsh reminder to us of the every day realities
this pandemic has created. Our sincere condolences go out to their
families as they deal with their grief.
Turning to our second quarter financial results, our performance
was led by a resilient CCM. While the quarter began with April's
volumes down in excess of 30%, we saw strong recovery in shipments
through May and June, and we continue to benefit from the overall
resumption of construction activity in both the U.S. and Europe.
CCM's operating income margins of 18.7% during the quarter validate
Carlisle's position in the market, the importance of the Carlisle
Experience and the efficiency with which our team at CCM is
operating, especially in these difficult times. As has been
publicly reported, many U.S. roofing industry participants reacted
to COVID-19's sharp impact on second quarter demand with
destocking, significant cost cutting, and, in some cases, plant
closures in an effort to conserve cash. Needless to say, these
actions created a significant opportunity for CCM as we remained
committed to supplying our contractor customers and distributors
relying on higher production and inventory levels to ensure
uninterrupted service. We believe the actions taken at CCM prior to
and during the pandemic have solidified its place as the premium
provider of Building Envelope solutions. Another notable positive
was the performance of CCM's new platforms in Architectural Metal
and Polyurethane. Both of these new additions performed very well
in the quarter. Lastly, we continue to be steadfast in our
commitment to price discipline and now expect a net price/raw
material year-over-year benefit at CCM of approximately $60 million
in 2020.
At CIT, we, like many others, were taken aback by the record
global decline in aerospace production and the accompanying ripple
effects through the supply chain. The brutal reality is that this
crisis has devastated many aerospace participants. Our ongoing
actions to restructure and rightsize our manufacturing footprint
over the past few years, combined with accelerated restructuring
taken in 2020, have positioned us to maintain profitability even as
demand in the aerospace industry reset materially in the second
quarter. We are maintaining our core competencies while taking
these necessary actions, adapting to the near-term demand decline.
We do, however, see some positive signs in the aerospace markets.
While passenger travel dropped over 90% in the first few weeks of
the quarter, daily TSA screenings as a percent of the prior year
ended the quarter down approximately 70%, demonstrating slow but
tangible improvement, including a spike around the July 4th holiday
in the U.S. Additionally, Boeing's 737 MAX moved closer to FAA
approval with the completion of certification flights on July 1. We
remain a supplier-of-choice in the global aerospace market and will
continue to invest in our assets, including seeking opportunistic
M&A opportunities to ensure readiness to leverage stability and
ultimate resumption of growth in the industry.
CIT's Medical Technologies platform, on the other hand, grew
revenue 15% organically year-over-year during the second quarter
driven by increased demand for COVID-19 related patient monitoring
equipment. Recently acquired Providien also continued to perform
well. In addition, product rationalization actions taken in medical
product lines in 2018 and 2019 have improved CIT-Medical's margin
profile, with continued COS efforts further enhancing profitability
levels.
At CFT, results each month improved throughout the second
quarter and we continue our steady progress on the initiatives laid
out in Vision 2025. Unfortunately, volume declines of over 30%
weighed heavily on operating income results. Despite this, we
remain committed to this platform and continue to add product
breadth by investing in new products such as our market
differentiated fluid handling system for spray foam launched in the
second quarter. CFT also continues its focus on upgrading the
customer experience through quality and delivery improvements
across the globe. We are beginning to see positive signs in CFT's
end markets, particularly in Asia, and are cautiously optimistic
for an improved second half of 2020. Coupling this with our ongoing
actions, we are confident the business will leverage nicely going
forward.
The pandemic crisis extended the pressure CBF was already
experiencing in the global off-highway vehicle markets, offsetting
the significant actions taken the past few years in this business,
including the Tulsa to Medina plant consolidation and obtaining
three coveted FAA Parts Manufacturer Approvals (PMAs) for aircraft
carbon brakes. 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 and await recovery from the 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 to weather
the current environment. In addition to funding Vision 2025, we
remain very focused on maintaining our financial and strategic
flexibility to be able to best leverage future opportunities. Some
specific points that highlight Carlisle's strong financial
position:
- As of June 30, 2020, we had cash-on-hand of $738 million and
undrawn $1 billion on our credit facility, amounting to net debt to
capital of approximately 35%
- We expect to generate free cash flow conversion in excess of
125% in 2020.
- We paid our second quarter dividend totaling $28 million on
June 1st, and anticipate increasing our dividend in September for
the 44th consecutive year.
- We were opportunistic in capital deployment, repurchasing
556,000 shares in the second quarter consistent with our ongoing
share repurchase philosophy. We also continue to work an active
M&A pipeline and are investing in our businesses across the
globe.
We enter the second half of 2020 cautiously optimistic and with
confidence in our ability to deliver longer-term on Vision 2025.
