Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — Q1 2015 Earnings Presentation
18 slides from Carlisle Companies's earnings presentation, Apr 23, 2015
Slide 1: Carlisle Companies Inc. 1st Quarter 2015
Carlisle Companies Inc. 1st Quarter 2015 April 23, 2015
Slide 2: Forward Looking Statements; Use of Non-GAAP Financial Measures
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” “
Slide 3: Highlights of Q1 2015
Highlights of Q1 2015 • Net sales up 9% − 7% organic growth Financial Summary − 12% organic growth at CIT ($ millions, except per share amounts) Q1 ‘15 Q1 ‘14 ∆ − 9% growth at CCM Sales $709.3 $650.4 +9.1% − 5% lower sales at CFS EBIT $66.4 $63.0 +5.4% − $25M sales from LHI acquisition EBIT Margin %
Slide 4: Sales Bridge
Sales Bridge In Millions Organic +7.4% +3.9% -2.2% $709.3 -0.8% +8.2% $650.4 Organic by Segment Construction +9% Interconnect +12% Brake & Friction -0.4% FoodService -5% Q1 '14 Price Volume / Mix Acq F/X Q1 '15 Strong Organic Sales Growth in Q1 4
Slide 5: EBIT Margin Bridge
EBIT Margin Bridge +0.9% -2.3% +0.3% +0.8% 9.7% 9.4% Q1 '14 Price / RM Volume COS Mix/Other Q1 '15 EBIT: $63.0 Million EBIT: $66.4 Million 5% growth EBIT Margin 30 bps lower on mix, inventory costs, other 5
Slide 6: Carlisle Construction Materials
Carlisle Construction Materials Sales and EBIT Margin • Sales growth of 7% 15.0% $425 $ millions − Sales grew organically 9% Without 14.0% FX − Solid commercial construction $371.3 $375 +7% 13.0% $347.4 demand 12.0% − Harsh weather conditions $325 impacted growth 11.0% $275 − Negative 2% FX impact f
Slide 7: Carlisle Interconnect Technologies
Carlisle Interconnect Technologies • Sales growth of 29% Sales and EBIT Margin $250 − LHi added $25.4M, or 17% $ millions 29.0% − Organic growth of 12% $194.4 27.0% − Volume up 14% partially offset by $200 +29% price Acq $150.9 25.0% − Aerospace up 12% $150 − Military up 12% 23.0% +12% − Test & Meas
Slide 8: Carlisle Brake & Friction
Carlisle Brake & Friction • Sales down by 6% Sales and EBIT Margin $120 15.0% $ millions − FX impact negative 6% 14.0% Without FX − Organic sales decline negligible $100 $92.2 -6% $86.4 13.0% − Agriculture down 26% 12.0% − Mining down 2% $80 11.0% − Construction up 1% $60 10.0% 10.0% • EBIT down 11%
Slide 9: Carlisle FoodService Products
Carlisle FoodService Products • Sales lower by 5% $80 Sales and EBIT Margin $ millions − Foodservice declined 2% on $70 $59.9 -5% lower international $57.2 $60 − Healthcare sales declined 12% $50 − Jan/San sales up 3% $40 • EBIT down 24% from $7.1M to $5.4M $30 11.9% 9.4% − Margin 250 bps lower due
Slide 10: Carlisle Fluid Technologies
Carlisle Fluid Technologies Protective Specialty 3% Coating 5% Sales Profile General Aftermarket International Wood 7% Industry 37% 45% 54% Sales $275 Million Auto Refinishing 24% Transportation 24% 10
Slide 11: Balance Sheet
Balance Sheet • Share repurchase program commenced in Q1 ‘15 Debt Maturity Schedule • Cash on Hand of $744M as of 3/31/15 Senior Note – $590M used on April 1 to acquire $350M CFT Senior 3.75% Note • Post 4/1/15 CFT Acquisition (Pro Senior $250M Forma) 5.125% Note – $600M available under revolver $15
Slide 12: Cash Flow
Cash Flow $140 $120 $100 $80 In Millions $60 $40 $20 $0 -$20 -$40 -$60 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Operating Cash Flow Capital Expenditures Free Cash Flow Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Operating Cash Flow $51.3 $19.1 $94.3 $131.2 $49.5 Capital Expenditures (24.1) (39.8) (29.2) (25.7) (19
Slide 13: Working Capital as a % of Net Sales
Working Capital as a % of Net Sales 25.0% 23.0% 21.0% 19.0% 17.0% 15.0% Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 WC as a % of Net Sales 23.0% 20.4% 19.8% 19.8% 22.0% 20.1% 19.4% 19.6% 21.4% 20.6
Slide 14: Carlisle
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Slide 15: 2015 Outlook
Carlisle 2015 Outlook • Total organic sales growth in mid-to-high single digits • Growth in EBIT and EBIT margin • Acquisitions of LHI and Fluid Technologies accretive to net earnings • Corporate Expense ~ $57M • Depreciation & Amortization ~ $118M (excludes CFT) • Capital Expenditures ~ $100M (excl
Slide 16: Appendix
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Slide 17: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Leverage Ratios under Credit Agreement LTM Pro ($ in Millions except for Ratios) 3/31/2015 CFT Forma Net income $255 $255 Income tax expense (continuing and discontinued) 123 123 Interest expense 34 34 Depreciation 67 67 Amortization 40 40 Non‐cash stock b
Slide 18: Carlisle
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