This Day On The Street
Continue to site
ADVERTISEMENT
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 $0.56 Earnings Per Share From Continuing Operations For The First Quarter 2014

Carlisle Companies Incorporated (NYSE:CSL) reported $650.4 million in net sales from continuing operations for the first quarter 2014, an increase of 3.3% versus the prior year. Sales growth was achieved in all segments led by strong organic growth at Carlisle Interconnect Technologies on robust aerospace demand. The positive impact on net sales from fluctuations in foreign exchange was less than 1%.

Earnings before interest and income taxes (EBIT) was $63.0 million in the first quarter 2014. EBIT grew 14% from the prior year reflecting higher sales volume and savings from the Carlisle Operating System, partially offset by lower selling prices.

Income from continuing operations was $36.5 million, or $0.56 per diluted share, in the first quarter 2014, an 18% decrease from income of $44.3 million, or $0.68 per diluted share, in the first quarter 2013. The reduction in income in the first quarter 2014 versus the prior year was primarily attributable to a discrete tax benefit in 2013 of $13.0 million, or $0.20 per diluted share, from the release of a deferred tax liability in connection with a tax election in a foreign jurisdiction.

All financial and percentage comparisons are made to the same quarter of the previous year, unless otherwise stated.

Comment

David A. Roberts, Chairman, President and Chief Executive Officer, said, “Despite the severe winter weather negatively impacting the quarter, we achieved sales growth in all our segments and leveraged that growth to a 14% EBIT improvement. Our EBIT margin grew 90 basis points to 9.7% for the quarter. Highlighting the quarter was our performance at Carlisle Interconnect Technologies (CIT). CIT achieved an exceptional 20.3% EBIT margin, a record for CIT as well as the highest margin performance in any Carlisle segment since 2008.

“At CCM, first quarter sales increased 2.3% and EBIT declined 11%. CCM’s sales growth came from high demand in Europe, offset by slightly lower sales in the U.S. due to the harsh winter. CCM’s U.S. sales in January and February were down from the same prior year period primarily in the northern states. We saw a strong rebound in March as the weather improved. CCM’s EBIT declined primarily due to lower selling price as well as the negative impact of mix changes and lower capacity utilization at our two new insulation plants. We expect higher sales growth in upcoming quarters from sales that were delayed due to weather and continue to anticipate growth in U.S. commercial construction. We expect high single digit sales growth and leveraged EBIT growth at CCM for the full year.

1 of 5

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
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs