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Text: Today's call will begin with Chris discussing business trends experienced during the first quarter of 2021, views of what's to come and context around our progress toward an unwavering commitment to achieving Vision 2025.
Bob will discuss the financial details of Carlisle's first quarter performance and current financial position.
Those considering investing in Carlisle should read these statements carefully and review reports we file with the SEC before making an investment decision.
And we've also have historically provided in supplemental tables, which are available on our website.
With that, I introduce Chris Koch, Chairman, President and CEO of Carlisle.
I hope all of you, your families, co-workers and friends are staying safe and healthy as we collectively manage through what is hopefully the beginning of the end of the COVID-19 pandemic.
Reflecting on the last 12 months of uncertainty, I take great pride in how roughly one year ago the Carlisle team handled the immediate threats born out of the pandemic.
Our first actions were to ensure our teams at Carlisle were taking the steps necessary to provide a safe work environment.
We ensured that our team members had access to healthcare, continue to be paid, and had company support for the difficult situations many were facing.
We enacted strict health and safety protocols based on the CDC, World Health Organization and best-in-class peer actions and recommendations, which contributed to a low infection rate at Carlisle across the globe.
Our next steps were to support our highly engaged and flexible workforce as they took very proactive measures to ensure we supported our customers that were providing essential services to the economy.
We wanted to ensure that they can count on Carlisle to be there to provide the right product to the right place at the right time or what we've come to call, the Carlisle experience.
Turning to Slide 3 now.
Throughout 2020 an essential part of leadership's job was to cut through the confusion, misinformation and complexity present in our daily lives and communicated a clear, direct and simple strategic vision for the organization that would inform our priorities, educate our collective mission and guide our everyday actions of work.
At Carlisle we call this Vision 2025.
This compelling strategic framework gave us clear direction and consistency emission during the tumultuous past year and will continue to guide our efforts as we accelerate into the recovery in 2021.
During the past 12 months Carlisle again proved its ability to navigate varying economic cycles with steadiness and focus, while delivering strong financial performance reconfirming our conviction in Vision 2025 and it's key strategies.
The first quarter of 2021 continues to validate the hard work, effort and commitment by all Carlisle employees to our stakeholders and signals that operational momentum is building across our platforms.
Moving to Slide 4.
Due to the strength in our CCM, CFT and CBF businesses, our revenue was flat year-over-year despite a very tough comparison to quarter 1 of 2020.
The well-understood impact of the COVID-19 pandemic on the commercial aerospace markets continued to weigh on CIT results and it had a significant negative impact on the first quarter of this year.
More than offsetting this was outstanding performance at CCM where our team delivered 6.3% year-over-year revenue growth.
A tremendous achievement when considering the first quarter of 2020 was 1% higher than 2019 and Q1 of '19 was 12% higher than 2018.
Additionally, we are encouraged by CBF's rebound from a multi-year sector decline in demand for off-highway vehicles.
And lastly, CFT continues to build on its second half 2020 performance and we're encouraged with CFT's global end market strengthening.
Our strong results and rapid recovery from the initial shock of the early stages of the pandemic reinforce our confidence in the Carlisle team's ability to achieve Vision 2025.
The first quarter results highlight how we continue to execute on our long-term strategies including maintaining the highest standards in providing the Carlisle experience to our customers, investing in high return capital projects to drive organic growth across our core platforms, working an active pipeline of acquisition targets, returning excess capital to shareholders through share repurchases and dividends, continuing on our ESG journey and demonstrating the exceptional and sustainable earnings power of the Carlisle business model.
It is our history of innovation, investment and continuous improvements that supports more conviction than ever in Carlisle's future success.
The first quarter of 2021 continue to demonstrate the strength of the CCM franchise and reaffirms our commitment to reinvesting in this, our highest returning business.
Our pivot to CCM that began with the introduction of Vision 2025 several years ago was to us an obvious strategic choice after more than two decades of exceptional returns on capital, strong organic growth and solid financial performance.
This is further bolstered by the now well-understood value of the Carlisle experience.
By the Carlisle experience we mean ensuring delivery of the right product at the right place at the right time.
