Carlisle Cos. Records 1Q Profit Of $6.6 Million

CHARLOTTE, N.C. (AP) — Manufacturer Carlisle Cos. Inc. said on Tuesday it earned a first-quarter profit of $6.6 million, after losing money during the same period last year.

The company, which makes construction materials and serves markets including trucks, foodservice, aerospace, and measurement, said it earned 11 cents per share during the quarter that ended March 31, up from a loss of $62.6 million, or $1.02 per share, during the same period last year.

Revenue fell 22 percent to $511.1 million from $652.4 million a year ago.

However, its income from continuing operations fell 65 percent to $10 million, or 16 cents per share, as volume dropped for construction materials and transportation products. Analysts surveyed by Thomson Reuters were expecting a profit of 16 cents per share, on average.

The company said it expects a revenue drop of 20 percent to 25 percent for 2009.

Carlisle said it is looking for a buyer for its power transmission belt business, which it said is profitable. Earlier this month it said it shut down its Motion Control Industries brake shoe business.

"We are working on a number of stimulus-related programs that should help our sales levels in the second half of 2009 and into 2010," said David A. Roberts, the company's chairman, chief executive, and president. He said those include roofing for municipalities, insulation for energy-efficient buildings, and an increase in demand for trailer and off-highway braking businesses for road construction.

Carlisle shares fell 2 cents to $20.24 in midday trading.