This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

Segment Results for Fourth Quarter 2012

Carlisle Construction Materials (CCM): Net sales in the fourth quarter 2012 increased 9.7% to $415.2 million, reflecting organic growth of 7.8% and acquisition growth of 2.2%. The acquisition of Hertalan added $8.5 million to net sales during the fourth quarter of 2012. Organic growth of 7.8% primarily reflected higher sales volumes from increased roofing membrane demand along with strong sales of insulation products. Overall EBIT margin at CCM rose 400 basis points to 16.0% in the fourth quarter primarily due to higher sales volume, higher selling price and operational expense savings.

Carlisle Transportation Products (CTP): Net sales in the fourth quarter 2012 increased by 4.9% to $161.7 million, primarily reflecting higher sales volume. Sales in the high-speed trailer and power transmission belt markets grew by 21% and 14%, respectively. Sales in the outdoor power equipment and agriculture/construction markets were relatively level to the prior year period. EBIT margin improved significantly from negative 2.5% in the prior year period to positive 2.9% in the current quarter due to savings from plant restructuring activities, savings from the Carlisle Operating System and higher sales volume. EBIT in the fourth quarter of 2012 included $1.0 million of restructuring costs for the relocation of transmission belt manufacturing from Buji, China to Springfield, MO and Fort Scott, KS.

Carlisle Brake & Friction (CBF): Net sales in the fourth quarter 2012 decreased 25% to $87.7 million, due primarily to lower volumes as OEM’s reduced orders to adjust inventory levels. Sales for CBF’s off-highway braking applications to the construction, mining and agriculture markets declined by 41%, 19%, and 8%, respectively. CBF’s EBIT margin during the fourth quarter decreased 320 basis points to 10.1%, primarily due to lower sales volumes, partially offset by cost reduction measures and lower raw material costs.

Carlisle Interconnect Technologies (CIT): Net sales in the fourth quarter 2012 grew 42% to $122.7 million on organic sales growth of 18% and acquisition growth of 24%. CIT’s sales to the commercial aerospace market increased by 24%. This increase was partially offset by lower sales in the military and test and measurement markets of 1% and 19%, respectively. The acquisition of Tri-Star in December 2011 and Thermax in December 2012 contributed $20.6 million to net sales during the fourth quarter 2012. CIT’s margin improvement of 130 basis points to 13.3% reflected leverage on higher sales volume. Included in EBIT in the fourth quarter 2012 was $1.4 million in charges for acquisition costs and expense recognized in the period for fair valuation of acquired inventory for the Thermax acquisition. By comparison, EBIT in the fourth quarter 2011 included $2.1 million in acquisition related expense.

Carlisle FoodService Products (CFS): Net sales in the fourth quarter 2012 increased by 6.8% to $58.0 million, primarily reflecting higher selling prices and lower customer rebates compared to the prior year period. CFS incurred restructuring charges of $0.9 million during the fourth quarter to consolidate distribution and manufacturing operations to Oklahoma City, OK. By comparison, CFS’ EBIT during the fourth quarter 2011 included $1.6 million in severance costs. CFS’ EBIT margin during the fourth quarter 2012 increased to 4.0%, inclusive of restructuring costs, from a loss of 3.9% in the same prior year period on higher selling price, lower rebate allowances and lower operating expense.

Corporate Expense

The increase in corporate expense for the fourth quarter 2012 to $21.3 million from $12.7 million in the prior year period included $5.6 million in non-cash charges related to the settlement of pension obligations. During the quarter, the Company offered certain former employees who participate in the Company’s core pension plan the option to receive a one-time lump sum payment equal to the present value of the participant’s pension benefit. A total of $15 million in lump sum distributions were paid out under this offer, which ended during the fourth quarter of 2012. Also included in corporate expense for the fourth quarter 2012 were $2.9 million in expenses related to acquisition pursuits and business development activity.

4 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 0.00%
FB $117.43 0.00%
GOOG $692.36 0.00%
TSLA $232.32 0.00%
YHOO $36.01 0.00%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs