Carlisle Companies Incorporated (NYSE:CSL) today announced its
first quarter 2021 financial results.
- Reported consolidated first quarter revenue of $1.0 billion,
flat to first quarter 2020
- First quarter diluted EPS of $0.97; adjusted diluted EPS of
$1.47
- Share repurchases continued in the first quarter, totaling
984 thousand shares for $150 million
- CCM delivered strong year-over-year sales growth of
6.3%
- Announced $60 million investment in a new Polyiso Insulation
facility
Comments from Chris Koch, Chairman,
President and Chief Executive Officer
"Reflecting on the past twelve months of uncertainty, I take
great pride in how the Carlisle team handled the immediate threats
born out of the COVID-19 pandemic, ensuring that strict health and
safety protocols were in place and followed, which has led to a low
infection rate at Carlisle across the globe. This reaction enabled
an early, proactive focus on positioning our businesses for an
economic rebound, with Vision 2025 providing the clear direction
and consistency of mission to guide our efforts. We will leverage
this momentum as we accelerate into the recovery in 2021 and
beyond. One year removed from the pandemic's initial impact, we
believe we are a stronger company and are well positioned to meet
our center-led Vision 2025 objectives, supported by confidence in
the fundamentals of our businesses and our commitment to our
customers through the Carlisle Experience.
Due to strength in our CCM, CFT, and CBF businesses, our
consolidated first quarter revenue was flat, while adjusted EPS
declined year-over-year given lower profitability at CIT driven by
the well-publicized impact of the COVID pandemic on the commercial
aerospace industry. The first quarter of 2021 demonstrated yet
again Carlisle's ability to navigate varying economic cycles while
delivering strong financial performance. We continued to execute on
our long-term strategies, including: maintaining the highest
standards in providing the Carlisle Experience to our customers,
investing in high-return projects to drive organic growth across
our core platforms, working an active pipeline of acquisition
targets, returning capital to shareholders in the form of share
repurchases and dividends, continuing on our ESG journey, and
demonstrating the exceptional and sustainable earnings power of the
Carlisle business model.
CCM continues to benefit from the strong re-roofing cycle in the
United States. In the first quarter, CCM delivered mid-single digit
growth, demonstrating the continued resilience of this demand.
Energy-efficient building envelope products and solutions for
nonresidential buildings are non-discretionary and can only be
deferred for so long. This is highlighted by the inclement weather
experienced in North America in February only temporarily impacting
sales at CCM, with March volumes more than offsetting during the
quarter.
On April 20th, Carlisle announced plans to invest more than $60
million to build an innovative, state-of-the-art manufacturing
facility in Sikeston, Missouri. Consistent with Carlisle’s strategy
to invest in high-returning businesses, the plant will support
organic growth initiatives and also create jobs for the city of
Sikeston and surrounding communities. The building will be
constructed in accordance with the latest advances in LEED building
and ESG principles. Additionally, we expect that this central
location will both reduce the carbon footprint of CCM’s supply
chain and improve material lead times for customers in this region
where the use of insulation in the building envelope is steadily
increasing. At this new facility, CCM will manufacture
energy-efficient polyiso insulation, which not only lowers energy
costs for building owners and operators, but also helps reduce a
building’s GHG emissions.
While CCM generated most of our earnings in the first quarter of
2021, our smaller businesses exhibited significant progress. CIT's
results were in line with subdued expectations given the ongoing
disruption in the commercial aerospace market. Given improving
leading indicators, which include expanding vaccine rollout,
increasing numbers of domestic travelers, growing aircraft
manufacturers' backlogs, and improvements in CIT's order book, we
believe CIT is positioned for sequential improvement going forward.
Taken together with the improving backlog in our Medical
Technologies business, we are optimistic CIT will return to growth
in the second half of 2021.
CFT delivered improved revenue and operating income performance
in the quarter driven by a commitment to new product introductions,
price discipline and integrating our newer platforms. With end
markets strengthening, especially general industrial, the team
continues to execute on Vision 2025 initiatives and focus on
enhancing our customers' experience.
