Earnings Review and Free Research Report: Carlisle Cos.’s Q2 Top-line Grew 7.5% Y-o-Y; Beat Forecasts

Research Desk Line-up: Goodyear Tire & Rubber Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 4, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Carlisle Cos. Inc. (NYSE: CSL), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CSL , following the Company's reporting of its financial results on July 25, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Scottsdale, Arizona-based Company's net sales grew 7.5% y-o-y, beating market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

In Q2 FY17, Carlisle reported net sales of $1.07 billion compared to $996.9 billion reported in Q2 FY16. Net sales numbers for the reported quarter outperformed market expectations of $1.06 billion. During the reported quarter, net sales from acquisitions contributed a total of 4.2% to net sales in the quarter, whereas organic net sales grew 4.0%. Meanwhile, foreign exchange negatively impacted net sales by 0.7%.

The global diversified company reported net income of $102.3 million, or $1.58 per diluted share, in Q2 FY17 compared to $115.2 million, or $1.75 per diluted share, in Q2 FY16. Excluding restructuring and facility rationalization costs, the Company had reported net income of $1.67 per diluted share in Q2 FY17. Wall Street had expected the Company to report Q2 FY17 net income of $1.61 per diluted share.

Operating Metrics

During Q2 FY17, Carlisle's cost of goods sold came in at $757.7 million compared to $675.7 million in the prior year's same quarter. The selling and administrative expenses increased to $141.6 million during Q2 FY17 from $131.5 million in the previous year's comparable period. Meanwhile, the Company's EBIT also fell to $158.8 million, or 14.8% of total sales, in Q2 FY17 from $178.9 million, or 17.9% of total sales, in the last year's comparable quarter.

Segment Performance

Carlisle Construction Materials segment's net sales grew 8.4% to $631.2 million during Q2 FY17. However, the segment's EBIT fell to $129.0 million, or 20.4% of the segment's sales, for the reported quarter from $133.1 million, or 22.8% of the segment's sales, in Q2 FY16.

In the reported period, Interconnect Technologies segment's net sales were down by 3.6% to $201.8 million from $209.4 million in Q2 FY16. The segment's EBIT declined to $20.1 million, or 10.0% of the segment's sales in Q2 FY17 from $39.6 million, or 18.9% of the segment's sales, recorded in the year-ago same quarter.

During Q2 FY17, FoodService Products segment's net sales surged 38.3% to $87.8 million from $63.5 million in the last year's comparable quarter. The segment's EBIT also rose to $12.1 million, or 13.8% of the segment's sales, during Q2 FY17 from $8.2 million, or 12.9% the segment's sales, in Q2 FY16.

Fluid Technologies segment's net sales for Q2 FY17 stood at $71.0 million, up 4.1% from $68.2 million in the prior year's corresponding quarter. Furthermore, the segment's EBIT stood at $7.5 million, or 10.6% of the segment's sales in Q2 FY17 compared to $7.3 million, or 10.7% of the segment's sales, in Q2 FY16.

The Company's Brake & Friction segment reported sales of $79.9 million in Q2 FY17, rising 9% from $73.3 million in the prior year's same quarter. However, the segment's EBIT declined to $1.4 million, or 1.8% of the segment's sales, in Q2 FY17 from $4.8 million, or 6.5% of the segment's sales, in last year's comparable quarter.

Cash Flow & Balance Sheet

During the six months ended June 30, 2017, Carlisle generated $134.7 million in cash from operating activities compared to $179.9 million in the year ago same period. Free cash flow for the half year ended June 30, 2017, stood at $68.6 million, down $65.4 million y-o-y.

The Company had cash and cash equivalents balance of $139.8 million as on June 30, 2017, compared to $385.3 million, at the close of books on December 31, 2016. Furthermore, the Company had long-term debt amounting to $706.7 million as on June 30, 2017, compared to $596.4 million as on December 31, 2016.

Share Repurchase

During the first half of FY17, the Company used $150.0 million in cash to repurchase approximately 1.5 million shares.

Stock Performance

Carlisle's share price finished yesterday's trading session at $97.76, slightly down 0.64%. A total volume of 347.52 thousand shares have exchanged hands. The Company's stock price advanced 0.64% in the last one month. Shares of the Company have a PE ratio of 27.57 and have a dividend yield of 1.43%. The stock currently has a market cap of $6.28 billion.

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