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Press Release: Carlisle Companies Reports Fourth -3-

· 02/04/2021 16:05
Three Months Ended Twelve Months Ended December 31, December 31, ---------------------------------- -------------------------------------- (in millions, except per share amounts) 2020 2019 2020 2019 ------------------------ ---------------- ---------------- ----------------- ------------------- Impact to Operating Income Exit and disposal costs $ 5.9 $ 3.6 $ 24.5 $ 13.7 Other facility rationalization costs 0.1 2.2 2.1 5.7 Acquisition related costs: Inventory step-up amortization 0.3 0.9 0.7 3.1 Other acquisition costs (2.0) 2.0 3.7 8.3 Idle capacity and labor costs, net of subsidies 0.8 -- 8.8 -- Impairment charges 6.0 -- 6.0 -- Gains from insurance recoveries (0.7) -- (0.7) -- Gains from contingent consideration -- (2.0) -- (5.0) Gains from divestitures -- (2.1) (0.8) (2.1) ---------------- ---------------- ----------------- ----------------- Total $ 10.4 $ 4.6 $ 44.3 $ 23.7 ====== ======== ====== ======== ====== ========= ====== ========= Impact to Diluted EPS from Continuing Operations (1) Exit and disposal costs $ 0.08 $ 0.05 $ 0.34 $ 0.18 Other facility rationalization costs -- 0.03 0.03 0.08 Acquisition related costs: Inventory step-up amortization 0.01 0.01 0.01 0.04 Other acquisition costs (0.03) 0.04 0.05 0.12 Idle capacity and labor costs, net of subsidies 0.02 -- 0.12 -- Impairment charges 0.08 -- 0.08 -- Gains from insurance recoveries (0.01) -- (0.01) -- Gains from contingent consideration -- (0.03) -- (0.09) Gains from divestitures (0.04) (0.03) (0.05) (0.02) Loss on early extinguishment of debt -- -- 0.12 -- Indemnification losses -- -- 0.06 -- Tax items (0.20) (0.10) (0.31) (0.23) ---------------- ---------------- ----------------- ----------------- Total $ (0.09) $ (0.03) $ 0.44 $ 0.08 ====== ======== ====== ======== ====== ========= ====== ========= Impact to Operating Income Carlisle Construction Materials $ 0.1 $ (0.4) $ 3.3 $ 2.2 Carlisle Interconnect Technologies 9.5 6.9 26.7 16.7 Carlisle Fluid Technologies 1.7 (0.6) 4.2 0.8 Carlisle Brake & Friction 0.9 0.5 6.7 2.8 Corporate (1.8) (1.8) 3.4 1.2 ---------------- ---------------- ----------------- ----------------- Total $ 10.4 $ 4.6 $ 44.3 $ 23.7Revenues Carlisle Construction Materials $ 760.8 $ 753.7 $ 7.1 0.9% $2,995.6 $3,233.3 $(237.7) (7.4)% Carlisle Interconnect Technologies 154.6 239.2 (84.6) (35.4)% 731.6 972.9 (241.3) (24.8)% Carlisle Fluid Technologies 72.9 79.5 (6.6) (8.3)% 242.7 278.4 (35.7) (12.8)% Carlisle Brake & Friction 75.8 71.9 3.9 5.4% 275.3 327.0 (51.7) (15.8)% -------- -------- ------ -------- -------- ------- Total $1,064.1 $1,144.3 $(80.2) (7.0)% $4,245.2 $4,811.6 $(566.4) (11.8)% ======= ======= ===== ======= ======= ====== Operating Income (Loss) Carlisle Construction Materials $ 155.0 $ 127.6 $ 27.4 21.5% $ 581.6 $ 576.0 $ 5.6 1.0% Carlisle Interconnect Technologies (13.3) 29.1 (42.4) (145.7)% (2.1) 131.6 (133.7) (101.6)% Carlisle Fluid Technologies 3.3 10.1 (6.8) (67.3)% 5.3 24.0 (18.7) (77.9)% Carlisle Brake & Friction 0.8 0.8 -- --% (3.7) 21.3 (25.0) (117.4)% -------- -------- ------ -------- -------- ------- Segment Totals 145.8 167.6 (21.8) (13.0)% 581.1 752.9 (171.8) (22.8)% Corporate and unallocated (1) (34.0) (26.3) (7.7) 29.3% (97.5) (98.7) 1.2 (1.2)% -------- -------- ------ -------- -------- ------- Total $ 111.8 $ 141.3 $(29.5) (20.9)% $ 483.6 $ 654.2 $(170.6) (26.1)% ======= ======= ===== ======= ======= ====== Operating Margin Percentage Carlisle Construction Materials 20.4 % 16.9 % 350 bps 19.4 % 17.8 % 160 bps Carlisle Interconnect (2080) (1380) Technologies (8.6) % 12.2 % bps (0.3) % 13.5 % bps Carlisle Fluid (820) (640) Technologies 4.5 % 12.7 % bps 2.2 % 8.6 % bps Carlisle Brake (780) & Friction 1.1 % 1.1 % -- bps (1.3) % 6.5 % bps (180) (220) Total 10.5 % 12.3 % bps 11.4 % 13.6 % bps Depreciation and Amortization Carlisle Construction Materials $ 23.8 $ 24.7 $ (0.9) (3.6)% $ 98.0 $ 93.9 $ 4.1 4.4% Carlisle Interconnect Technologies 19.1 17.1 2.0 11.7% 77.5 63.0 14.5 23.0% Carlisle Fluid Technologies 6.0 6.2 (0.2) (3.2)% 23.4 24.1 (0.7) (2.9)% Carlisle Brake & Friction 5.2 5.5 (0.3) (5.5)% 21.5 21.7 (0.2) (0.9)% Corporate and unallocated (1) 1.1 0.5 0.6 120.0% 3.8 2.7 1.1 40.7% -------- -------- ------ -------- -------- ------- Total $ 55.2 $ 54.0 $ 1.2 2.2% $ 224.2 $ 205.4 $ 18.8 9.2% ======= ======= ===== ======= ======= ====== (1) Includes general corporate expenses and other unallocated costs.

Carlisle Companies Incorporated

Unaudited Items Affecting Comparability Information

Items affecting comparability include costs, and losses or gains related to, among other things, growth and profitability improvement initiatives and other events outside of core business operations (such as asset impairments, exit and disposal and facility rationalization charges, costs of and related to acquisitions, idle capacity and labor costs, net of subsidies, losses on debt extinguishment, litigation settlement costs, insurance settlements, gains and losses from and costs related to divestitures, and non-comparable tax items). Because these items affect our, or any particular operating segment's, financial condition or results in a specific period in which they are recognized, we believe it is appropriate to present the total of these items to provide information regarding the comparability of results of operations period to period.

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