Carlisle Companies Incorporated (CSL) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $9.80 million, or $ 0.15 a share in the quarter, against a net profit of $103.60 million, or $1.56 a share in the last year period. Revenue during the quarter went up marginally by 1.84 percent to $991 million from $973.10 million in the previous year period. Gross margin for the quarter expanded 229 basis points over the previous year period to 32.65 percent. Total expenses were 96.33 percent of quarterly revenues, up from 83.37 percent for the same period last year. That has resulted in a contraction of 1295 basis points in operating margin to 3.67 percent.
Operating income for the quarter was $36.40 million, compared with $161.80 million in the previous year period.
D. Christian “Chris” Koch, President and Chief Executive Officer, said, “Carlisle continued its solid performance this year with strong operating earnings growth and further investments connected to our core strategies. Adjusted EBIT (earnings before interest and income taxes) grew 10% in the quarter as we continue to realize significant leverage from our operating efficiencies. COS continues to be the driver of operational excellence throughout Carlisle and was a significant contributor to margin results at all our segments. We achieved another quarter of record EBIT margin on an adjusted basis, which increased 140 basis points over last year to 18.0%.
Operating cash flow remains almost stable
Carlisle Companies Incorporated has generated cash of $355.10 million from operating activities during the nine month period, up 0.62 percent or $2.20 million, when compared with the last year period. The company has spent $179.60 million cash to meet investing activities during the nine month period as against cash outgo of $647.50 million in the last year period.
The company has spent $231.70 million cash to carry out financing activities during the nine month period as against cash outgo of $78.30 million in the last year period.
Cash and cash equivalents stood at $355.40 million as on Sep. 30, 2016, up 0.28 percent or $1 million from $354.40 million on Sep. 30, 2015.
Working capital increases
Carlisle Companies Incorporated has recorded an increase in the working capital over the last year. It stood at $876.10 million as at Sep. 30, 2016, up 14.55 percent or $111.30 million from $764.80 million on Sep. 30, 2015. Current ratio was at 2.67 as on Sep. 30, 2016, up from 2.16 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 47 days for the quarter from 74 days for the last year period. Days sales outstanding were almost stable at 58 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 27 days for the quarter compared with 53 days for the previous year period. At the same time, days payable outstanding was almost stable at 38 days for the quarter, when compared with the previous year period.
Debt comes down
Carlisle Companies Incorporated has recorded a decline in total debt over the last one year. It stood at $596.20 million as on Sep. 30, 2016, down 20.36 percent or $152.40 million from $748.60 million on Sep. 30, 2015. Total debt was 15.04 percent of total assets as on Sep. 30, 2016, compared with 18.37 percent on Sep. 30, 2015. Debt to equity ratio was at 0.24 as on Sep. 30, 2016, down from 0.32 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
