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
TheStreet Open House

Carlisle Companies Reports $1.18 Earnings Per Share From Continuing Operations For The Third Quarter 2013, A 9% Increase From The Prior Year

Carlisle Companies Incorporated (NYSE:CSL) reported $968.8 million in net sales from continuing operations for the third quarter of 2013, an increase of 6.4% versus the prior year. Organic sales grew by 3.7%. The acquisition of Thermax/Raydex (collectively “Thermax”) in the Carlisle Interconnect Technologies (CIT) segment contributed 2.6% to sales in the third quarter. Fluctuations in foreign exchange increased net sales by 0.1%.

Income from continuing operations in the third quarter of 2013 rose 9.9% to $76.6 million, or $1.18 per diluted share. Our income improvement was driven by organic sales growth primarily at Carlisle Construction Materials (CCM) and CIT, earnings improvement at Carlisle Foodservice Products (CFS) and Carlisle Transportation Products (CTP) and the Thermax acquisition. This was partially offset by lower sales volume at Carlisle Brake & Friction (CBF). Included in income from continuing operations in the prior year third quarter was $5.3 million in after tax restructuring costs at CFS.

For the nine months ended September 30, 2013, net sales from continuing operations of $2.8 billion increased 1.4% compared to the prior year, reflecting contribution from acquisitions of 2.8% partially offset by a decrease in organic sales of 1.5%. Income from continuing operations for the nine months ended September 30, 2013, declined 36% to $140.1 million, or $2.16 per diluted share, as compared to income of $219.2 million, or $3.43 per diluted share, for the same prior year period. Included in income from continuing operations for the nine months ended September 30, 2013 is an after-tax goodwill impairment charge recognized at CTP during the second quarter of 2013 of $66.1 million.

Yesterday, we announced entry into a definitive agreement to sell CTP. The results of CTP for the three and nine months ended September 30, 2013 are reported in Carlisle’s continuing operations. Beginning with the fourth quarter, the results for CTP will be reported as discontinued operations and all prior periods will be restated to exclude CTP from continuing operations, including the impairment charge.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs