Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — Investor Presentation (June 2013)
20 slides from Carlisle Companies's investor presentation, June 2013
Slide 1: June 2013
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Slide 2: Forward Looking Statements
Forward Looking Statements During the course of this presentation, we may make projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We wish to caution you that such statements reflect only our current expectations, and that actua
Slide 3: Company Overview
Company Overview Founded in 1917 in Carlisle, PA 2012 sales of $3.6 billion and EBIT of $424 million Generate ~60% of our revenue from aftermarket Derive ~20% of our sales from International Markets Global manufacturing footprint supported by 77 factories and distribution facilities 60 10
Slide 4: 2013 Segment Q1 Sales & EBIT
2013 Segment Q1 Sales & EBIT Sales EBIT $857 Million $70 Million FoodService FoodService Products Products 7% 6% Interconnect Technologies Construction Interconnect 16% Materials Technologies Construction 40% 22% Materials 42% Brake & Friction 11% Brake & Friction 13% Transportation Products Transpo
Slide 5: Carlisle Construction Materials
Carlisle Construction Materials Residential 6% Non Roofing 9% Com m er cial 85% New Aftermarket EPDM TPO 25% 75% PVC Polyiso 2003 2012 CAGR Sales $579M $1.7B 13% EBIT $ $77M $273M 15% EBIT % 13.3% 16.1% Long-term expectations Sales growth: High single digits EBIT margins: 15% 5
Slide 6: CCM Economic Drivers
CCM Economic Drivers Re-Roofing New Construction 57 billion SF installed base in the U.S. 2007 peaked at 1 billion SF in U.S. Approximately 2.5 billion SF replaced 2012 450 million SF in U.S. annually Projected 10-15% CAGR over next 5 years Energy Europe Increased energy standards encour
Slide 7: Carlisle Interconnect Technologies
Carlisle Interconnect Technologies Other 11% Military 8% Commercial Aerospace 81% OEM AM 94% 6% 2003 2012 CAGR Sales $71M $463M 23% EBIT $ $4M $69M 37% EBIT % 5.8% 14.9% Long-term expectations Sales growth: Low double digits EBIT margin: 15-18% 7
Slide 8: CIT Economic Drivers
CIT Economic Drivers Current Market Outlook 2011 - 2031 Airplanes in service Demand by size Fleet developments 2011 and 2031 2011 to 2031 Over half of new deliveries are for growth New Deliveries Size 2011 2031 Size airplanes 40,000 Large* 790 1,030 Large* 790 19,890 30,000 59% Twin aisle 3,710 9,11
Slide 9: Carlisle Brake & Friction
Carlisle Brake & Friction Other Industrial 12% Aerospace 8% Construction On‐highway 32% 8% Agriculture 16% Mining 24% OEM AM 65% 35% 2003 2012 CAGR Sales $42M $449M 30% EBIT $ $6M $76M 32% EBIT % 15.4% 16.8% Long-term expectations Sales growth: High single over cycle EBIT margins: Cyclical–20% peak
Slide 10: CBF Economic Drivers
CBF Economic Drivers Long-Term Macroeconomic Drivers Support Global Growth in Ag, Construction and Mining Equipment Population Growing in Size & Affluence World population will increase ~ 25% over the next 25 years A growing worldwide middle class will seek better housing and improved retail opt
Slide 11: Carlisle FoodService Products
Carlisle FoodService Products Jan/San 12% Healthcare Foodservice 30% 58% New Aftermarket 15% 85% 2003 2012 CAGR Sales $139M $243M 6% EBIT $ $15M $12M* (2%) EBIT % 11.1% 5.1% * Includes $8M of restructuring charges Long-term expectations Sales growth: Low single digits EBIT margins: 15% 11
Slide 12: CFS Economic Drivers
CFS Economic Drivers Food Service and Jan/San Drivers Mature US restaurant market projected to grow at 1 to 2% per year Restaurant operators focused on reduced operating costs and new menu development Major fast food chains will continue international expansion New Healthcare Drivers Aging B
Slide 13: Carlisle Transportation Products
Carlisle Transportation Products Other 8% Agriculture/ Power Sports/ Construction Recreation 23% 39% Lawn & Garden 30% OEM AM 60% 40% 2003 2012 CAGR Sales $622M $778M 3% EBIT $ $58M $52M (1%) EBIT % 9.4% 6.7% Long-term expectations Sales growth: Low single digits EBIT margins: Mid/high single digits
Slide 14: CTP EBIT % and Cash Flow Drivers
CTP EBIT % and Cash Flow Drivers Manufacturing Major plant consolidation projects Footprint completed Re-shored certain production to reduce costs & working capital Product New product designs optimizing overall Engineering weight which will reduce costs Expanded product offerings for Growth
Slide 15: Historical Financial Performance
Historical Financial Performance 2013 $ millions 2009 2010 2011 2012 Q1 Sales $2,258 $2,528 $3,225 $3,629 $857 EBIT $212 $196 $275 $424 $70 EBIT MARGIN % 9.4% 7.8% 8.5% 11.7% 8.2% Global Sales % 12.7% 14.5% 19.0% 21.3% 21.7% ROIC 11.2% 10.7% 10.1% 12.0% 10.2% Working Capital 24.9% 22.0% 21.9% 22.6%
Slide 16: Acquired Growth
Acquired Growth Invested $1.5 billion in acquisitions over the past 5 years 2008 2009 2010 2011 2012 Sought engineered products to Provided scale for CBF and CIT improve margin profile Globalized the business 16
Slide 17: Organic Growth
Organic Growth Invested $525 million in Capital Expenditures and R&D spending over the past 5 years New Polyiso plant in Washington Relocated NY Polyiso plant New PVC plant in Illinois Developing new adhesive products Expanded Florida wire & cable plant Developed medical interconnect pro
Slide 18: The 15's
The 15’s EBIT Margin ROIC Working Capital 14.0% 24.9% 12.5% 25.0% 11.7% 12.0% 12.0% 12.0% 9.4% 24.0% 10.0% 11.5% 11.2% 7.8% 8.5% 8.0% 11.0% 23.0% 22.6% 10.7% 6.0% 22.0% 21.9% 10.5% 22.0% 10.1% 4.0% 10.0% 21.0% 2.0% 9.5% 0.0% 9.0% 20.0% 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 Impl
Slide 19: Strong Balance Sheet
Strong Balance Sheet Debt Maturity Schedule Cash on Hand of $116M $600M available as of 3/31/13 under revolver Senior Senior Note Debt to Cap ratio of 29% $350M Note 3.75% Debt to EBITDA of 1.3 Senior $250M Note 5.125% EBITDA to Interest of 18.7x $150M 6.125% 2016 2020 2022 Well-positioned
Slide 20: Carlisle
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