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Text: carlisle.com in the Investor Relations section.
Today's call will begin with Chris discussing business trends experienced during the fourth quarter of 2020, views of what's to come in 2021 and context around our continued confidence in achieving Vision 2025.
Bob will discuss Carlisle's fourth 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.
Entering what is now the second year of operating in this COVID-19 pandemic, I hope everyone is healthy and staying safe.
I'd like to open by saying how proud I am of the global Carlisle team for their perseverance and ability to execute in these uncertain times.
Our COVID statistics reflect the strong compliance to the CDC guidelines and safety measures all Carlisle employees have followed.
In 2020, we suffered 470 infections, 15 hospitalizations and sadly, three deaths.
We continue to do our part to combat the spread of the virus in combination with further progress on the vaccination rollout.
We anticipate that we will continue to show our safety measures are working because at Carisle maintaining health and safety is always our first priority.
Vision 2025 provided clear direction and consistency of mission during a tumultuous 2020 and will continue to guide our efforts as we accelerate into the recovery.
As we passed the mid-year mark and entered the third quarter, we continued to build on the momentum started in late Q2 when our employees, customers and supply chain partners increasingly were able to work safely and efficiently and began to get back to contributing to economic growth.
As the global community returned to work, strong underlying deferred demand became more evident, especially in our building products business.
While we expect this momentum to continue as vaccines help decrease risk, the construction industry is still contending with uneven regional disruptions due to COVID restrictions, severe weather in certain areas and tight labor dynamics, which is resulting in deferred demand continuing to build the backlog of work.
Turning to Slide 4.
2020 demonstrated yet again the exceptional and sustainable earnings power of the Carlisle business model.
Over the past several decades, Carlisle has been categorized as a diversified industrial company and rightly so as evidenced by our portfolio contact -- or content multiple acquisitions in a variety of segments ranging from fluid handling to medical technologies and our legacy strategic goals.
However, since CCM introduced the first single-ply EPDM roofing membranes to the market in the early 1960s.
Carlisle's growth and earnings have increasingly been powered by our construction materials business.
With over a half century of outstanding performance, CCM's influence on our overall performance has consistently expanded despite our diversification efforts peaking in 2020 when it accounted for over 70% of revenues and over 90% of earnings.
In the past three years, CCM has accelerated their world-class performance leveraging consistent organic growth focused on providing the ultimate customer service, the Carlisle Experience, and instituting greater price discipline, developing sophisticated sourcing and purchasing capabilities and maintaining a continuous improvement culture, all aiming to drive increased profitability and shareholder value.
In 2017, when we first contemplated Vision 2025, we turned a critical eye to our capital deployment efforts and started to pivot to a more disciplined ROI focus.
It was that critical assessment and objective view of value creation that drove our focus under Vision 2025 to apply a greater investment spotlight on the CCM.
A consistent 30% plus returns business, CCM's performance warranted and earn the right to share the majority of investment dollars that were allocated to portfolio diversification.
At that time, a key strategy of Carlisle's legacy approach of building out higher growth and presumably higher margin platforms as a path to sustainable value creation.
With the official rollout of Vision 2025 in February of 2018, our evolution was actualized evidenced by our recent extensive M&A and capital investments at CCM.
As shown on Slide 5, CCM has continued to evolve from its roots, the early 1960s of a simple, single-ply roofing membrane division to today where we deliver innovative easy to install and energy-efficient solutions throughout -- through the Carlisle Experience for customers who are creating the sustainable building for the future.
With our extensive line of building envelope products CCM offers complete set of solutions and systems to aid in the design of efficient building envelope efficient projects backed by industry leading warranties and a focus on green principles.
On Slide 6, you can see how this building envelope concept can deliver substantial energy savings for building owners.
CCM products provide a substantial offset to the estimated 40% of greenhouse gases globally generated from the construction and maintenance of buildings and our teams are focused on continuing to support the growing efforts in global energy efficiency.
It is because of this history of innovation, investment and continuous improvement that we have more conviction than ever that CCM's future success is secure.
We believe the extensive planning of Vision 2025 identified the strengths of CCM's core markets, demonstrated a consistent reroofing revenue stream and elevated the power of CCM's sustainable business model.
2020 only served to crystallize our confidence.
Turning to Slide 7.
I'd like to spend a few minutes talking in more detail about CCM's future and what drives our confidence in the CCM business model.
