CSL
#No, August 15 is when the notes come due.
Coming into the year, our plan was to sort of remain revenues level to 2015.
The certainly some of the news that has been reported so far this year, is going to create some challenges for us.
I think the business has done a nice job taking cost out and we continue to focus on cost reductions, again, as these end markets continue to remain soft.
So we're - - I think it's more of the same that you'll see in 2016 and our focus on cost reduction continues.
We saw raw materials throughout 2015 continue to ---+ raw material costs continue to decline and there will be some continued decline, I think, going into Q1.
There may be a little bit of a lag in terms of how those raw material cost changes on oil or captured in the business and in the end products we use but we see Q1 as a continued decline in raw material process.
<UNK>, I'd say low to mid.
I think we don't think really much change coming out of the Q4.
Q1 is really a very low volume quarter for us, obviously.
So picking that up in Q1 is up, I think, is an indication for the year but we see things in that low to mid-single-digit range.
<UNK>, our first priority remains to grow the business, both organically and acquisitions.
And we are excited about acquisition opportunities and that's where we hope to do, to deploy cash in 2016.
In addition to that, share repurchase continues to be our focus but I think you're seeing in 2016 a similar program that we employed in 2015.
We will buy back systematically to minimize the dilutive effect of equity awards and we will also look to be opportunistic to buy on top of that.
So I think what you saw in 2015 is what I'd expect to see in 2016 and beyond.
Yes, I think you're going to see, for 2016, that operating margin in the range that you saw for 2015.
I think we ---+ that 18% to 19% is probably a pretty good range.
Sure.
We ---+ Dave and I've worked together a long time and we worked together on the construction with the other team members of the current strategies and so there's going to be a lot of consistency moving forward in the whole framework of Carlisle.
But with that being said I think Dave and I have alluded in the last year to as we have, or alluded to, some higher growth expectations as we have reached some milestones.
Certainly, getting close to our 15% EBIT margin for Carlisle means we're probably going to take a look at that again.
And of course, we have pretty high expectations so there will probably be some changes there.
As we continue to build out the CFT platform, the margin profile changes as well in CIT, with new products like the connector plates that are innovative and bring good margin, I think that just reinforces that.
I think you'll see continued growth, like I said in CIT.
I think CFT, both of them platforms for acquisition.
We are also ---+ we'll probably be opportunistic with CCM; that's been a great business.
And we talked earlier about hopefully having moved up that margin profile in the industry.
So I think it's not just more of the same; it's probably additive to the same and continuing to reinforce the strong financial management, the conservative balance sheet, the opportunistic acquisitions and moving the business forward.
So we think good things ahead.
Yes, <UNK>, obviously, the pricing is the other part of that equation.
But the pricing continues to hold and we continue see the discipline within the industry that we've enjoyed, really, throughout 2015.
Yes, we expect raw materials to be a tailwind and we do expect to have some top-line growth.
<UNK>, that's ---+ and you're right, with the Project business being a part of the CFT and that will continue every year.
The Systems business is hard to really work forecast in, I'd say, month-to-month granularity because obviously, the automotive companies and other large OEMs operate on their timeframe.
But I think you'll see growth in CFT.
You'll see growth in systems; growth in standard product.
And we'll just ---+ I can't really give you a lot of clarity on that Systems business, other than to tell you it will be there and it will be part of the revenue mix going forward and just to expect it.
Okay, Thank you.
I would say both.
We did inherit a strong product pipeline.
One of the examples I would give you that we're having a lot of success with right now is our smart pump technology.
It's an electronic ---+ or electric, excuse me, pump for applications like automotive paint systems.
It's being very well received worldwide.
It was already launched when we took over.
It had been recently launched.
And we are continuing to see just solid penetration globally and especially in major automotive OEs.
And then we've come in and we have organizationally added some assets.
We have changed the structure to be more responsive and as we look to 2016, you'll see an accelerated investment in new products.
I mean, that is an absolute essential part of this business and its continuing to deliver customer solutions that are innovative and have that high margin profile.
Well, I think with what's going on in the overall market, there's been a 20% decline in equities in general.
And I think we are seeing some of that in the marketplace.
I think it's becoming a better time to be a buyer than maybe it was a few quarters ago.
You're welcome.
I don't think I can break it down for you by individual segment within the markets.
I would just say that as the year went on, there was some moderation in the growth rates.
I think we had some significant discussion around the third quarter and what the surprise that was.
I think Dave did a great job of characterizing it.
We didn't see that coming and that had an impact on 2015 growth rates.
And then as we moved into Q4 with the warmer weather, we saw some nice growth and I think we're seeing a Q1 that is pretty consistent with the growth rates in Q4.
So I think as you look at 2015, you've got to take third quarter in account and think about what that did for overall growth rates for the year and as we look at 2016, we think the outlook is for moderate growth.
And we think that's consistent with what we saw in the fourth quarter.
Thanks Patrick.
This concludes our fourth quarter 2015 earnings call.
Thanks to everyone for your participation and we look forward to speaking with you at our next earnings call