Needless to say, the COVID-19 pandemic continues to negatively
impact our operations. The uncertainties remaining around the
pandemic, including the length and severity of the economic
downturn and continued tension with China, likely will result in a
choppy path to ultimate recovery, and we are unable to predict the
full extent 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. Once again, I want to thank all Carlisle employees for
diligently following safety guidelines. Carlisle has succeeded for
over 100 years, often persevering through difficult conditions
because of the commitment of our employees both past and
present."
Second Quarter 2020
Revenue of $1.02 billion decreased 22.1% from $1.31 billion in
the second quarter of 2019. Organic revenue declined 23.8% (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 1.9% in the quarter. Changes in foreign exchange rates had
a negative 0.2% impact on revenues.
Operating income of $113.4 million decreased 45.3% from the
second quarter of 2019. Operating income performance was driven
primarily by volume declines, partially offset by raw material
savings, lower SG&A and contributions from COS.
Second Quarter 2020 Segment
Highlights
Carlisle Construction Materials (CCM)
- Revenues of $734.9 million, down 19.7% (-19.7% organic)
year-over-year, were impacted by volume declines across most
product categories.
- Operating income was $137.6 million, down 24.6% year-over-year.
Operating margin of 18.7%, a 120 basis point decline, was affected
by lower volumes partially offset by favorable raw material
pricing, savings from COS and lower SG&A.
- Items affecting comparability were costs of $1.3 million versus
$0.2 million in the second quarter of 2019.
Carlisle Interconnect Technologies (CIT)
- Revenues of $184.0 million, down 25.0% (-33.5% organic)
year-over-year were negatively impacted by significant decline in
orders from Aerospace customers, partially offset by acquisitions
and Medical Technology sales growth.
- Operating loss was $1.5 million. Operating margin of -0.8%, was
affected by lower volumes, higher restructuring costs, and wage and
raw material inflation, partially offset by savings from COS, lower
SG&A and a foreign exchange tailwind.
- Items affecting comparability were costs of $7.4 million versus
$2.4 million in the second quarter of 2019.
Carlisle Fluid Technologies (CFT)
- Revenues of $46.5 million, down 30.9% (-34.2% organic)
year-over-year, reflected volume declines, particularly in the
transportation and automotive refinish markets, partially offset by
acquisitions and price.
- Operating loss was $5.2 million. Operating margin of -11.2%
reflected impacts from lower volumes, wage and raw material
inflation and higher restructuring costs, partially offset by
savings from COS and lower SG&A.
- Items affecting comparability were costs of $2.1 million versus
$1.3 million in the second quarter of 2019.
Carlisle Brake & Friction (CBF)
- Revenues of $58.8 million, down 32.5% (-31.1% organic)
year-over-year, reflected headwinds in off-highway vehicle end
markets and foreign currency translation headwinds.
- Operating loss was $1.6 million. Operating margin of -2.7% was
driven by lower volumes, higher restructuring and wage inflation,
partially offset by savings from COS and lower SG&A.
- Items affecting comparability were costs of $1.7 million versus
$0.5 million in the second 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 $177.8 million for the six months
ended June, 30 2020, an increase of $22 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 June 30, 2020, we redeployed our
free cash flow towards $71.2 million in share repurchases and $27.7
million in dividends paid. As of June 30, 2020, we had $738 million
of cash and $1.0 billion of availability under our revolving credit
facility.
Table 1. Revenue Breakdown
Three Months Ended
June 30, 2020
CSL
CCM
CIT
CFT
CBF
Change in Organic Revenues
(23.8
)%
(19.7
)%
(33.5
)%
(34.2
)%
(31.1
)%
Net Impact from Acquisitions
1.9
%
0.1
%
8.6
%
4.3
%
—
%
Impact from FX
(0.2
)%
(0.1
)%
(0.1
)%
(1.0
)%
(1.4
)%
Change in Revenues
(22.1
)%
(19.7
)%
(25.0
)%
(30.9
)%
(32.5
)%
EPS referenced in this release is from continuing operations
unless otherwise noted.
