CHARLOTTE, N.C. (July 26) — Carlisle Companies Inc. reported improved operating and net income in the second quarter, prompting management to increase their earnings forecast for the year by 5 percent.
The company, which makes roofing materials, industrial tires and wheels and power transmission belts, reported net income of $56 million for the quarter, a 61-percent increase from the same period last year. Operating income before taxes and interest was up 27.6 percent to $84.2 million.
Net sales for the quarter rose by 17 percent to $692.7 million.
The company´s industrial components division, which includes the tire and wheel business, increased sales 3 percent to $214.7 million on the strength of better business with makers of outdoor power equipment, all-terrain vehicles and trailers.
Carlisle´s construction materials division posted a 29-percent sales increase to $292.9 million. The division´s products include recycled rubber roofing tiles, polyurethane deck coatings and rubber roofing membranes.
Carlisle president and chief executive Richmond McKinnish said the results met the company´s expectations.
"We continue to see strength in many of our end markets (and) therefore we are increasing our guidance for income from continuing operations for the full year to the range of $5.25 to $5.45 per diluted share from the previous range of $5 to $5.20 per diluted share."