We mean industry-leading investment in production facilities and R&D capabilities, best-in-class education for channel partners on the latest roofing products and installation best-practices, an award-winning customer service team, continuing to innovate and provide value-added products that ensure quicker, easier and safer installation of our building envelope systems and solutions in an increasingly labor and material constrained environment.
And finally, and maybe most importantly, contributing products that provide a better environment for all stakeholders.
Taken in whole, the Carlisle experience is how CCM has become a manufacturing, engineering and commercial leader in the construction products industry.
Further evidence of our commitment to the Carlisle experience into investing in our highest-returning businesses, earlier this week Carlisle announced plans to invest more than $60 million to build an innovative, state-of-the-art manufacturing facility in Sikeston, Missouri.
This investment will support our organic growth initiatives and also create jobs for the city of Sikeston and surrounding communities.
The building and its surrounding footprint will incorporate the latest advances in lead building technologies and highest standards of sustainability.
The insulation materials manufactured here not only lower energy cost for building owners and operators, but also help reduce a buildings GHG emissions.
Additionally, this site's central location will reduce the carbon footprint of CCM's supply chain and improve material lead times for customers in the region.
Demand continues to grow for our insulation solutions given the strong reroofing cycle under way in the U.S. as well as the growing needs to improve the energy performance of commercial buildings.
With that in mind, we felt this was the right time to expand our capacity and enhance the Carlisle experience for our customers in the Midwest.
Please turn now to Slide 6.
illustrated are some specifics on our first quarter results where CCM exhibited the remarkarble the strength of its business model.
CCM organic sales grew nearly 6% year-over-year reflecting strong demand for our sustainable building envelope solutions and underscoring the importance of the Carlisle experience.
March volumes were particularly strong more than offsetting significant weather-induced softness in February.
And additionally, bookings entering the second quarter are at record levels.
Fortunately, our conviction in a strong 2021 meant that we anticipated the market needs and drove elevated production levels during the latter part of 2020 and into the winter months as others in the industry cast out on underlying demand.
We did this is a commitment to our customers to ensure their needs will be met and continue to earn our place as a supplier of choice for their building envelope solutions.
CCM continues to benefit from the strong reroofing cycle in the United States.
Our products and solutions for non-residential buildings are non-discretionary and can only be deferred for so long.
We believe CCM volumes in 2021 should benefit from work postponed in 2020 due to the pandemic.
But we maintain our conviction in the sustainability of the reroofing demand in the U.S. where we continue to expect the market to grow from $6 billion to $8 billion in the next decade.
Additionally, CCM is meeting head-on the challenges from the significant acceleration in raw material and logistics cost inflation during the quarter.
Coming into the year we were expecting an inflationary environment, coupled with strong demand and thus had prioritized selling price increases across most product categories at CCM to ensure we can continue to invest in and provide world-class customer service to our customers.
Our procurement and supply chain teams are doing a great job in navigating a volatile and extremely tight marketplace.
Again with the goal of providing the best-in-class Carlisle experience to our customers.
The first quarter results were in line with subdued expectations given the ongoing disruption in the commercial aerospace market.
Improving leading indicators, which include the expanding vaccine rollout, increasing numbers of domestic travelers, growing aircraft manufacturer backlogs, and improvements in CIT's order books give us confidence that CIT is positioned for a sequential improvement going forward.
CFT delivered improved revenue and profitability performance in the first quarter driven by its reenergized commitment to new product innovation, improved operational efficiencies, price discipline and integration of our newer platforms.
We are especially pleased that new products accounted for over half of the volume growth in this quarter.
At CBF the significant actions taken to improve the business over the past few years are yielding expected results combined with demand for off-highway vehicles and equipment especially in Ag and construction is driving very strong volumes.
CBF is delivering positive and accelerated earnings growth in what looks to be a significant inflection year for this business.
Our ESG efforts also continue to gain momentum under Dave Smith, our recently appointed Vice President of Sustainability.
In early April, we published our 2020 sustainability report in conjunction with the launch of a new award-winning ESG-focused website.
