Carlisle Cos. (CSL) Tops Q4 EPS by 16c

Carlisle Cos. (NYSE: CSL) reported Q4 EPS of $1.78, $0.16 better than the analyst estimate of $1.62. Revenue for the quarter came in at $1.14 billion versus the consensus estimate of $1.14 billion.

CEO Comment

Chris Koch, President and Chief Executive Officer, commented: “Driven by strong underlying demand in North American non-residential roofing markets, Carlisle delivered record fourth quarter sales, operating income and diluted EPS. We accomplished these results despite the continued negative impact in the global economy driven by US/China trade negotiations, Brexit uncertainty, global industrial production declines and significant commercial aerospace production delays at a key customer.

We continue to gain traction on the key pillars of Vision 2025, under which we target: $8 billion in revenues, 20% operating margin, and 15% ROIC, all driving to $15 of earnings per share.

As we embark on year three of Vision 2025, we will build on the achievements of our first two years and continue to drive towards our objectives of: achieving 5% organic growth with leverage, utilizing the Carlisle Operating System (COS) to deliver efficiencies and annual cost savings of 1-2% of revenues, deploying $3 billion to build scale with synergistic acquisitions, continuing to invest in exceptional talent and allocating over $3 billion into capital expenditures, share repurchases and dividends.

Full year 2019 highlights include:

• Delivered 2.8% organic revenue growth despite significant global headwinds; leveraged this growth to expand operating margins 220 basis points
• Drove organic revenue growth of 5.0% since launching Vision 2025, in line with our long-term target
• Maintained strong price discipline, leading to positive price realization across all businesses
• Achieved gross savings and benefits from COS within our targeted range of 1-2% of revenues
• Deployed over $600 million of capital into 8 strategic and synergistic acquisitions
• Leveraged our strong cash flow and balance sheet by deploying over $485 million into share repurchases and dividends paid; 3-year total of $1.4 billion

In addition to our strong financial performance, we are pleased about the continued momentum our team has generated around Environmental Social and Governance (ESG) issues. In 2019 we established an ESG steering committee, developed an ESG reporting process, elevated the position of Director of Sustainability to report directly to the CEO and established a plan to publish our first ESG report in 2020. Additionally, we made progress in diversifying our Board of Directors and have made commitments to ensuring a $15 per hour minimum wage in our U.S. operations, gender pay equity, and a gender-balanced management team.

We are pleased with our significant accomplishments and strong performance in a challenging 2019. Supported by COS, our teams focused on and executed numerous continuous improvement projects to help overcome these challenges. Finally, we recognize that Carlisle\'s achievements are the culmination of efforts by our employees, customers, channel partners and suppliers, and we appreciate their contribution to our record results in 2019."

For earnings history and earnings-related data on Carlisle Cos. (CSL) click here.

You May Also Be Interested In

• Safe & Green (SGBX) Provides Update on Audit and Planned 10-K Filing
• Growth isn't weak enough to truly undercut inflation pressures - BMO
• Parke Bancorp (PKBK) Reports Q1 EPS of $0.51