Diversified manufacturing company Carlisle Companies Inc. (CSL), Wednesday, reported a substantial rise in net income for the fourth quarter, which the company attributed to favorable raw material pricing, lower interest expense as well as efficiencies gained through the Carlisle Operating System.
Net income increased 162% to $35.9 million or $0.58 per share from $13.7 million or $0.22 per share in the same period last year.
Income from continuing operations increased to $35.6 million or $0.57 per share from $15.4 million or $0.25 per share in the year-ago quarter.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share for the quarter. Analysts' estimates typically exclude special items.
Net income was positively impacted by a favorable tax adjustment, favorable raw material prices and lower interest expense as well as efficiency gains from the Carlisle Operating System during the fourth quarter of 2009. These positive impacts to income were partially offset by lower sales volume, plant restructuring charges and lower selling prices, the company said. Net sales for the quarter decreased 15% to $555.2 million from $651.2 million in the comparable period last year. The company noted that Interconnect Technologies segment's acquisitions of Jerrik and Electronic Cable Specialists and the Engineered Transportation Solutions segment's acquisition of Japan Power Brake contributed $14.6 million of sales in the fourth quarter.
Sales were down almost across all segments, with organic sales decreasing by 17% from the fourth quarter of the prior year.
By segments, construction materials sales declined 12% to $263.7 million from $300.5 million in the same period last year, driven by declines in the overall non-residential construction industry.
Engineered transportation solutions sales decreased 18% to $148.0 million from $179.8 million in the year-ago period reflecting a decline in the agriculture and construction markets. Meanwhile, Interconnect Technologies sales increased 6.3% to $54.4 million from $51.2 million in the comparable period last year reflecting positive sales impact from the acquisitions of Jerrik and Electronic Cable Specialists .
Net sales from food service products were down 6.4% to $58.2 million from $62.2 million in the prior-year period. Speciality product sales declined 46% to $30.9 million from $57.5 million in the same quarter last year due to weak sales in the specialty trailer market.
Interest expense for the quarter declined 85% to $1.9 million from $12.3 million a year earlier. The company had an income tax benefit of $10.6 million in the fourth quarter, compared to a tax expense of $0.2 million last year. For the full year, net income increased to $144.6 million or $2.34 per share from $55.8 million or $0.91 per share last year. Net sales decreased 23% to $2.38 billion from $3.11 billion in the previous year.
Looking ahead, David Roberts, Chairman, President and Chief Executive Officer, said, "For the full-year 2010, we are planning for modest revenue growth and continued improvement in our EBIT margins."
"During 2009, we made significant progress with our implementation of the Carlisle Operating System with every organization embracing the lean processes that are the foundation of the system's philosophy---The Carlisle Operating System will be a key driver in enabling us to achieve our long-term goals," he addded.
CSL is currently trading at $35.51 per share, up $1.30 or 3.79% on the NYSE.
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