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Carlisle Companies Inc., Charlotte, NC, reported sales from continuing operations of $511.1 million for the quarter ended March 31, 2009, a 22% decline from the first quarter of 2008. Organic sales decreased by 25% from the prior year, with the largest declines in the Construction Materials and Transportation Products segments. Profit from continuing operations declined 65% to $10 million.
Consistent with our initial expectations for 2009, there was weak demand throughout nearly all of our markets in the first quarter. Fortunately, we anticipated the market decline and aggressively reduced costs, including a salary freeze for substantially all employees, David A. Roberts, president and CEO, said. "In addition, over the past twelve months, we reduced our workforce by 22% and announced the consolidation of a number of manufacturing plants and distribution centers."
The diversified manufacturing company announced that it would be disposing of the on-highway friction and brake shoe business. Additionally, the company is seeking a buyer for their power transmission belt segment.
Construction Materials segment reported sales of $207.6 million in the first quarter, down 26%. Operating income declined 64% to $5.3 million.
Sales in the Transportation Products segment were $168.1, a decline of 31% from 2008. Sales were down in all markets in the Transportation Products segment, with the largest declines in the ATV and construction related markets. Operating income was $7.4 million, a decline of 69%.
Applied Technologies sales in the first quarter were $102.6 million, up 13%. The increase in sales was driven entirely by the acquisitions of Dinex and Carlyle. Organic sales for the first quarter were down 20%. First quarter operating income decreased 15% to $8.4.
First quarter sales in the Specialty Products segment declined 12% to $32.8 million. The decrease is attributable to weak sales in the construction and mining markets of the off-highway brake business. First quarter 2009 operating income of $4.2 million decreased 14%.