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Carlisle Companies Reports Record Income from Continuing Operations for the Full Year 2014 of $251.7 Million on Record Full Year Net Sales of $3.20 Billion
Reports $0.81 Earnings Per Share from Continuing Operations for the Fourth Quarter 2014
CHARLOTTE, NORTH CAROLINA, February 5, 2015 - Carlisle Companies Incorporated (NYSE:CSL) reported net sales from continuing operations of $790.0 million for the quarter ended December 31, 2014, a 9.1% increase from $724.0 million in the fourth quarter 2013. Organic sales growth was 6.0%. The acquisition of LHi Technology (LHi) reported in the Carlisle Interconnect Technologies (CIT) segment contributed 3.6% to sales in the fourth quarter. The negative impact on net sales from fluctuations in foreign exchange was 0.5%.
Income from continuing operations in the fourth quarter 2014 declined 12% to $53.2 million, or $0.81 per diluted share, compared with $60.2 million, or $0.92 per diluted share, in the fourth quarter 2013, reflecting higher costs at Carlisle Construction Materials (CCM), lower net sales and EBIT (earnings before interest and income taxes) at Carlisle Brake & Friction (CBF) and a higher effective tax rate in the fourth quarter of 2014 versus the prior year.
For the full year 2014, Carlisle reported record net sales from continuing operations of $3.20 billion, an 8.9% increase from $2.94 billion for the prior year. Higher net sales in 2014 reflected organic sales growth of 7.9% and acquired growth of 0.9%. For the full year 2014, Carlisle reported record income from continuing operations of $251.7 million, or $3.83 per diluted share, a 7.0% increase over income of $235.2 million, or $3.61 per diluted share, in 2013. Results for 2013 include a tax benefit of $11.8 million, or $0.18 per diluted share, from the release of a deferred tax liability from an election in a foreign jurisdiction.
All financial and percentage comparisons in our fourth quarter reporting are made to the same quarter of the previous year, unless otherwise stated.
David A. Roberts, Chairman and CEO, said, As we previously announced, our results for the fourth quarter 2014 were not as strong as expected. Nevertheless, 2014 was an outstanding year for Carlisle as we achieved record sales, EBIT and net earnings. In addition, our working capital as a percent of sales improved 90 bps to 17.8%, moving closer to our 15% goal.
During 2014, we also continued our transformation into becoming a manufacturer of high margin products with the October 1, 2014 acquisition of LHi, which supplies products to the medical technology market, and our pending acquisition of the Liquid Finishing Brands business from
The following information was filed by Carlisle Companies Inc (CSL) on Thursday, February 5, 2015 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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