ERJ staff report (DS)
Charlotte, North Carolina -- Carlisle Companies Inc. reported net sales from continuing operations of $693.6 million for the quarter ended March 31, 2011, a 27 percent increase from net sales of $547.3 million in the first quarter of 2010.
Income from continuing operations increased 44 percent to $33.3 million, or $0.53 per diluted share, in the first quarter 2011 compared with $23.1 million, or $0.37 per diluted share, in the first quarter of 2010. The increase in income was due to the after-tax earnings contribution from the Hawk acquisition, organic sales growth from higher demand in nearly all segments, selling price increases, and efficiencies gained through the Carlisle Operating System. Partially offsetting this increase was the negative impact of higher raw material costs in the first quarter of 2011 as compared to the first quarter of 2010.
David A. Roberts, Chairman, President and Chief Executive Officer, said, continued, â€œDespite continued escalation of raw material costs including 51 percent and 27 percent increases in the cost of natural and synthetic rubber respectively, the Carlisle Transportation Products segment increased its EBIT margin from 6.1 percent in the first quarter of 2010 to 7.2 percent in the first quarter of 2011. We were also pleased with the performance of our Interconnect Technologies segment, which achieved a 6 percent increase in sales and 14 percent increase in EBIT despite the significant rise in raw material prices for silver and copper during this period.â€
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Press release from Carlisle Companies