Carlisle Q2 Results Miss Estimates - Quick Facts

(RTTNews) - Carlisle Companies Inc. (CSL), a diversified manufacturing company, Tuesday said second-quarter profit declined sharply from the prior year, amid impairment as well as soft growth in revenue.

Further, the company said it has retained SunTrust Robinson Humphrey as financial advisor to assist in evaluating strategic alternatives for the Carlisle Transportation Products segment.

Net income for the quarter plunged to $8.2 million from $92.8 million. Earnings per share fell to $0.13 from $1.45.

Income from continuing operations declined to $8.2 million or $0.13 per share from $89.4 million or $1.39 per share in the previous year.

Excluding a non-cash after-tax goodwill impairment charge of $66.1 million at Carlisle Transportation Products, income from continuing operations was $74.3 million or $1.14 per share, amid lower sales volume in some key industrial markets and negative selling price realization within Carlisle Construction Materials.

On average, 7 analysts polled by Thomson Reuters expected earnings of $1.34 per share for the quarter. Analysts' estimates typically exclude special items. Net sales rose to $996.1 million from $984.6 million in the prior year. Analysts expected revenues of $1.02 billion.

David Roberts, CEO, said, "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. As a result, organic sales were down slightly this quarter...''