Carlisle Companies Q4 Profit Climbs, Tops Estimates; Sees Growth In FY14

(RTTNews) - Carlisle Companies Inc. (CSL), a diversified manufacturing company, reported Thursday that its fourth-quarter net income climbed to $69.7 million or $1.07 per share from last year's $47.9 million or $0.74 per share.

Income from continuing operations in the quarter rose 37 percent to $60.2 million or $0.92 per share from $44.0 million or $0.68 per share a year ago.

The company attributed the growth in earnings to contributions from acquisitions, savings from the Carlisle Operating System, performance improvements at Carlisle FoodService Products and a lower effective tax rate. These were partially offset by an earnings decline at Carlisle Brake & Friction resulting from lower demand.

The prior year results included $5.3 million or $0.08 per share charges for pension settlement and business development expense.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share for the quarter. Analysts' estimates typically exclude special items.

Carlisle's net sales increased 5.9 percent to $724.0 million from $683.6 million last year. Analysts estimated revenues of $747.05 million for the quarter.

Organic sales growth was 2.8 percent. Acquisitions in the Carlisle Interconnect Technologies segment contributed 2.9 percent to sales.

David Roberts, Chairman, President and CEO, said the company expects continued improvements in sales and earnings in 2014.

Roberts said, "In 2014, we expect to achieve growth in all of our segments, with high single digit growth at CCM and CIT and more modest growth at CFS and CBF. We expect to achieve corresponding improvement in EBIT and EBIT margin."