CHARLOTTE, N.C. (April 29, 2010)—Carlisle Companies Inc. recorded a 109-percent increase in income to $23 million on a 5.8-percent rise in sales to $562 million, thanks to lower raw material costs, organic sales an growth and efficiencies gained through the Carlisle Operating System.
The firm's construction division, which includes its single-ply roofing operations, showed a big increase in earnings before interest and taxes, to $19.3 million from $5.4 million in the same period last year. Sales rose 4.3 percent to $216.5 million, thanks to higher volume in commercial reroofing and international markets, offset by selling price decreases and lower demand in the insulation product line.
The firm said its Engineered Transportation Solutions unit, which includes the company's specialty tire and wheel business, reported a 16-percent decline in pretax earnings on a 4-percent increase in sales in the first quarter.
The company said that division's three-month earnings before interest and taxes slid to $13.6 million because of lower selling prices. Sales rose to $212 million compared to the same period last year.
Higher volume in the power sports and transmission belt product lines were partially offset by volume declines in the outdoor power equipment market, Carlisle said.
Carlisle CEO David Roberts said the firm is making progress with three previously announced tire and wheel consolidations.
“We completed the California wheel plant consolidations in December of 2009,” he said. “We substantially completed the consolidation of our Buji and Meizhou, China tire plants, but have experienced some production inefficiencies which we expect to have resolved no later than the end of the third quarter of 2010.”
Roberts said the firm plans to finish the consolidation of the U.S. operations into its Jackson, Tenn., facility by the end of the years.