CHARLOTTE, N.C.—Carlisle Companies Inc. reported sales of $650.4 million in the first quarter 2014, up from $629.6 million in 2013, a 3.3 percent increase.
Net income, however, dropped to $35.8 million from $55.2 million in the first quarter 2013. Income from continuing operations was $36.5 million, down 18 percent from the first quarter 2013. The firm attributed the reduction to a discrete tax benefit in 2013 of $13 million from the release of a deferred tax liability in connection with a tax election in a foreign jurisdiction.
Carlisle said sales growth was achieved in all segments, led by strong organic growth at Carlisle Interconnect Technologies on robust aerospace demand.
“Despite the severe winter weather negatively impacting the quarter, we achieved sales growth in all our segments and leveraged that growth to a 14 percent EBIT improvement,” said David A. Roberts, Carlisle chairman, president and CEO.
Carlisle Construction Materials sales increased by 2.3 percent to $347.4 million. European sales grew 63 percent verses U.S. sales declining 2.5 percent—primarily due to harsh weather compared to 2013.
Carlisle Interconnect Technologies' sales grew 6.9 percent to $150.9 million verses 2013; Carlisle Brake & Friction grew to $92.2 million, a 1.5 percent increase; and Carlisle FoodService Products increased by 3.3 percent to $59.9 million.