Carlisle posts 61 percent rise in second quarter income to $56 m

Charlotte, North Carolina - Carlisle Companies Inc. has reported a net income of $56 million (€44.5 million) for the second quarter, marking a 61 percent increase from the same period last year.

Net sales for the quarter rose by 17 percent to $692.7 million, compared to $591.6 million in 2005 second quarter.

The company's industrial components division increased sales by 3 percent to $214.7 million on the back of revenue growth at its tyre and wheel business, which manufactures cross-ply pneumatic and steel-belted radial tyres for lawn and garden vehicles, trailers and all-terrain vehicles.

Carlisle's construction materials division posted a 29 percent sales increase to $292.9 million.

The division's products include recycled rubber roofing tiles, polyurethane deck coatings and rubber roofing membranes.

Earnings from Carlisle's European joint venture Icopal, were $700 000 before interest and tax, compared to $600 000 last year.

The company's diversified components division increased sales by 20 percent to $185.1 million.

Carlisle president and chief executive Richmond McKinnish said the results met the company's expectations.

''We continue to see strength in many of our end markets [and] therefore we are increasing our guidance for income from continuing operations for the full year to the range of $5.25 to $5.45 per diluted share from the previous range of $5 to $5.20 per diluted share.''