First, as you've heard us speak about it like CCM's core business is predominantly driven by replacement roofing demand.
Non-residential buildings built 10 to 20 years ago make up over 25% of current infrastructure and those roofs will need replacing in the next decade.
As a reminder, roof replacements are not discretionary.
Aided by the Carlisle experience and our market position, CCM should continue to capture placement of installed roofing systems and grow share with new energy-efficient, labor reducing and cost-effective product and solutions in the $6 billion and growing market.
While the majority of our core CCM business revenue comes from reroofing, past construction cycles evidenced residential construction as a strong leading indicator of new commercial construction, which augments core CCM growth.
Growing residential construction demand, which accelerated in 2020 coinciding with urban relocation due to COVID will require increased commercial infrastructure, including big-box retailers, hospitals, warehouses and educational buildings to support a growing population of suburban families and workers.
Second, as shown on Slide 8, the recent addition of our Polyurethane platform to CCM included spray foam insulation, which is a sustainable high single-digit growth market.
Our top performing formulations provide unmatched energy efficiency in both residential and non-residential applications.
Driven by our industry-first concept of the combined material and equipment solution, which we call IntelliSpray, it was developed and introduced with engineering support from Carlisle Fluid Technologies.
Carlisle's CCM is uniquely positioned to grow at above market levels in spray Polyurethane foam insulation.
This innovative new system will allow us to provide the contractor, builder and homeowner with greater application efficiency and control, savings from application efficiency improvements and ultimately a better foam insulation product.
Third, like Polyurethane, Architectural Metals is an exciting new platform for CCM, it's a $1 billion market growing at approximately 2 times GBP provides an attractive opportunity to diversify into the sloped roof market with a highly sustainable product.
Our metals platform is seeing healthy organic growth as it offers a lasting high ROI system solution to building owners, generating solid pull through sales of CCM insulation and other layman products.
To support our regional growth strategy, we are expanding our metals footprint in 2021 by opening three new locations in the U.S. Metal roofing systems also complement our drive to deliver solutions that support the construction of an efficient building envelope.
Metal roofs are 100% recyclable, increase energy efficiency of the building up to 20% versus traditional materials and reduce waste in the manufacturing process.
Fourth, we are committed to accelerating growth in Europe, a $10 billion -- or EUR10 billion addressable market.
To drive this growth, we recently changed leadership in the region and announced the investment of over $25 million to expand capacity in our German manufacturing facility.
Increasing demand and regulations for improved thermal performance along with integrated roofing systems are driving a shift to single-ply membranes in Europe.
CCM's leading environmental energy-efficient solutions lend themselves well to trends in the European market.
Recent industry dynamics reinforce our ability, the new ownership of the recently acquired competitor and it announced management addition at another competitor, shows the widespread belief of the strong prospects for the non-residential building product space.
The industry dynamics also support our strategy to accelerate growth in Europe.
And finally, as it was widely discussed after the recent acquisition, our increased focus on delivering the Carlisle Experience for the sustainable building of the future is in line with macro industry trends.
Before moving to our three other businesses, I want to reiterate how remarkable our CCM business and the team performed in 2020.
CCM was largely the story for Carlisle in 2020 and we expect that to continue into 2021 and beyond.
Regarding our other three businesses, on Slide 9, 2020 was obviously a difficult year due to the pandemic.
In the face of significant declines, the teams did a commendable job managing through the crisis, taking actions to reduce costs and position their businesses for the future, including leveraging COS, investing in new product development and rightsizing footprints.
While the results did not meet our expectations, these remain good -- very good businesses with solid management teams committed to weathering the current macroeconomic challenges.
We are optimistic that the actions taken in 2020 to improve CIT, CFT and CBF will position these businesses for a solid recovery, especially in 2021 for CFT and CBF where markets have signaled the bottom.
While we believe CIT will recover over a longer timeline, we are confident that there will be a recovery.
With higher inoculation rates from rapid vaccine rollouts, easing of COVID travel restrictions and an improved outlook for both aerospace and hospital capital spending, CIT will drive exceptional leverage with the resumption of growth.
Before Bob gives the financial details of the quarter, I'd like to touch on a few other notable achievements in 2020.
We've generated $2.5 billion of free cash flow over the last six years and recently accelerating significantly with almost half of that was generated in 2019 and 2020.
This track record of success supports our confidence and this team's ability to execute on our capital allocation strategy and to create value.
