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Carlisle Companies Incorporated (NYSE:CSL) reported $859.5 million in net sales from continuing operations for the second quarter 2014, an increase of 8.4% versus the prior year. The Company achieved organic sales growth of 8.0% during the quarter, led by double digit sales growth at Carlisle Interconnect Technologies (CIT) and strong sales growth at Carlisle Construction Materials (CCM). The positive impact on net sales from fluctuations in foreign exchange was 0.4%.
Income from continuing operations in the second quarter 2014 rose 18% to $75.7 million, or $1.15 per diluted share. Income growth was primarily driven by higher sales volume and savings from the Carlisle Operating System, partially offset by higher product costs at CCM and reductions in selling price.
For the six months ended June 30, 2014, net sales from continuing operations of $1.51 billion grew 6.2% over the prior year period, reflecting organic growth of 5.8% and the positive impact of fluctuations in foreign exchange of 0.4%. Income from continuing operations for the six months ended June 30, 2014 rose 3.2% to $112.1 million, or $1.70 per diluted share. Income from continuing operations for the prior year six month period ended June 30, 2013 includes a discrete tax benefit of $11.8 million, or $0.18 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.
David A. Roberts, Chairman, President and Chief Executive Officer, said, “We achieved solid organic sales growth of 8.0% during the quarter with each of our segments increasing sales. We leveraged our sales growth to a 12% EBIT (earnings before interest and income taxes) improvement driven by exceptional performance at CIT. Our EBIT margin grew 40 basis points to 14.2% for the second quarter. CIT’s performance was again a highlight with double digit sales growth and record EBIT margin of 21.0%. We continue to maintain a positive outlook for our sales and EBIT growth for the remainder of this year.