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Carlisle Companies Reports $0.63 Earnings Per Share from Continuing Operations for the Fourth Quarter, an 80% Increase from the Prior Year
CHARLOTTE, NORTH CAROLINA, February 2, 2012 - Carlisle Companies Incorporated (NYSE:CSL) reported net sales from continuing operations of $789.6 million for the quarter ended December 31, 2011, a 26% increase from $626.9 million in the fourth quarter of 2010. Organic sales increased by 13% with Carlisle Construction Materials, Carlisle Interconnect Technologies and Carlisle Brake & Friction achieving double digit growth. The acquisitions of Hawk on December 1, 2010, PDT on August 1, 2011, and Tri-Star Electronics on December 2, 2011, contributed a total of $80.6 million, or 13%, to the sales growth in the fourth quarter.
Income from continuing operations increased 80% to $39.5 million, or $0.63 per diluted share, in the fourth quarter 2011, compared with $21.9 million, or $0.35 per diluted share, in the fourth quarter 2010. After-tax costs incurred in the fourth quarter of 2011 related to acquisitions were $2.6 million, or $0.04 per diluted share, versus after-tax costs incurred in the fourth quarter of 2010 related to the Hawk acquisition of $9.9 million, or $0.16 per diluted share. Income in the fourth quarter of 2011 was positively impacted by higher sales volume, contribution from the Hawk acquisition and savings from the Carlisle Operating System. Partially offsetting these positive impacts were higher raw material costs at Carlisle Transportation Products and severance charges at Carlisle FoodService Products.
For the full year 2011, Carlisle reported record net sales from continuing operations of $3.22 billion, a 28% increase from net sales of $2.53 billion for the prior year. Organic sales growth of 14% was led by strong performance at Carlisle Construction Materials, Carlisle Brake & Friction and Carlisle Interconnect Technologies. Sales from acquisitions contributed $339.9 million, or 13% to net sales.
Income from continuing operations for the year ended December 31, 2011 was $181.9 million, or $2.88 per diluted share, a 39% increase from income of $130.6 million, or $2.10 per diluted share, for the year ended December 31, 2010. Income for the full year 2011 was positively impacted by higher sales volume, contribution from the Hawk acquisition and savings from the Carlisle Operating System. After-tax costs in 2011 related to PDT, Tri-Star and other acquisition pursuits totaled $4.3 million, or $0.07 per diluted share, versus costs in 2010 of $9.9 million, or $0.16 per diluted share, related to the Hawk acquisition. Partially offsetting these positive results was the impact of higher raw material costs and additional costs at Carlisle Transportation Products related to plant start-up activities and charges for organizational changes.
The following information was filed by Carlisle Companies Inc (CSL) on Thursday, February 2, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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