While 2020 was a subdued year for M&A, we are managing an active pipeline for accretive and synergistic acquisitions to rapidly scale our high returning businesses.
As always, our financial strength and cash flow generating capabilities afford us flexibility and we intend to remain opportunistic.
Notably, and as we've discussed in the past, when acquisition activity is subdued, we remain committed to returning capital to shareholders.
This is evidenced by our deployment of more of than $380 million of share repurchases in 2020, totaling approximately $1.5 billion in share repurchases since 2017.
And at our latest Board meeting, our Board approved an incremental $5 million share repurchase authorization for Carlisle.
We also returned over $112 million to shareholders in the form of dividends in 2020, raising our dividend in August for the 44th consecutive year.
An finally, we spent $96 million of capex in 2020 and that plans to significantly increase that in 2021.
On Slide 11, we touch on our continued and expanded actions around ESG where Carlisle remains steadfast in our commitment.
Supported by COS, we are continually examining ways to improve the design and manufacturing of our products, seeking to better engage our employees and communities and improve an already strong regulatory framework.
In 2020, we also made progress in diversity and inclusion exiting 2020 with 50% of our Board of Directors identifying as gender, racially or ethnically diverse and meeting our 2020 target for percent of females in senior leadership positions.
And as we've stated many times before, ESG is part of Carlisle's culture of continuous improvement and we look forward to sharing more progress with you in the future.
We also encourage you to read more about Carlisle's ESG efforts on the Sustainability pages of our website.
In 2020, COS delivered savings of 1.3% of sales, well within our Vision 2025 annual target of 1% to 2%, a remarkable feat considering 2020's challenging conditions and proving that Carlisle employees truly embody and live our continuous improvement culture every day.
Another major milestone in 2020 was the launch of the Path to Zero, which represents our commitment to creating the safest possible work environment and features the goal of zero accidents and zero injuries.
COS will continue to be a unifying cultural imperative for our businesses to rely on as they seek new opportunities to make our operations and business processes more efficient.
Bob will now provide operational and financial details about our fourth quarter and review our balance sheet and cash flow.
Revenue decreased 7% to $1.1 billion in the fourth quarter.
Organic revenue declined 9%.
Acquisitions contributed 1.4% of sales growth for the quarter and FX was a 60 basis point tailwind.
Turning to our margin bridge on Slide 14.
Q4 operating margin declined 180 basis points, pricing and volume headwinds combined for a 320 basis point decline and acquisitions were a 40 basis point tailwind.
Offsetting these declines, freight, labor, raw material, other operating costs netted to a 60 basis point improvement.
COS benefits added 120 basis points.
On Slide 15, we have provided an earnings per share bridge where you can see the fourth quarter diluted earnings per share from continuing operations was $1.57, which compares to $1.81 last year.
Volume, price and mix combined were a $0.74 year-over-year decrease.
Partially offsetting, interest and tax contributed $0.09 and raw material, freight and labor costs netted to a $0.16 benefit.
Share repurchases contributed $0.09, COS contributed $0.19, and finally, operating expenses were a $0.03 headwind.
While COVID-related volume declines clearly represented the most significant headwind during the quarter, our teams around the world did a commendable job managing costs, leveraging COS-improved efficiencies and taking actions to both position Carlisle for the recovery while mitigating the pandemic impact on earnings.
At CCM, the team again delivered outstanding results with revenues increasing 1% driven by volume and 30 basis points of foreign currency translation tailwind.
CCM continued to exhibit its resilience with solid U.S. commercial roofing performance despite the continued COVID-related restrictions in some areas restraining the recovery.
Our newer platforms of Architectural Metals and Polyurethanes were solid contributors to the quarter's revenue performance.
Operating margin at CCM was a record 20.4% for the fourth quarter, a 350 base improvement over the last year driven by CCM team's superb cost management and COS partially offset by wage inflation.
CCM executed well in delivering approximately $15 million of net price cost realization in the quarter.
CIT's revenue declined 35.4% in the fourth quarter.
As well publicized, this decline was driven by the crisis in commercial aerospace markets.
While the recovery in aerospace could be prolonged, we are confident that there will be a resumption of growth with the continued rollout of the COVID vaccines and airlines returning to profitability.
In other positive recent news, the 737 MAX 8 has been cleared for returned flights in the U.S., Europe and South America, while TSA, the early checkpoint data continues to improve.
In our medical platform, sales continued to be impacted by COVID-related delays in the hospital capex and postponed elective surgeries.
