Carlisle Cos 3Q profit jumps 29 percent
CHARLOTTE, N.C. (AP) — Carlisle Cos. Inc.'s third-quarter net income rose 29 percent, as acquisitions, higher prices and improvements in its transportation products segment helped the diversified manufacturer.
The Charlotte, N.C., company makes materials and parts for the commercial roofing, energy, aerospace, electronics, lawn and garden, food service industries and other markets.
Carlisle made $69.5 million, or $1.08 per share, in the three months that ended Sept. 30. That compares to net income of $53.7 million, or 85 cents per share, in last year's quarter. The company earned $1.16 per share, not counting a $5.3 million, after-tax charge for restructuring in its food service products segment.
Revenue rose about 5 percent to $910.2 million.
Analysts expected, on average, earnings of $1.18 per share on $930.8 million in revenue, according to FactSet.
Revenue from Carlisle's construction materials segment increased by 3 percent to $456.7 million, mainly because of acquisition growth.
The company's transportation products segment revenue increased slightly to $158.2 million, as sales from the outdoor power equipment market fell 22 percent due to the drought that hit parts of the U.S. That offset gains in the high-speed trailer and power sports markets.
That segment recorded operating earnings of $6.5 million in the quarter compared to a $10.1 million loss last year, when Carlisle had performance problems at a Jackson, Tenn., plant.