At CBF, the significant actions taken to improve the business
over the past few years are yielding expected results. In addition
to these actions, demand for off-highway vehicles and equipment,
especially in Agricultural and Construction markets, is helping to
drive CBF's recovery. CBF has leveraged this volume growth to
deliver positive and accelerating earnings. As a result, we are
optimistic that 2021 will prove to be an inflection year for CBF as
it emerges from a multi-year down cycle. Additionally, we view any
future infrastructure legislation in the U.S. as another positive
driver for CBF.
I am also pleased that our ESG efforts continue to gain
momentum. We recently published our 2020 Sustainability Report in
conjunction with the launch of a new, award-winning ESG focused
website. These launches collectively share details of Carlisle’s
century-long journey and provide a deeper look into the socially
responsible approach we undertake to create value for all
stakeholders, including customers, employees, suppliers,
shareholders and the communities in which we operate. Additionally,
our Sustainability team, along with CCM, held our inaugural
'Innovation for Sustainable Building' seminar in March in which
over 200 stakeholders participated.
We remain balanced in our capital deployment approach, investing
in our businesses, repurchasing $150M of shares and maintaining our
dividend payments during the quarter. Our M&A pipeline has
strengthened over the past several months, and we expect to be
active in augmenting our core businesses with synergistic
acquisitions.
Vision 2025 continues to provide Carlisle clear direction. We
have stayed the course on our strategy throughout the past year and
have regained positive momentum across all segments. We are now
well positioned to accelerate through the recovery."
First Quarter 2021
Revenue of $1.03 billion was flat year-over-year. Organic
revenue declined 1.4% (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 0.4% in the quarter. Changes in
foreign exchange rates had a positive 0.9% impact on revenues.
Operating income for the first quarter of $89.5 million
decreased 12.9% from $102.7 million in the first quarter of 2020.
Net income for the first quarter of $52.2 million decreased 15.5%
from $61.8 million in the first quarter of 2020. Adjusted EBITDA
for the first quarter of 2021 of $148.2 million decreased 11.4%
from $167.2 million in the first quarter of 2020.
Diluted EPS for the first quarter of $0.97 decreased 11.0% from
$1.09 in the first quarter of 2020. Adjusted diluted EPS for the
first quarter of $1.47 decreased 12.0% from $1.67 in the first
quarter of 2020. The decline in EPS reflects lower operating
results at CIT and higher corporate expense, partially offset by
strength at CCM, CFT, CBF and share repurchases.
First Quarter 2021 Segment
Highlights
Carlisle Construction Materials (CCM)
- Revenues of $719.3 million, up 6.3% (+5.7% organic)
year-over-year, were driven by strength of U.S. commercial roofing
demand, our Architectural Metals platform and growth in
Europe.
- Operating income was $121.3 million, up 12.6% year-over-year.
Operating margin of 16.9%, a 100 basis point improvement, was
driven by higher volumes, lower operating expenses and savings from
COS, partially offset by raw material and wage inflation.
- Adjusted EBITDA was $144.8 million, up 9.0% year-over-year,
reflecting an adjusted EBITDA margin of 20.1%, a 50 basis point
improvement.
- We now expect full year sales to be up low double digits.
Carlisle Interconnect Technologies (CIT)
- Revenues of $155.8 million, down 30.6% (-31.5% organic)
year-over-year, were negatively impacted by a significant decline
in orders from aerospace customers, partially offset by improving
demand for medical products.
- Operating loss was $10.7 million. Operating margin of -6.9%,
was affected by lower volumes, unfavorable mix and wage and raw
material inflation, partially offset by savings from COS and lower
operating expenses.
- Adjusted EBITDA was $11.0 million, down 72.3% year-over-year,
reflecting an adjusted EBITDA margin of 7.1%, a 1,060 basis point
decline.
- We continue to expect full year sales to be down mid-single to
high-single digits.
Carlisle Fluid Technologies (CFT)
- Revenues of $65.8 million, up 12.9% (+5.3% organic)
year-over-year, reflected strength in general industrial markets,
price and acquisitions, partially offset by weakness in
transportation markets.
