Carlisle Companies recovers in Q2

ERJ staff report (DS)

Charlotte, North Carolina -- Carlisle Companies Inc. reported net sales from continuing operations of $709.4 million for the quarter ended June 30, 2010, an 11% increase from net sales of $636.7 million in the second quarter of 2009.

David Roberts, Chairman, President and Chief Executive Officer, said, “During the second quarter, our organic revenue increased by 8.6% and, despite the impact of rising raw material costs, we were able to achieve 9.0% EBIT (Earnings Before Interest and Income Taxes) margin through continued emphasis on the Carlisle Operating System.

“Roberts said, "Our EBIT performance in the Engineered Transportation Solutions segment was lower during the second quarter primarily due to the impact from a $24.5 million insurance gain recorded in the second quarter of last year. In addition, we continue to face significant increases in raw material costs within this segment and continue to address production inefficiencies related to the consolidation of our Buji and Meizhou, China tyre plants which we expect to resolve in the third quarter. The consolidation of the US tyre operations into the Jackson, Tennessee plant by the end of 2010 remains on track. These consolidation activities and the continued integration of the tyre and wheel, power transmission, and industrial brake and friction product lines are expected to drive improvements in EBIT margin in 2011.”

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Press release from Carlisle