Conference Call and
Webcast
The Company will discuss second 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
June 30,
Six Months Ended
June 30,
(in millions except per share amounts)
2020
2019
2020
2019
Revenues
$
1,024.2
$
1,314.8
$
2,054.4
$
2,386.7
Cost of goods sold
743.0
920.6
1,494.8
1,703.9
Selling and administrative expenses
153.1
172.3
315.0
336.5
Research and development expenses
14.1
15.4
28.5
29.8
Other operating expense (income), net
0.6
(0.7
)
—
(5.4
)
Operating income
113.4
207.2
216.1
321.9
Interest expense, net
19.8
16.6
38.7
32.9
Loss on extinguishment of debt
—
—
8.8
—
Interest income
(2.7
)
(1.9
)
(3.4
)
(4.5
)
Other non-operating income, net
(0.7
)
(0.6
)
(1.2
)
(1.0
)
Income from continuing operations before
income taxes
97.0
193.1
173.2
294.5
Provision for income taxes
21.6
40.1
36.0
64.1
Income from continuing operations
75.4
153.0
137.2
230.4
Discontinued operations:
Provision for (benefit from) income
taxes
—
0.1
—
(1.9
)
(Loss) income from discontinued
operations
—
(0.1
)
—
1.9
Net income
$
75.4
$
152.9
$
137.2
$
232.3
Basic earnings per share attributable to
common shares:
Income from continuing operations(1)
$
1.37
$
2.68
$
2.47
$
4.01
Income from discontinued operations
—
—
—
0.03
Basic earnings per share
$
1.37
$
2.68
$
2.47
$
4.04
Diluted earnings per share attributable to
common shares:
Income from continuing operations(1)
$
1.36
$
2.65
$
2.45
$
3.98
Income from discontinued operations
—
—
—
0.03
Diluted earnings per share
$
1.36
$
2.65
$
2.45
$
4.01
Average shares outstanding:
Basic
54.8
57.0
55.3
57.2
Diluted
55.2
57.6
55.8
57.7
Dividends declared and paid per share
$
0.50
$
0.40
$
1.00
$
0.80
(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
$
75.3
$
152.6
$
136.9
$
229.7
Net income
$
75.3
$
152.5
$
136.9
$
231.6
Carlisle Companies
Incorporated
Unaudited Segment Information
Three Months Ended
June 30,
Increase
(Decrease)
Six Months Ended
June 30,
Increase
(Decrease)
(in millions, except percentages)
2020
2019
Amount
Percent
2020
2019
Amount
Percent
Revenues
Carlisle Construction Materials
$
734.9
$
915.0
$
(180.1
)
(19.7
)%
$
1,411.3
$
1,586.1
$
(174.8
)
(11.0
)%
Carlisle Interconnect Technologies
184.0
245.4
(61.4
)
(25.0
)%
408.5
491.8
(83.3
)
(16.9
)%
Carlisle Fluid Technologies
46.5
67.3
(20.8
)
(30.9
)%
104.8
130.4
(25.6
)
(19.6
)%
Carlisle Brake & Friction
58.8
87.1
(28.3
)
(32.5
)%
129.8
178.4
(48.6
)
(27.2
)%
Total
$
1,024.2
$
1,314.8
$
(290.6
)
(22.1
)%
$
2,054.4
$
2,386.7
$
(332.3
)
(13.9
)%
Operating Income (Loss)
Carlisle Construction Materials
$
137.6
$
182.5
$
(44.9
)
(24.6
)%
$
245.3
$
275.4
$
(30.1
)
(10.9
)%
Carlisle Interconnect Technologies
(1.5
)
35.9
(37.4
)
(104.2
)%
14.9
66.5
(51.6
)
(77.6
)%
Carlisle Fluid Technologies
(5.2
)
3.3
(8.5
)
(257.6
)%
(2.4
)
9.7
(12.1
)
(124.7
)%
Carlisle Brake & Friction
(1.6
)
8.3
(9.9
)
(119.3
)%
(5.4
)
14.8
(20.2
)
(136.5
)%
Segment Totals
129.3
230.0
(100.7
)
(43.8
)%
252.4
366.4
(114.0
)
(31.1
)%
Corporate and unallocated (1)
(15.9
)
(22.8
)
6.9
(30.3
)%
(36.3
)
(44.5
)
8.2
(18.4
)%
Total
$
113.4
$
207.2
$
(93.8
)
(45.3
)%
$
216.1
$
321.9
$
(105.8
)
(32.9
)%
Operating Margin Percentage
Carlisle Construction Materials
18.7
%
19.9
%
(120) bps
17.4
%
17.4
%
— bps
Carlisle Interconnect Technologies
(0.8
)%
14.6
%
(1540) bps
3.6
%
13.5
%
(990) bps
Carlisle Fluid Technologies
(11.2
)%
4.9
%
(1610) bps
(2.3
)%
7.4
%
(970) bps
Carlisle Brake & Friction
(2.7
)%
9.5
%
(1220) bps
(4.2
)%
8.3
%
(1250) bps
Total
11.1
%
15.8
%
(470) bps
10.5
%
13.5
%
(300) bps
Depreciation and Amortization
Carlisle Construction Materials
$
25.0
$
23.2
$
1.8
7.8
%
$
49.8
$
45.8
$
4.0
8.7
%
Carlisle Interconnect Technologies
