Carlisle Companies Inc. (NYSE: CSL), Charlotte, NC, reported sales from continuing operations for the first quarter of $857 million, a decrease of 3.6 percent versus the prior year. Acquisitions in the Carlisle Interconnect Technologies and Carlisle Construction Materials segments contributed 3.3 percent to sales; Organic sales declined 6.8 percent.
Profit from continuing operations was $55.3 million, a 7.8 percent decline from the first quarter 2012. The decline was due primarily to lower sales volume and resulting lower manufacturing cost absorption as compared to higher demand experienced in the first quarter of 2012.
Carlisle Construction Materials sales in the first quarter $339.6 million declined 4 percent, primarily reflecting lower volume as a result of unfavorable weather conditions in the first quarter of 2013 compared to the prior period.
Carlisle Transportation Products sales in the first quarter decreased 5.3 percent to $227.4 million compared to the prior year, primarily reflecting 15 percent lower sales to the outdoor power equipment market and 5 percent lower sales to the agriculture/construction market, partially offset by a 9 percent increase in sales of CTP’s high speed trailer products.
Carlisle Brake & Friction sales declined 28 percent to $90.8 million versus the prior year. Sales for CBF’s off-highway braking applications to the construction, mining and agriculture markets declined by 27 percent, 42 percent, and 5 percent, respectively.
Carlisle Interconnect Technologies sales increased 28 percent to $141.2 million on organic sales growth of 4.6 percent and acquisition growth of 23 percent versus the prior year. Sales in CIT’s aerospace market were up 8 percent, partially offset by a 16 percent decline in the test and measurement market and a 7 percent decline in sales to the military and defense market. The acquisition of Thermax and Raydex contributed $25.5 million to net sales in the first quarter of 2013.
Carlisle FoodService Products sales in the first quarter declined 2.2 percent to $58 million compared to the prior year, primarily reflecting lower sales volume partially offset by selling price increases implemented at the beginning of 2013. Restaurant traffic began to decline in February partially impacted by the payroll tax increase.