Carlisle Companies Sales Up 1.2% in Second Quarter - Modern Distribution Management

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Carlisle Companies Sales Up 1.2% in Second Quarter

Organic sales for the diversified manufacturer fell 1.4 percent in the quarter.

Carlisle Companies Inc. (NYSE: CSL), Charlotte, NC, reported second-quarter sales from continuing operations of $996.1 million, up 1.2 percent versus the prior year. Organic sales declined by 1.4 percent. Profit was $8.2 million, compared with year-ago profit of $92.8 million.

For the six months ended June 30, sales from continuing operations of $1.85 billion decreased 1.1 percent compared to the prior year, reflecting lower organic sales of 4.1 percent partially offset by acquisition growth of 3 percent. Profit was $63.4 million, compared with year-ago profit of $149.4 million.

"For the second quarter of 2013, our results were again challenged by the significant decline in the global off-highway equipment market, continued weather related headwinds in certain key markets as well as negative price realization within our Construction Materials segment, which enjoyed very favorable price realization last year," said David A. Roberts, president and CEO.

Second-quarter sales for Carlisle Construction Materials grew 4.4 percent compared to the prior year, and EBIT was lower by 8.5 percent as weather conditions remained challenging.

In the Carlisle Interconnect Technologies segment, sales grew by 27 percent and EBIT increased 28 percent. Organic sales growth in the second quarter was 4.3 percent, with solid growth in the aerospace market with growing IFE (in-flight entertainment) sales.

Carlisle Transportation Products segment sales were down 3.7 percent as wet weather conditions negatively impacted demand inr outdoor power equipment and agriculture markets. The company recorded a non-cash pre-tax loss of $100 million at CTP for goodwill impairment during the second quarter.

Second-quarter sales for the Carlisle Brake & Friction segment declined by 25 percent over the prior year but grew sequentially versus the first quarter of 2013 by 3.1 percent. EBIT was down 48 percent from the prior year.

Carlisle FoodService Productssecond-quarter sales of $62.8 million declined slightly versus the prior year, primarily reflecting 13 percent lower sales of health care products offset by 4.1 percent higher sales for foodservice products.

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