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Press Release: Carlisle Companies Reports Fourth -2-

· 02/04/2021 16:05
Carlisle Companies Incorporated Unaudited Consolidated Statements of Income Three Months Ended Twelve Months Ended December 31, December 31, -------------------- ---------------------- (in millions, except per share amounts) 2020 2019 2020 2019 -------------------- --------- --------- --------- --------- Revenues $1,064.1 $1,144.3 $4,245.2 $4,811.6 Cost of goods sold 771.6 835.6 3,062.8 3,439.9 Selling and administrative expenses 164.2 155.6 641.5 667.1 Research and development expenses 12.6 15.9 54.8 60.9 Other operating expense (income), net 3.9 (4.1) 2.5 (10.5) -------- -------- -------- -------- Operating income 111.8 141.3 483.6 654.2 Interest expense, net 18.9 16.5 76.6 66.1 Loss on extinguishment of debt -- -- 8.8 -- Interest income (0.8) (1.7) (4.8) (7.9) Other non-operating expense, net 2.0 2.9 1.7 0.7 -------- -------- -------- -------- Income from continuing operations before income taxes 91.7 123.6 401.3 595.3 Provision for income taxes 7.0 19.6 77.1 121.6 -------- -------- -------- -------- Income from continuing operations 84.7 104.0 324.2 473.7 Discontinued operations: Loss before income taxes (5.4) -- (5.4) (1.8) (Benefit from) provision for income taxes (1.3) 1.4 (1.3) (0.9) -------- -------- -------- -------- Loss from discontinued operations (4.1) (1.4) (4.1) (0.9) -------- -------- -------- -------- Net income $ 80.6 $ 102.6 $ 320.1 $ 472.8 ======= ======= ======= ======= Basic earnings per share attributable to common shares: Income from continuing operations(1) $ 1.59 $ 1.84 $ 5.93 $ 8.30 Loss from discontinued operations (0.08) (0.03) (0.08) (0.02) -------- -------- -------- -------- Basic earnings per share $ 1.51 $ 1.81 $ 5.85 $ 8.28 ======= ======= ======= ======= Diluted earnings per share attributable to common shares: Income from continuing operations(1) $ 1.57 $ 1.81 $ 5.88 $ 8.21 Loss from discontinued operations (0.08) (0.03) (0.08) (0.02) -------- -------- -------- -------- Diluted earnings per share $ 1.49 $ 1.78 $ 5.80 $ 8.19 ======= ======= ======= ======= Average shares outstanding: Basic 53.2 56.4 54.5 56.9 ======== ======== ======== ======== Diluted 53.8 57.2 55.0 57.5 ======== ======== ======== ======== Dividends declared and paid per share $ 0.525 $ 0.50 $ 2.05 $ 1.80 (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 $ 84.5 $ 103.8 $ 323.1 $ 472.4 Net income 80.4 102.4 319.0 471.5 Carlisle Companies Incorporated Unaudited Segment Information Three Months Ended Increase Twelve Months Ended Increase December 31, (Decrease) December 31, (Decrease) ---------------------------- ------------------- ---------------------------- -------------------- (in millions, except percentages) 2020 2019 Amount Percent 2020 2019 Amount Percent -------------- --------- --------- ------- ---------- --------- --------- -------- ----------Three Months Ended December 31, 2020 --------------------------------------------------- CSL CCM CIT CFT CBF --------- ------- ---------- ---------- ------- Change in Organic Revenues (9.0) % 0.6% (40.3) % (16.1) % 2.8% Net Impact from Acquisitions 1.4 % --% 4.8 % 5.0 % --% Impact from FX 0.6 % 0.3% 0.1 % 2.8 % 2.6% Change in Revenues (7.0) % 0.9% (35.4) % (8.3) % 5.4%

Koch continued, "2020 was a year of significant accomplishments, despite the challenges of operating during a pandemic. Entering 2021, we are optimistic that we can build on our positive momentum, accelerate into the global recovery and deliver on Vision 2025. We will continue to benefit from the strength of the Carlisle business model, and enhance our strong earnings power by investing in our exceptional management teams and high-ROIC businesses. We will continue to deploy capital into strategic acquisitions, share repurchases and dividends, all the while maintaining our commitment to delivering returns on invested capital in excess of 15% and, ultimately, driving to $15 of earnings per share."

Table 1. Revenue Breakdown

EPS referenced in this release is from continuing operations unless otherwise noted.

Conference Call and Webcast

The Company will discuss fourth 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, 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.

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 Phoenix, Arizona. Its worldwide team of employees generated $4.2 billion in revenues in 2020. Learn more about Carlisle at www.carlisle.com.

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February 04, 2021 16:05 ET (21:05 GMT)