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Carlisle Companies Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: October 26, 2010 02:19PM
Carlisle Companies Inc. (CSL) filed Quarterly Report for the period ended 2010-09-30.
Highlight of Business Operations:
Net sales increased 10.2% in the third quarter of 2010, and 9.6% in the first nine months of 2010 as compared to the same periods in 2009. Excluding the impact of acquisitions and foreign currency rate changes, net sales grew 7.9% in the third quarter of 2010 and 6.6% in the first nine months of 2010 as compared to the same periods in 2009. For the third quarter of 2010, organic growth was primarily driven by a 7.5% increase in sales volumes across all business segments. To a lesser extent, selling price increases primarily from the Engineered Transportation Solutions segment also contributed to higher net sales. For the first nine months of 2010, organic growth was driven by an 8.6% increase in sales volume offset by 1.8% lower selling prices, primarily experienced in the Construction Materials segment.
The Companys effective tax rate for continuing operations was significantly lower in the third quarter of 2010 as compared to the prior year period, primarily as a result of recognition during the third quarter of adjustments to a prior year return and lower taxes in certain foreign jurisdictions. On a year to date basis, the Companys effective tax rate of 33.8% was comparable to an effective tax rate of 32.8% for the first nine months of 2009.
Net sales increase of 10.2% in the third quarter of 2010 included organic sales growth of 7.9% from the third quarter of the prior year, primarily reflecting 7.5% higher sales volume in all segments. Acquisitions in the Interconnect Technologies and Engineered Transportation Solutions segments contributed $14.0 million to sales.
For the first nine months of 2010, organic sales increased by 6.6% from the prior year period, reflecting sales growth in all segments with the exception of Foodservice Products. Among all segments, an 8.6% increase due to higher sales volumes resulting from higher demand was partially offset by a 1.8% decrease in selling prices which occurred primarily in the Construction Materials segment. Acquisitions in the Interconnect Technologies and Engineered Transportation Solutions segments contributed $45.9 million of sales as compared to the same period of 2009.
Stocks Discussed: CSL,