These launches collectively share details of Carlisle's century-long journey and provide a deeper look into the socially responsible approach we undertake to create value for all stakeholders of the company.
I'd also like to highlight how important the Carlisle operating system was to Carlisle throughout the past year and will continue to be as we drive to deliver Vision 2025.
During the pandemic year of 2020 and the 13th year of our COS journey, our teams leaned heavily on COS to navigate through significant uncertainty.
The first quarter again demonstrated the value of COS as we delivered 1.2% savings as a percent of sales well within our target of 1% to 2% annually.
Moving to Slide 8.
Before Bob updates you on our financial performance, I wanted to give you a quick update on capital deployment.
We continue to seek synergistic acquisitions that are currently working a robust pipeline.
For years we remained active on share repurchases buying back $150 million worth of shares during the first quarter and we paid $28 million worth of dividends.
We remain opportunistic in share repurchases and will continue to balance our cash position with the opportunities within the robust M&A pipeline.
We believe the strong performance in the first quarter across all platforms at Carlisle is a product of staying the course on our strategies.
I'm proud of how the team met the challenges in the past year.
I believe Carlisle is at a solid position to accelerate through the recovery.
Bob will now provide operational and financial detail about the first quarter and review our balance sheet and cash flow.
Starting with this quarterly call when referencing profitability I'll be speaking to adjusted EBITDA margins and adjusted earnings.
Revenue was flat in the first quarter driven by CCM, CFT and CBF offset by the well-documented commercial aerospace decline in CIT.
Organic revenue declined 1.4%.
CCM, CFT and CBF all delivered greater than 5% organic growth in the quarter.
Acquisitions contributed 0.4% sales growth for the quarter and FX was a 90 basis point tailwind.
Turning to our adjusted EBITDA margin bridge on Slide 10.
Q1 adjusted EBITDA margin declined 180 basis points to 14.4%.
Pricing and volume headwinds combined for a 150 basis point decline is driven by CIT.
Acquisitions were a 10 basis point headwind.
Freight, labor, raw material and other operating costs netted to a 140 basis point decline.
COS benefits added 120 basis points.
On Slide 11, we have provided adjusted earnings per share bridge where you can see the first quarter adjusted earnings per share was $1.47, which compares to $1.67 last year.
Volume, price and mix combined were $0.24 year-over-year decline.
Raw material, freight and labor costs were a $0.25 headwind.
Interest and tax together were a $0.01 headwind.
Partially offsetting the decline, share repurchases contributed 5%, COS contributed $0.16, and lower opex was a $0.09 benefit year-over-year.
While COVID-related volumes declines at CIT clearly represented the most significant headwind during the quarter, our CIT team did a commendable job managing costs, leveraging COS to improve efficiencies and taking actions to position Carlisle for recovery while mitigating the pandemic's impact on earnings.
At CCM, the team has again delivered outstanding results with revenues increasing 6.3% driven by volume and 60 basis points of foreign currency translation tailwind.
CCM continued to exhibit its resilience with solid U.S. commercial roofing performance despite continued COVID-related restrictions in some areas and severe weather in February.
Our European and architectural metal teams were solid contributors to the quarter's revenue performance.
Adjusted EBITDA margin at CCM was 20.1% in the first quarter, a 50 basis point improvement over last year, driven by the higher volumes, COS savings and cost management partially offset by wage and raw material inflation.
CIT revenue declined 30.6% in the first quarter.
As has been well-publicized this decline was driven by the pandemic's impact on commercial aerospace markets.
While recovery in aerospace could be prolonged we are confident that there will be a resumption of growth with the continued rollout of the COVID vaccine and airlines returning to profitability.
In our medical platform where sales were up nicely in the quarter year-over-year, we continue to expect sequential improvement from pent-up demand as the impacts of COVID on hospital capex in postponement of elective surgeries ease.
Additionally, our project pipeline is robust and our backlog's improving.
CIT's adjusted EBITDA margin declined year-over-year to 7.1% driven by commercial aerospace softly -- partly offset by savings from COS and lower expenses.
