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

Stocks in this article: CSL

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.

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