- Operating income was $4.3 million. Operating margin of 6.5%
reflected higher volumes, price, savings from COS and lower
operating expenses, partially offset by wage and raw material
inflation.
- Adjusted EBITDA was $10.2 million, down 18.4% year-over-year,
reflecting an adjusted EBITDA margin of 15.5%, a 590 basis point
decline.
- We continue to expect full year sales to be up low double
digits.
Carlisle Brake & Friction (CBF)
- Revenues of $88.1 million, up 24.1% (+20.4% organic)
year-over-year, reflected improved demand in Construction and
Agricultural off-highway vehicle end markets.
- Operating income was $6.1 million. Operating margin of 6.9% was
driven by increased volume, lower restructuring and savings from
COS, partially offset by unfavorable mix and raw material
inflation.
- Adjusted EBITDA was $11.7 million, up 125.0% year-over-year,
reflecting an adjusted EBITDA margin of 13.3%, a 600 basis point
improvement.
- We now expect full year sales to be up over thirty
percent.
Cash Flow
Operating cash flow for the three months ended March 31, 2021
was $67.6 million, an increase of $14.4 million versus the prior
year. Free cash flow (defined as cash provided by operating
activities less capital expenditures, and comprised of continuing
and discontinued operations) was $47.6 million for the three months
ended March, 31 2021, an increase of $17.2 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, complete strategic
acquisitions that meet return criteria and return value to
shareholders through dividend payments and share repurchases.
During the three months ended March 31, 2021, we deployed $150.0
million in share repurchases and $28.4 million in dividends paid.
As of March 31, 2021, we had $767.2 million of cash and $1.0
billion of availability under our revolving credit facility.
Conference Call and
Webcast
The Company will discuss first quarter 2021 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, 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 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.
Non-GAAP Disclosure
This press release also contains certain financial measures
such as adjusted diluted earnings per share, adjusted EBITDA,
adjusted EBITDA margin, organic revenue and free cash flow which
are not recognized under U.S. generally accepted accounting
principles. Management believes that adjusted diluted earnings per
share, adjusted EBITDA, adjusted EBITDA margin and organic revenue
are useful to investors because they allow for comparison to the
Company’s and its segments' performance in prior periods without
the effect of items that, by their nature, tend to obscure core
operating results due to potential variability across periods based
on the timing, frequency and magnitude of such items. Management
also believes free cash flow is useful to investors as an
additional way of viewing the Company's liquidity and provides a
more complete understanding of factors and trends affecting the
Company's cash flows. As a result, management believes that these
measures enhance the ability of investors to analyze trends in the
Company’s business and evaluate the Company’s performance relative
to peer companies. As required by SEC Regulation G, reconciliations
of these measures to amounts reported in Carlisle's consolidated
financial statements are in the supplemental schedules of this
press release.
About Carlisle Companies
Incorporated
Carlisle Companies Incorporated is a diversified industrial
company with a global portfolio of niche brands that delivers
energy efficient and highly engineered products and solutions for
its customers. Driven by our strategic plan, Vision 2025, Carlisle
is committed to generating superior shareholder returns by
investing in high-ROIC businesses and maintaining a balanced
capital deployment approach including investments in our
businesses, strategic acquisitions, share repurchases and continued
dividend increases. Carlisle is headquartered in Scottsdale,
Arizona. Its worldwide team of employees generated $4.2 billion in
revenues in 2020. Learn more about Carlisle at
www.carlisle.com.
• EPS referenced in this release is from continuing operations
unless otherwise noted.
Carlisle Companies
Incorporated
Unaudited Consolidated Statements
of Income
Three Months Ended
March 31,
(in millions, except per share
amounts)
2021
2020
Revenues
$
1,029.0
$
1,030.2
Cost of goods sold
767.3
751.8
Selling and administrative expenses
159.8
161.9
Research and development expenses
12.6
14.4
Other operating income, net
(0.2
)
(0.6
)
Operating income
89.5
102.7
Interest expense, net
19.2
18.9
Loss on extinguishment of debt
—
8.8
Interest income
(0.5
)
(0.7
)
Other non-operating expense (income),
net
3.9
(0.5
)
Income before income taxes
66.9
76.2
Provision for income taxes
14.7
14.4
Net income
$
52.2
$
61.8
Earnings per share attributable to common
shares:
Basic
$
0.98
$
1.10
Diluted
$
0.97
$
1.09
Average shares outstanding:
Basic
53.0
55.8
Diluted
53.6
56.5
Dividends declared and paid per share
$
0.525
$
0.50
Carlisle Companies
Incorporated
Unaudited Condensed Consolidated
Statements of Cash Flows
Three Months Ended
March 31,
(in millions)
2021
2020
Net cash provided by operating
activities
$
67.6
$
53.2
Investing activities:
Capital expenditures
(20.0
)
(22.8
)
Investment in securities
(10.2
)
—
Acquisitions, net of cash acquired
—
(2.4
)
Other investing activities, net
1.8
0.9
Net cash used in investing activities
(28.4
)
(24.3
)
Financing activities:
Proceeds from notes
—
740.7
Repayments of notes
—
(258.5
)
Borrowings from revolving credit
facility
—
500.0
Financing costs
—
(24.2
)
Repurchases of common stock
(150.0
)
(120.6
)
Dividends paid
(28.4
)
(28.3
)
Proceeds from exercise of stock
options
13.5
10.5
Withholding tax paid related to
stock-based compensation
(7.6
)
(6.4
)
Other financing activities, net
(0.3
)
(0.2
)
Net cash (used in) provided by financing
activities
(172.8
)
813.0
Effect of foreign currency exchange rate
changes on cash and cash equivalents
(1.4
)
(5.4
)
Change in cash and cash equivalents
(135.0
)
836.5
Cash and cash equivalents at beginning of
period
902.2
351.2
Cash and cash equivalents at end of
period
$
767.2
$
1,187.7
Carlisle Companies
Incorporated
Unaudited Selected Consolidated
Balance Sheet Data
(in millions)
March 31, 2021
December 31,
2020
Cash and cash equivalents
$
767.2
$
902.2
Long-term debt, including current
portion
2,082.2
2,081.3
Total shareholders' equity
2,411.8
2,537.7
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Organic Revenue
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) is intended to provide
investors and others with information about Carlisle's and its
segments' recurring operating performance. This information differs
from revenue determined in accordance with U.S. GAAP and should not
be considered in isolation or as a substitute for measures of
performance determined in accordance with U.S. GAAP. Carlisle's and
its segments' organic revenue follows, which may not be comparable
to similarly titled measures reported by other companies.
Three Months Ended March
31,
(in millions)
CSL
CCM
CIT
CFT
CBF
2020 Revenue (GAAP)
$
1,030.2
$
676.4
$
224.5
$
58.3
$
71.0
Volume/Price
(14.6
)
(1.4
)
%
38.7
5.7
%
(70.9
)
(31.5
)
%
3.1
5.3
%
14.5
20.4
%
Organic revenue
(14.6
)
(1.4
)
%
38.7
5.7
%
(70.9
)
(31.5
)
%
3.1
5.3
%
14.5
20.4
%
Acquisitions
4.2
0.4
%
—
—
%
1.8
0.8
%
2.4
4.1
%
—
—
%
FX impact
9.2
0.9
%
4.2
0.6
%
0.4
0.1
%
2.0
3.5
%
2.6
3.7
%
Total change
(1.2
)
(0.1
)
%
42.9
6.3
%
(68.7
)
(30.6
)
%
7.5
12.9
%
17.1
24.1
%
2021 Revenue (GAAP)
$
1,029.0
$
719.3
$
155.8
$
65.8
$
88.1
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Free Cash Flow
Free cash flow is intended to provide investors and others with
information about Carlisle's liquidity and provides a more complete
understanding of factors and trends affecting the Company's cash
flows. This information differs from operating cash flow determined
in accordance with U.S. GAAP and should not be considered in
isolation or as a substitute for measures of performance determined
in accordance with U.S. GAAP. Carlisle's free cash flow follows,
which may not be comparable to similarly titled measures reported
by other companies.
