ERJ staff report (R&PN)
Charlotte, North Carolina - Speciality tyre and wheel maker Carlisle Companies Inc. reported big increases in income for the 2009 fourth quarter and full year, despite declines in sales.
Favourable raw material pricing and lower interest expenses were among the reasons the company achieved net income of $35.9 million (Euro 25.7 million) in the three-month period, compared with $13.7 million a year earlier. Income from continuing operations increased 131 percent to $35.6 million.
Sales fell across all the companies segments, to an overall 15-percent decline to $555.2 million for the final period of 2009.
For the year, the company recorded a 159-percent rise in net income to $144.6 million, while sales declined 23 percent to $2.38 billion.
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Carlisle sales fall but profits rise from Rubber & Plastics News (A Crain publication)
Carlisle Companies Incorporated Q4 2009 Earnings Call Transcript from Seeking Alpha (US)