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Let’s now turn to the presentation. As we do, please review slide two, titled Forward-Looking Statements, which details the risk involved in making an investment in Carlisle. I encourage everyone to read this statement and to refer to our SEC filings before making any investment decision.Please turn to slide three. Slide three is a summary of the total company’s performance in the second quarter. Sales were at $985 million, up 13% over 2011, a company record. Approximately 8% of our growth was organic, while 6% or $53 million came from the acquisition of PDT, Tri-Star and Hertalan that were made in late 2011 and early 2012. FX had a small negative impact on sales in the quarter. 22% of our quarterly sales came from outside the US putting us another step closer to our strategic goal of 30% of our sales coming from global markets. We gained tremendous leverage on our sales growth with EBIT margins of 64% to $140 million in the quarter. Our EBIT margins were up 440 basis points to 14.2%. And at Construction Materials, margins were up 500 basis points and at Transportation Products margins were up 640 basis points. Our second quarter earnings per share was up 60% to $1.39 per share. In the quarter, we generated $67 million in cash flow, which was $70 million higher than the second quarter of 2011. As I mentioned earlier, the 14.2% EBIT margins generated in the second quarter were the highest operational second quarter margins in our recent history. Turn to slide four and you will see our sales bridge for the second quarter. As you can see, price contributed 4.8%, volume contributed 2.8% and acquisitions contributed 6% to our growth. FX had a small negative impact of approximately 50 basis points. Slide five details our margin bridge for the quarter with 280 basis points coming from price, net of raw materials, 80 basis points from COS, the Carlisle Operating System, 30 basis points from volume and 50 basis points from acquisitions and other items. This adds up to 440 basis points improvement over the second quarter of 2011.
On slide six, we begin the review our individual segments, starting with our largest segment, Construction Materials. Sales growth was 14% with the acquisitions of PDT and Hertalan adding about half of the growth. Price added 6% and volume added another 1%. The volume increase came from our polyiso insulation product line while volume in our roofing membrane products was down in the quarter.EBIT was up 58% with the business earning $86 million compared to $54 million last year. Selling price exceeded our raw material cost impact in the quarter allowing us to gain back some of the negative price raw material risk we had in 2011. As you may recall, in the second quarter of 2011, raw material costs were increasing more rapidly than we could implement price increases. EBIT margins rose 500 basis points above our 2011 EBIT margins, mix and cost improvement also positively impacted EBIT margins. Construction Materials sales started very strong in the quarter, but slowed as we neared the end of the quarter. This will be a common theme in each of our businesses with the exception of Interconnect Technologies. Slide seven gives you a look at the progress we made in improving our Transportation Products segment. Our sales grew 4% in the quarter with 5% of that growth coming from price. We saw our outdoor power equipment customer volumes decline as their sales were negatively impacted by the hot weather and the drought that has encompassed nearly the entire US. Simply put, if the garage isn’t growing, (inaudible) aren’t selling. The hot weather has also impacted our Ag sales as farmers have slowed their spending for new equipment as crop yield are forecasted to be down in 2012. Consequently, Outdoor Power Equipment and the Power Transmission sales were down 9% and 5% respectively. Read the rest of this transcript for free on seekingalpha.com