Three Months Ended March
31,
(in millions)
2021
2020
Operating cash flow (GAAP)
$
67.6
$
53.2
Capital expenditures
(20.0
)
(22.8
)
Free cash flow
$
47.6
$
30.4
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT,
Adjusted EBITDA and Adjusted EBITDA Margin
Earnings before interest and taxes ("EBIT"), adjusted EBIT,
adjusted earnings before income, taxes, depreciation and
amortization ("EBITDA") and adjusted EBITDA margin is intended to
provide investors and others with information about Carlisle's and
its segments' performance without the effect of items that, by
their nature, tend to obscure core operating results due to
potential variability across periods based on the timing, frequency
and magnitude of such items. This information differs from net
income and operating income determined in accordance with U.S. GAAP
and should not be considered in isolation or as a substitute for
measures of performance determined in accordance with U.S. GAAP.
Carlisle's and its segments' EBIT, adjusted EBIT, adjusted EBITDA
and adjusted EBITDA margin follows, which may not be comparable to
similarly titled measures reported by other companies.
Three Months Ended
March 31,
(in millions, except per share
amounts)
2021
2020
Net income (GAAP)
$
52.2
$
61.8
Provision for income taxes
14.7
14.4
Interest expense, net
19.2
18.9
Interest income
(0.5
)
(0.7
)
EBIT
85.6
94.4
Exit and disposal, and facility
rationalization costs
3.1
6.3
Inventory step-up amortization and
acquisition costs
0.9
0.7
Impairment charges
—
—
Losses from acquisitions and disposals
3.4
0.2
Losses from insurance
0.3
—
Losses from litigation
0.6
—
Losses on extinguishment of debt
—
8.8
Total non-comparable items
8.3
16.0
Adjusted EBIT
93.9
110.4
Depreciation
23.7
24.6
Amortization
30.6
32.2
Adjusted EBITDA
$
148.2
$
167.2
Divided by:
Total revenues
$
1,029.0
$
1,030.2
Adjusted EBITDA margin
14.4
%
16.2
%
Carlisle Companies
Incorporated
Unaudited Non-GAAP Financial
Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA
Margin
Three Months Ended March 31,
2021
(in millions)
CCM
CIT
CFT
CBF
Corporate and
unallocated
Operating income (loss) (GAAP)
$
121.3
$
(10.7
)
$
4.3
$
6.1
$
(31.5
)
Non-operating expense(1)
2.2
—
0.4
0.3
1.0
EBIT
119.1
(10.7
)
3.9
5.8
(32.5
)
Exit and disposal, and facility
rationalization costs
—
2.5
0.6
—
—
Inventory step-up amortization and
acquisition costs
—
—
0.1
—
0.8
Impairment charges
—
—
—
—
—
Losses from acquisitions and disposals
2.3
0.3
—
—
0.8
Losses from insurance
—
—
—
0.3
—
Losses from litigation
—
—
—
0.6
—
Losses on extinguishment of debt
—
—
—
—
—
Total non-comparable items
2.3
2.8
0.7
0.9
1.6
Adjusted EBIT
121.4
(7.9
)
4.6
6.7
(30.9
)
Depreciation
11.9
6.3
1.2
3.4
0.9
Amortization
11.5
12.6
4.4
1.6
0.5
Adjusted EBITDA
$
144.8
$
11.0
$
10.2
$
11.7
$
(29.5
)
Divided by:
Total revenues
$
719.3
$
155.8
$
65.8
$
88.1
$
—
Adjusted EBITDA margin
20.1
%
7.1
%
15.5
%
13.3
%
NM
(1) Includes other non-operating (income) expense, which may be
presented in separate line items on the Condensed Consolidated
Statements of Income.
