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Carlisle Reports Second Quarter Diluted EPS From Continuing Operations Of $0.13, Including Goodwill Impairment Charge At Carlisle Transportation Products; Excluding Goodwill Impairment Charge, Announces Diluted EPS From Continuing Operations Of $1.14

Carlisle Companies Incorporated (NYSE:CSL) reported $996.1 million in net sales from continuing operations for the second quarter of 2013, an increase of 1.2% versus the prior year. The acquisition of Thermax/Raydex (collectively “Thermax”) in the Carlisle Interconnect Technologies segment contributed 2.6% to sales in the second quarter. Organic sales declined by 1.4%. The negative impact on net sales from fluctuations in foreign exchange was negligible.

Reported income from continuing operations was $8.2 million, or $0.13 per diluted share, in the second quarter 2013. Excluding the non-cash after-tax goodwill impairment charge of $66.1 million at Carlisle Transportation Products, income from continuing operations was $74.3 million, or $1.14 per diluted share, a 17% decline from income of $89.4 million, or $1.39 per diluted share, in 2012. Income from continuing operations, excluding the impairment charge, was lower in the second quarter of 2013 versus the prior year due to lower sales volume in some of our key industrial markets and negative selling price realization within Carlisle Construction Materials.

Second quarter highlights:

           
(Dollars in millions, except per share amounts) Q2 2013 Q2 2012
Net sales $996.1 $984.6
Earnings before interest and income taxes (EBIT) $22.5 $140.3
Earnings before interest and income taxes (EBIT), excluding impairment charge $122.5 $140.3
Income from continuing operations, net of tax $8.2 $89.4
Income from continuing operations, net of tax, excluding impairment charge $74.3 $89.4
Diluted earnings per share from continuing operations $0.13 $1.39
Diluted earnings per share from continuing operations, excluding impairment charge $1.14 $1.39
Carlisle Transportation Products Segment EBIT $(86.8) $19.3
Carlisle Transportation Products Segment EBIT, excluding impairment charge $13.2 $19.3
 

For the six months ended June 30, 2013, net sales from continuing operations of $1.85 billion decreased 1.1% compared to the prior year, reflecting lower organic sales of 4.1%, partially offset by acquisition growth of 3.0%. Reported income from continuing operations for the six months ended June 30, 2013 was $63.5 million, or $0.98 per diluted share. Excluding the impairment charge, income from continuing operations for the first six months of 2013 was $129.6 million, or $2.00 per diluted share, as compared to income of $149.4, or $2.34 per diluted share in 2012.

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