CHARLOTTE, N.C.—Carlisle Companies Inc. reported increased net sales and net income for the 2014 second quarter and the six-month period.
Net income increased to $74.4 million for the second quarter, compared to $8.1 million in 2013. For the half-year, Carlisle reported net income of $110 million, up from $63.1 million in 2013.
Net sales also increased 8.4 percent verses 2013, up to $859.5 million for the second quarter. Its half-year sales sit at $1.51 billion, a 6.2 percent increase compared to 2013.
“We achieved solid organic sales growth during the quarter with each of our segments increasing sales,” said David A. Roberts, Carlisle chairman, president and CEO. “We leveraged our sales growth to a 12 percent EBIT improvement driven by exceptional performance at Carlisle Interconnect Technologies.”
Carlisle's Construction Materials segment increased sales to $535.6 million, a 9.2 percent increase compared to the second quarter of 2013. The firm cited higher demand for roofing systems and polyiso applications, partially offset by lower selling price.
The segment incurred startup expenses of $1.8 million during the quarter at its new polyvinyl chloride manufacturing plant in Greenville, Ill., up from plant startup expenses of $1.3 million in 2013.
Carlisle's other three segments—Interconnect Technologies, Brake and Friction, and FoodService Products—all increased sales. CIT reported sales of $162.2 million, up 11.3 percent; CBF's sales increased 4.3 percent to $97.6 million; and CFS grew 2.1 percent to $64.1 million.
Carlisle said as of June 30 it had $757 cash on hand and $600 million of borrowing availability under its credit facility.
Carlisle Companies is a global firm that designs, manufactures and markets a variety of products, serving the commercial roofing, energy, agriculture, mining, construction, aerospace and defense electronics, food service, healthcare, and sanitary maintenance. The firm said it generated $2.9 billion in net sales in 2013.