Carlisle Companies Q1 Profit Down - Quick Facts

(RTTNews) - Carlisle Companies Inc. (CSL) reported that its first-quarter of 2014 net income dropped to $35.8 million and $0.55 per share, from $55.2 million and $0.85 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.

Income from continuing operations was $36.5 million, or $0.56 per share, a decrease from income of $44.3 million, or $0.68 per 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 share, from the release of a deferred tax liability in connection with a tax election in a foreign jurisdiction.

Net sales from continuing operations for the first quarter was $650.4 million , 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%. Five analysts estimated revenues of $640.54 million for the quarter.

For the full year 2014, the company continues to plan for high single-digit percentage sales growth, primarily driven by growth at Carlisle Construction Materials or CCM and Carlisle Interconnect Technologies or CIT, and expect to generate EBIT leverage from our sales growth. Capital expenditures for the year are expected to be approximately $119 million. Our balance sheet continues to be strong and we are solidly positioned to pursue our long-term growth objectives.