Carlisle Companies Reports $0.74 Earnings Per Share From Continuing Operations For The Fourth Quarter; Earnings Per Share Includes Charges Of $0.08 For Pension And Business Development
Carlisle Companies Incorporated (NYSE:CSL) reported net sales from continuing operations of $845.3 million for the quarter ended December 31, 2012, a 7.1% increase from $789.6 million in the fourth quarter 2011. Organic sales growth was 3.6%. Acquisitions in the Interconnect Technologies and Construction Materials segments contributed 3.7% to sales in the fourth quarter. The negative impact on net sales from fluctuations in foreign exchange was less than 1%.
Income from continuing operations in the fourth quarter 2012 rose 22% to $48.2 million, or $0.74 per diluted share, compared with $39.5 million, or $0.63 per diluted share, in the fourth quarter 2011. Income in the fourth quarter 2012 was positively impacted by organic sales growth, savings from the Carlisle Operating System and operational improvements, particularly at Transportation Products. Negatively impacting fourth quarter 2012 results were $5.3 million, or $0.08 per diluted share, of after-tax charges for pension settlement and business development expense incurred at Corporate. Our effective tax rate of 32.0% in the fourth quarter of 2012 compared to a rate of 16.0% in the prior year quarter, which had been favorably impacted by tax benefits from excess foreign tax credits resulting from restructuring.
For the full year 2012, Carlisle reported record net sales from continuing operations of $3.63 billion, a 12.6% increase from net sales of $3.22 billion for the prior year. Organic sales growth of 8.0% reflected strong selling price execution at Construction Materials, Transportation Products and FoodService Products as well as increased sales volume led by Interconnect Technologies and Construction Materials. Sales from acquisitions contributed $158.9 million, or a 4.9% increase to net sales over the same prior year period.
Carlisle also reported record income from continuing operations for the year ended December 31, 2012 of $267.3 million, or $4.18 per diluted share, a 47% increase over income of $181.9 million, or $2.88 per diluted share, for the year ended December 31, 2011. Income for the full year 2012 was positively impacted by strong selling price realization, higher sales volume, savings from the Carlisle Operating System, operational improvements at Transportation Products and contribution from acquisitions. Negatively impacting 2012 results were after-tax charges for pension settlement and business development of $5.6 million for the full year, or $0.09 per diluted share.
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