Research Desk Line-up: Trinseo Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 7, 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 posting of its financial results on October 24, 2017, for the third quarter of the fiscal year 2017. The Company's net revenue increased 9.9% on a y-o-y basis. 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:
Get more of our free earnings reports coverage from other constituents of the Rubber & Plastics industry. Pro-TD has currently selected Trinseo S.A. (NYSE: TSE) for due-diligence and potential coverage as the Company reported on November 02, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Trinseo when we publish it.
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For the three months ended September 30, 2017, Carlisle's net revenue increased 9.9% to $1.09 billion from $991 million in Q3 FY16. For the reported quarter, the Company's organic net revenue increased 4.4% on a y-o-y basis.
For the reported quarter, Carlisle's selling and administrative expenses increased 12.2% to $152.2 million from $135.6 million in Q3 FY16. During Q3 FY17, the Company's R&D expenses increased 9.7% to $13.5 million from $12.3 million in the same period of last year.
During Q3 FY17, Carlisle's earnings before interest and taxes (EBIT) increased 292.6% to $142.9 million from $36.4 million in Q3 FY16. For the reported quarter, the Company's EBIT margin increased 940 basis points to 13.1% of revenue from 3.7% of revenue in Q3 FY16. During Q3 FY17, Carlisle's adjusted EBIT decreased 19.6% to $142.9 million from $177.9 million in Q3 FY16.
For the reported quarter, Carlisle's net income was $86.4 million compared to a net loss of $9.5 million in Q3 FY16. During Q3 FY17, the Company's diluted earnings per share (EPS) was positive $1.37 versus negative $0.15 in the comparable period of last year. During Q3 FY17, the Company's adjusted net income decreased 23.6% to $86.4 million from $113.1 million in Q3 FY16. During Q3 FY17, the Company's adjusted diluted EPS decreased 21.3 % to $1.37 from $1.74 in the corresponding period of last year. The adjusted diluted EPS surpassed analysts' expectations of $1.32.
On November 01, 2017, the Company announced that it had completed the purchase of Accella Performance Materials for $670 million in an all-cash transaction, pursuant to the previously announced purchase agreement with Arsenal Capital Partners.
Carlisle Construction Materials (CCM) - During Q3 FY17, the CCM segment's net revenue increased 10.7% to $640.2 million from $578.2 million in the same period of last year. For the reported quarter, the segment's EBIT decreased 5.9% to $124.2 million from $132 million in Q3 FY16. The decrease was due to rising raw material costs and acquisition-related costs.
Carlisle Interconnect Technologies (CIT) - During Q3 FY17, the CIT segment's net revenue decreased 3.4% to $210.8 million from $218.2 million in the comparable period of last year. For the reported quarter, the segment's EBIT decreased 39.1% to $25.7 million from $42.2 million in Q3 FY16. The decrease was primarily due to an unfavorable mix, a volume decline, a higher facility rationalization, and higher plant restructuring costs.
Carlisle FoodService Products (CFS) - During Q3 FY17, the CFS segment's net revenue increased 37.6% to $86.7 million from $63 million in the corresponding period of last year. For the reported quarter, the segment's EBIT increased 28.9% to $11.6 million from $9 million in Q3 FY16.
Carlisle Fluid Technologies (CFT) - During Q3 FY17, the CFT segment's net revenue increased 2.8% to $70.9 million from $69 million in the same period of last year. For the reported quarter, the segment's EBIT decreased 98.9% to $0.1 million from $9.5 million in Q3 FY16. The decrease was due to accelerated restructuring and facility rationalization costs, and continuation of investments to position the business for future growth and margin improvement.
Carlisle Brake & Friction (CBF) - During Q3 FY17, the CBF segment's net revenue increased 28.6% to $80.5 million from $62.6 million in the comparable period of last year. The increase was due to new business launches and growth in their key end markets of construction, agriculture, and mining. For the reported quarter, the segment's EBIT was positive $1.2 million compared to negative $141.3 million in Q3 FY16.
As on September 30, 2017, Carlisle's cash and cash equivalents decreased 61.6% to $147.6 million from $385.3 million as on December 31, 2016. For the reported quarter, the Company's long-term debt increased 31.1% to $781.9 million from $596.4 million in the fourth quarter of 2016.
For the reported quarter, Carlisle's net receivables increased 35% to $690.8 million from $511.6 million in the fourth quarter of 2016. During Q3 FY17, the Company's accounts payable increased 35% to $328.9 million from $243.6 million in Q4 FY16.
During FY17, Carlisle's YTD cash provided by operating activities decreased 15.6% to $299.6 million from $355.1 million in FY16. During FY17, Carlisle's YTD free cash flow decreased 30.2% to $193.8 million from $277.8 million in FY16. The decrease was primarily attributable to a greater usage of cash for working capital and higher capital expenditure.
For FY17, Carlisle expects total revenue growth to be in high-single digits and capital expenditure to be $150 million.
On Monday, November 06, 2017, the stock closed the trading session at $110.56, slightly up 0.76% from its previous closing price of $109.73. A total volume of 224.12 thousand shares have exchanged hands. Carlisle's stock price surged 12.10% in the last three months, 7.98% in the past six months, and 5.61% in the previous twelve months. The stock is trading at a PE ratio of 21.87 and has a dividend yield of 1.34%. At Monday's closing price, the stock's net capitalization stands at $6.87 billion.
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