While the actions taken by CIT in 2020 to rightsize our footprint and reuse the overall workforce were difficult, we are positioned to deliver sequentially improving performance throughout 2021.
Turning to Slide 14.
CFT sales grew 12.9% year-over-year.
Organic revenue improved by 5.3%.
Acquisitions added 4.1% in the quarter and FX contributed 350 basis points.
Stabilization in key end markets, driven by an improved industrial capital spending outlook in 2021 coupled with new product's introductions, pricing resolve and efforts to upgrade the customer experience position CFT to accelerate through the recovery.
Adjusted EBITDA margins were 15.5% with a 590 basis point decline year-over-year.
This decline primarily reflects an FX gain of approximately $3 million from the previous year, partially offset by growing volume.
Turning to Slide 15.
CBF first quarter organic revenue growth was 20.4% and FX had a positive 3.7% impact driving CBF's organic total growth to 24.1% in the quarter.
Demand for agricultural and construction equipment was a primary contributor to the growth.
Additionally, backlog continues to strengthen with bookings up 80% year-over-year.
Adjusted EBITDA margins were 13.3%, a 600 base improvement driven by higher volumes and COS savings.
On Slide 16 and 17 we show selected balance sheet metrics.
Our balance sheet remains strong.
We ended the quarter with $767 million of cash on hand and $1 billion of availability under our revolving credit facility.
We continue to approach capital deployment in a balanced and disciplined manner.
Investing in organic growth through capital expenditures and opportunistically repurchasing shares while also actively seeking strategic and synergistic acquisitions.
Free cash flow for the quarter was $47.6 million, a 57% improvement year-over-year.
Turning to Slide 18, you can see the outlook for 2021 and corporate items.
Corporate expense is now expected to be approximately $120 million for the year driven by stock and incentive-based compensation along with higher medical expenses.
We continue to expect depreciation and amortization expense to be approximately $225 million.
For the full year, we expect to invest in our businesses and still expect capital expenditures of $150 million to $175 million.
Net interest expense is still expected to be approximately $75 million for the year, and we still expect our tax rate to be approximately 25%.
Finally, we expect restructuring in 2021 to be approximately $20 million.
During the second quarter of 2021, we are very optimistic about the remainder of the year.
From record backlogs at CCM to growing positive trends in CIT's aerospace markets to recovery in both CBF and CFT coupled with excellent sourcing and price discipline, we're confident in our ability to deliver solid results for our shareholders.
We will continue to seek to deploy capital into strategic acquisitions, share repurchases and dividends.
While there are still uncertainties around the pandemic for the full year of 2021, we anticipate the following.
At CCM supported by a strong multi-year reroofing base, project deferrals that occurred in 2020, positive momentum in our newer businesses of architectural metals and polyurethanes, and expansion of our European business, we now anticipate revenue growth of low double digits in 2021.
At CIT given improving leading indicators, including a vastly better COVID-19 outlook, increasing daily TSA screenings for domestic travel, and improving airline financials translating into increased manufacturers orders CIT's financial performance has stabilized and is positioned for sequential improvement going forward.
That said, we anticipate pressures remain near term.
Given a very difficult year-over-year comparison in the first and second quarters we continue to expect CIT revenue will decline in the mid-to-high single-digit range in full year 2021.
At CFT with end markets strengthening especially general industrial and improvements in the team's execution of our key strategies, we continue to expect low double-digit growth in 2021.
And at CBF supported by strengthening demand in core markets, price resolving and growing backlog, we now expect over 30% year-over-year growth in 2021.
And finally, for Carlisle as a whole, we expect low double-digit growth in 2021.
In closing, I want to once again express my gratitude to our dedicated employees, their families, our business partners and all those associated with Carlisle's success.
Given our 100-year history and the resilience this company has shown in times of adversity and uncertainty, we remain confident in Carlisle's outlook, our strong financial foundation, cash-generating capabilities, unwavering commitment to our Vision 2025 strategic plan, and to providing products and services essential to the world's needs.
This concludes our formal comments.

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sees fy sales for carlisle brake & friction up more than 30%.
q1 adjusted earnings per share $1.47.

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