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November 04, 2014 01:00 AM

Carlisle reports increased sales, net income

Rubber & Plastics News Report
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    CHARLOTTE, N.C.—Carlisle Companies Inc.'s sales increased to $904.1 million for the third quarter 2014, which is up from 2013's total of $796.8 million.

    Net income also increased to $86.3 million, up from $66.4 million.

    Carlisle's sales sit at about $2.41 billion for the nine-month period, up from about $2.22 billion in 2013. Net income also increased to $198.4 million, up from $175.4 million last year.

    Chairman and CEO David A. Roberts said the firm completed two acquisitions in the third quarter. On Oct. 1, the firm completed the acquisition of LHi Technology Pte. Ltd., a manufacturer of medical cabling and interconnect applications based in Shenzhen, China. Carlisle previously said LHi reported sales of more than $100 million and valued the transaction at $195 million.

    LHi will operate under the Carlisle Interconnect Technologies business unit, the firm said.

    Roberts said on Oct. 8, the firm entered a definitive agreement to acquire Graco Inc.'s liquid finishing brands business for $590 million in cash. The business will operate as a new segment named Carlisle Fluid Technologies and is expected to close in the end of 2014.

    Roberts said the firm experienced increased sales across all of its segments—CIT, Carlisle Construction Materials, Carlisle Brake & Friction and Carlisle FoodService Products.

    CCM led the way with $589.1 million in sales, an increase of 16.5 percent and higher sales volume of roofing systems and polyiso applications. The firm said start-up costs for its polyvinyl chloride and thermoplastic polyolefin facilities were $2 million, compared to $3.4 million in the prior year.

    CIT's sales rose 11 percent to $164.4 million with increases in aerospace and test and measurement markets, achieving 13 percent and 11 percent increases.

    “The double digit growth at both CCM and CIT demonstrates healthy market demand as well as solid execution on selling initatives,” Roberts said.

    CBF's sales increased 4.8 percent to $89.3 million with a 4.2 percent organic sales growth on higher volume. CFP's sales increased 5.5 percent to $61.3 million primarily because of higher sales volume and selling price realization.

    Carlisle reported free cash flow operations of $164.7 million for the nine-month period, which is $150.8 million lower than 2013.

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