Carlisle Companies, Inc. (CSL)’s 2014 Earnings Update Conference Call Transcript

Jennifer: Your next question is from Josh Klein.

Josh: Hi, this is Josh Klein from Barron. I was just wondering if you can give us some color, Dave, on how bad Europe was so we can get a sense of like how much of impact was U.S. versus Europe?

David: The vast majority was U.S, Josh, really. The Europe was down some, and again I don’t have the number in front of me. But the vast majority of any impact we had came out of the US.

Josh: Okay. And then do you expect Carlisle to grow in line with the market or next year in some of CCM or do you expect any variance resource of what you expect for the market?

David: No, I think we will grow in line in the market. We generally do. There might be a quarter where you will pick up a percentage of market share, you lose it the next quarter. We generally, as an industry, draw our growth relatively at the same rate.

Josh: Okay. And then, I guess, in terms of the discrete items from CCM were a lot of those expected or do they all sort of come as surprises as used towards-

David: Yeah, they weren’t surprises, but we worried about them late in the quarter. As we were getting ready to start to plan closing the books, we started to see some of these additional clues pop up. So we really didn’t have a lot of advance notice, but they weren’t complete surprise.

Josh: Okay. And then lastly, I guess, is there kind of appreciable benefit in terms of how the restructuring in CBF will have on 2015?

David: Yeah, we think that CBF will have a slight uptake in margin percent. Now, keep in mind that the revenue might be done relatively flat with this year, this year being 2014. But you should see a slight uptake in margin percent based on what the volume is with the action that we took in closing [inaudible 00:13:32], which was planned, and then this lift that we all had in all of the facilities.

Josh: Thank you for all of the color.

David: You are welcome.