However, our project pipeline is robust and the long term trends remain attractive, including increasing preference to minimally invasive surgeries and OEM strategies, consolidated by surgery partners.
CIT's operating margin declined significantly year-over-year to a negative 8.6% driven by commercial aerospace volume declines and accelerated restructuring actions.
These declines were partially offset by savings from CLS, lower SG&A and price increases.
While the actions taken by CIT in 2020 to rightsize our footprint and reduce our workforce were difficult, we are positioned to deliver improved operating income performance when the volumes return.
Turning now to Slide 18.
CFT sales declined 8.3% year-over-year.
Organic revenue declined 16.1% and additionally, acquisitions added 5% in the quarter.
FX contributed 280 basis points.
Stabilization in key end markets driven by an improved industrial capital spending outlook in 2021, coupled with recent management additions, new product introductions, pricing resolve and CFT's efforts to upgrade the customer experience and positioned CFT well as we enter 2021.
Operating income of 4.5% was an 820 basis point decline year-on-year.
This decline was driven by lower volumes, restructuring and raw material costs, partially offset by price and efficiencies from core CLS and lower SG&A.
Turning to CBF on Slide 19.
CBF's fourth quarter organic revenue grew 2.8% and FX had a positive 2.6% impact driving CBF growth of 5.4% in the quarter.
Demand for agriculture and construction equipment were the primary drivers, while orders in all regions improved throughout the second half of 2020.
Operating income was $8 million or 1.1% operating margin.
Flat for the fourth quarter of 2019, driven primarily by unfavorable mix in aerospace markets, wage inflation, offset by COS efficiencies, increased volumes and tight cost controls.
On slides 20 and 21, we show selected balance sheet metrics.
Our balance sheet remains strong.
We ended the quarter with $902 million of cash on hand and $1 billion of availability under our revolving credit line.
We continue to approach capital deployment in a balanced and disciplined manner.
Investing organic growth in capex and opportunistically repurchasing shares while also actively seeking strategic and synergistic acquisitions.
Free cash flow for 2020 was an exceptional $601 million consistent with '19 results on the lower sales volumes.
Turning to Slide 21, you can see the outlook for 2021 on items affecting comparability in corporate items.
Corporate expense is expected to be approximately $105 million for the year.
We expect depreciation and amortization expense to be approximately $225 million.
For the full year, we will continue to invest in our businesses and now expect capital expenditures of $100 million to $175 million.
Net interest expense is approximately -- expected to be approximately $75 million for the year and we expect our tax rate to be approximately 25%.
Without you, we could not have weathered and overcome the significant challenges of 2020.
Entering 2021, we are cautiously optimistic about the outlook for Carlisle.
We will continue to benefit from the strength in the Carlisle business model and enhance our strong earnings power by investing in our high returning businesses.
We'll continue to deploy capital into strategic acquisitions, share repurchases and dividends, all the while maintaining our commitment to delivering returns on invested capital in excess of 15% and ultimately driving the $15 of earnings per share.
While there are clearly many uncertainties around the pandemic, including the effectiveness of the rollout of the vaccines, we want to keep investors informed on our views of our businesses and markets.
As such, we offer 2021 guidance based upon where we are today, while fully acknowledging that we are in uncertain and turbulent times.
For full year 2021, we anticipate the following.
At CCM, supported by reroofing project deferrals that occurred in 2020, positive momentum in our newer businesses of Architectural Metals, Polyurethanes, expansion of our European businesses and a decrease in complexity to complete jobs as COVID restrictions ease, we anticipate revenue growth of high-single digits in 2021.
At CIT, we believe that rapid COVID inoculation will drive an improvement in business and leisure travel exiting 2021.
Aircraft manufacturers are indicating production rates will rise toward the end of 2021.
These trends are coupled with an improved order book for medical products and solutions as hospital capital investments and elective surgeries resume.
That said, we anticipate pressures remain near term and given a different -- very difficult year-over-year comparison in the first quarter, we expect CIT revenue will decline in the mid-to-high single digit range in full year 2021.
With the order book strengthening for both CFT and CBF and end markets stabilizing, we anticipate low double-digit growth for both businesses.

user
compname reports fourth quarter earnings per share of $1.57.
compname reports fourth quarter diluted earnings per share of $1.57.
q4 earnings per share $1.57.
q4 revenue $1.1 billion versus refinitiv ibes estimate of $1.07 billion.

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