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Carlisle Companies Reports $0.92 Earnings Per Share From Continuing Operations For The Fourth Quarter, A 35% Increase From The Prior Year. Reports $3.61 Earnings Per Share From Continuing Operations For The Full Year 2013

Stocks in this article: CSL

Carlisle Companies Incorporated (NYSE:CSL) reported net sales from continuing operations of $724.0 million for the quarter ended December 31, 2013, a 5.9% increase from $683.6 million in the fourth quarter 2012. Organic sales growth was 2.8%. Acquisitions in the Carlisle Interconnect Technologies segment contributed 2.9% to sales in the fourth quarter. The positive impact on net sales from fluctuations in foreign exchange was 0.2%.

Income from continuing operations in the fourth quarter 2013 rose 37% to $60.2 million, or $0.92 per diluted share, compared with $44.0 million, or $0.68 per diluted share, in the fourth quarter 2012, reflecting contributions from acquisitions, savings from the Carlisle Operating System, performance improvements at Carlisle FoodService Products and a lower effective tax rate in the fourth quarter of 2013 versus the prior year. These results were partially offset by an earnings decline at Carlisle Brake & Friction resulting from lower demand. Included in prior year fourth quarter income from continuing operations were $5.3 million, or $0.08 per diluted share, of after-tax charges for pension settlement and business development expense incurred at Corporate.

For the full year 2013, Carlisle reported record net sales from continuing operations of $2.94 billion, a 3.2% increase from $2.85 billion for the prior year. Increased sales in 2013 reflected sales from acquisitions of 3.5% offset by a slight decline in organic sales. For the full year 2013, Carlisle reported income from continuing operations of $235.2 million, or $3.61 per diluted share, a 2.8% increase over income of $228.7 million, or $3.57 per diluted share, in 2012. Results for 2013 include a tax benefit of $11.8 million, or $0.18 per diluted share, from the release of a deferred tax liability from an election in a foreign jurisdiction that resulted in an increase in the tax basis of an international operation. Results for 2012 include after-tax charges for pension settlement and business development expense of $5.6 million for the full year, or $0.09 per diluted share.

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