Construction materials supplier Carlisle Companies Inc. (CSL: Quote) said Tuesday its first-quarter profit surged from a year ago, driven by strong sales performance across segments, increased selling prices and savings from the Carlisle Operating System. Both earnings and revenues surpassed analysts' estimates by a wide margin.
First-quarter income from continuing operations rose 80 percent to $60 million, or $0.94 per share, compared with $33.3 million, or $0.53 per share, last year.
On average, six analysts polled by Thomson Reuters were expecting earnings of just $0.61 per share. Analysts' estimates typically exclude one-time items.
Net sales from continuing operations rose 28 percent to $889.3 million from last year's $693.6 million, with organic sales growth of 22 percent. Analysts expected revenues of $793.5 million.
David Roberts, Chairman, President and Chief Executive Officer, said, "Our focus on investing in higher margin businesses and generating efficiencies through the Carlisle Operating System has resulted in an outstanding start to 2012."
Looking ahead, Roberts said, "Our strong first quarter results reflect the actions we've taken to focus on growth in higher margin businesses, moving us closer to our long term goals of $5 billion in revenue, 30% global sales, 15% margin, 15% working capital as a percent of sales and 15% ROIC."
The company expects 2012 sales growth in the mid-teens, including acquisitions, and continued margin improvement over last year.
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by RTT Staff Writer
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