Carlisle Companies Incorporated (NYSE:CSL) reported net sales from continuing operations of $910.2 million for the quarter ended September 30, 2012, a 4.6% increase from net sales of $870.5 million in the third quarter of 2011. Acquisitions in the Interconnect Technologies and Construction Materials segments contributed 3.9% to sales in the third quarter. Organic sales growth was 1.3%. The negative impact on net sales from fluctuations in foreign exchange was less than 1%.
Income from continuing operations in the third quarter 2012 rose 30% to $69.7 million, or $1.08 per diluted share. Income growth was primarily driven by increased selling price realization and savings from the Carlisle Operating System partially offset by lower manufacturing absorption. Results for the third quarter 2012 include $5.3 million in after tax charges, or $0.08 per diluted share, related to restructuring actions taken at Carlisle FoodService Products. By comparison, results for the third quarter 2011 included $3.7 million in after tax charges related to plant restructuring and management and organizational charges in the Transportation Products segment.
For the nine months ended September 30, 2012, net sales from continuing operations of $2.78 billion increased by 14.3% over the prior year period, reflecting organic growth of 9.5% and acquisition growth of 5.3%. Income from continuing operations for the nine months ended September 30, 2012 rose 54% to $219.2 million, or $3.43 per diluted share, as compared to income of $142.3 million, or $2.26 per diluted share, for the same prior year period.
CommentDavid A. Roberts, Chairman, President and Chief Executive Officer, said, “We are very pleased with our overall earnings growth and margin expansion during the third quarter despite slowing conditions in some of our markets. We leveraged 5% sales growth into 35% EBIT growth, including the restructuring charge. EBIT margin rose by 280 basis points to 12.2% in the third quarter of 2012. In addition, we generated $136 million in free cash flow (operating cash flow minus capital expenditures) during the third quarter of 2012.”
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