Three Months Ended March 31,
2020
(in millions)
CCM
CIT
CFT
CBF
Corporate and
unallocated
Operating income (loss) (GAAP)
$
107.7
$
16.4
$
2.8
$
(3.8
)
$
(20.4
)
Non-operating expense (income)(1)
0.3
(0.8
)
(3.3
)
(0.3
)
12.4
EBIT
107.4
17.2
6.1
(3.5
)
(32.8
)
Exit and disposal, and facility
rationalization costs
0.1
3.4
—
2.8
—
Inventory step-up amortization and
acquisition costs
0.2
—
0.2
—
0.3
Impairment charges
—
—
—
—
—
Losses (gains) from acquisitions and
disposals
0.3
—
—
—
(0.1
)
Losses (gains) from insurance
—
—
—
—
—
Losses (gains) from litigation
—
—
—
—
—
Losses on extinguishment of debt
—
—
—
—
8.8
Total non-comparable items
0.6
3.4
0.2
2.8
9.0
Adjusted EBIT
108.0
20.6
6.3
(0.7
)
(23.8
)
Depreciation
12.2
6.0
1.3
4.4
0.7
Amortization
12.6
13.1
4.9
1.5
0.1
Adjusted EBITDA
$
132.8
$
39.7
$
12.5
$
5.2
$
(23.0
)
Divided by:
Total revenues
$
676.4
$
224.5
$
58.3
$
71.0
$
—
Adjusted EBITDA margin
19.6
%
17.7
%
21.4
%
7.3
%
NM
(1) Includes other non-operating (income) expense, which may be
presented in separate line items on the Condensed Consolidated
Statements of Income.
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Adjusted net income and
Adjusted EPS
Adjusted net income and adjusted diluted earnings per share is
intended to provide investors and others with information about
Carlisle's performance without the effect of items that, by their
nature, tend to obscure the Company’s core operating results due to
potential variability across periods based on the timing, frequency
and magnitude of such items. This information differs from net
income and diluted earnings per share determined in accordance with
U.S. GAAP and should not be considered in isolation or as a
substitute for measures of performance determined in accordance
with U.S. GAAP. Carlisle's adjusted net income and adjusted diluted
earning per share follows, which may not be comparable to similarly
titled measures reported by other companies.
Three Months Ended
March 31, 2021
Three Months Ended
March 31, 2020
(in millions, except per share
amounts)
Pre-tax
Impact
After-tax
Impact(1)
Impact to Diluted
EPS(2)
Pre-tax
Impact
After-tax
Impact(1)
Impact to Diluted
EPS(2)
Net income (GAAP)
$
52.2
$
0.97
$
61.8
$
1.09
Exit and disposal, and facility
rationalization costs
3.1
2.3
0.04
6.3
4.7
0.08
Inventory step-up amortization and
acquisition costs
0.9
0.6
0.01
0.7
0.6
0.01
Impairment charges
—
—
—
—
—
—
Losses from acquisitions and
disposals(3)
3.4
2.5
0.05
0.2
0.5
0.01
Losses from insurance
0.3
0.2
—
—
—
—
Losses from litigation
0.6
0.5
0.01
—
—
—
Losses on extinguishment of debt
—
—
—
8.8
6.6
0.12
Acquisition-related amortization(4)
29.7
22.5
0.42
31.8
24.1
0.43
Discrete tax items(5)
—
(1.6
)
(0.03
)
—
(4.0
)
(0.07
)
Total adjustments
27.0
0.50
32.5
0.58
Adjusted net income
$
79.2
$
1.47
$
94.3
$
1.67
(1) The impact to net income reflects the tax effect of noted
items, which is based on the statutory rate in the jurisdiction in
which the expense or income is deductible or taxable.
(2) The per share impact of adjustments to each period is based
on diluted shares outstanding using the two-class method.
(3) After-tax impact includes discrete
items related to indemnification asset write-offs, which had a zero
impact to net income and diluted EPS ($(0.8) million in
first-quarter 2021 and $0.1 million in first-quarter 2020).
(4) Acquisition-related amortization
includes the amortization of customer relationships, technology,
trade names and other intangible assets recorded in purchase
accounting in connection with a business combination. These
intangible assets contribute to revenue generation and the
amortization of these assets will recur until such intangible
assets are fully amortized.
(5) Discrete tax items include current
period tax expense or benefit related to prior year items, the tax
impact of foreign currency gains and losses, or changes in tax laws
or rates.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210422006085/en/
Jim Giannakouros, CFA Vice President of Investor Relations (480)
781-5135 jgiannakouros@carlisle.com
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