19.7
15.7
4.0
25.5
%
38.8
30.2
8.6
28.5
%
Carlisle Fluid Technologies
5.4
6.0
(0.6
)
(10.0
)%
11.6
11.7
(0.1
)
(0.9
)%
Carlisle Brake & Friction
5.0
5.5
(0.5
)
(9.1
)%
10.9
10.9
—
—
%
Corporate and unallocated (1)
0.9
0.7
0.2
28.6
%
1.7
1.5
0.2
13.3
%
Total
$
56.0
$
51.1
$
4.9
9.6
%
$
112.8
$
100.1
$
12.7
12.7
%
(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
June 30,
Six Months Ended
June 30,
(in millions, except per share
amounts)
2020
2019
2020
2019
Impact to Operating Income
Exit and disposal costs
$
8.3
$
1.5
$
13.1
$
8.3
Other facility rationalization costs
0.4
0.9
1.9
2.3
Acquisition related costs:
Inventory step-up amortization
—
0.7
0.2
1.2
Other acquisition costs
4.9
1.4
5.4
2.9
Idle capacity and labor costs, net of
subsidies
3.8
—
7.8
—
Gains from contingent consideration
—
—
—
(3.0
)
Gains from divestitures
—
—
(0.8
)
—
Total
$
17.4
$
4.5
$
27.6
$
11.7
Impact to Diluted EPS from Continuing
Operations (1)
Exit and disposal costs
$
0.11
$
0.02
$
0.18
$
0.11
Other facility rationalization costs
0.01
0.01
0.03
0.03
Acquisition related costs:
Inventory step-up amortization
—
0.01
—
0.01
Other acquisition costs
0.07
0.02
0.07
0.04
Idle capacity and labor costs, net of
subsidies
0.05
—
0.10
—
Gains from contingent consideration
—
—
—
(0.05
)
Gains from divestitures
—
—
(0.01
)
—
Loss on early extinguishment of debt
—
—
0.12
—
Indemnification losses
0.04
—
0.06
—
Tax items (2)
(0.03
)
(0.09
)
(0.10
)
(0.09
)
Total
$
0.25
$
(0.03
)
$
0.45
$
0.05
Impact to Operating Income
Carlisle Construction Materials
$
1.3
$
0.2
$
1.9
$
1.8
Carlisle Interconnect Technologies
7.4
2.4
12.7
7.3
Carlisle Fluid Technologies
2.1
1.3
2.4
0.4
Carlisle Brake & Friction
1.7
0.5
5.4
1.8
Corporate
4.9
0.1
5.2
0.4
Total
$
17.4
$
4.5
$
27.6
$
11.7
Impact to Diluted EPS from Continuing
Operations (1)
Carlisle Construction Materials
$
0.06
$
—
$
0.08
$
0.02
Carlisle Interconnect Technologies
0.10
0.03
0.17
0.10
Carlisle Fluid Technologies
0.03
0.02
0.04
—
Carlisle Brake & Friction
0.02
0.01
0.07
0.02
Corporate
0.04
(0.09
)
0.09
(0.09
)
Total
$
0.25
$
(0.03
)
$
0.45
$
0.05
(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 non-comparable
tax activity in current periods and all comparative periods.
Carlisle Companies
Incorporated
Unaudited Condensed Consolidated
Statements of Cash Flows
Six Months Ended
June 30,
(in millions)
2020
2019
Net cash provided by operating
activities
$
226.3
$
197.1
Investing activities:
Capital expenditures
(48.5
)
(41.0
)
Acquisitions, net of cash acquired
(2.4
)
(272.0
)
Other investing activities, net
0.9
1.1
Net cash used in investing activities
(50.0
)
(311.9
)
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
(191.8
)
(232.1
)
Dividends paid
(56.0
)
(46.2
)
Proceeds from exercise of stock
options
11.4
20.5
Withholding tax paid related to
stock-based compensation
(6.4
)
(9.3
)
Other financing activities, net
(0.5
)
(0.1
)
Net cash provided by (used in) financing
activities
214.7
(267.2
)
Effect of foreign currency exchange rate
changes on cash and cash equivalents
(4.5
)
0.4
Change in cash and cash equivalents
386.5
(381.6
)
Beginning of period
351.2
803.6
End of period
$
737.7
$
422.0
Carlisle Companies
Incorporated
Unaudited Selected Consolidated
Balance Sheet Data
(in millions)
June 30,
2020
December 31,
2019
Cash and cash equivalents
$
737.7
$
351.2
Long-term debt, including current
portion
2,078.0
1,591.6
Total shareholders' equity
2,516.2
2,642.8
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200721005865/en/
Jim Giannakouros, CFA Vice President of Investor Relations and
FP&A (480) 781-5135 jgiannakouros@carlisle.com
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