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Carlisle Companies Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: April 26, 2011 01:12PM
Carlisle Companies Inc. (CSL) filed Quarterly Report for the period ended 2011-03-31.
Highlight of Business Operations:
Net sales increased 27% in the first quarter of 2011 compared to the same period in 2010. The acquisition of Hawk reported in the Carlisle Brake & Friction segment contributed $76.2 million, or 14% to net sales in the first quarter of 2011. For the first quarter of 2011, organic growth of 13% was primarily driven by a 11% increase in sales volumes across all segments with the exception of Carlisle FoodService Products. To a lesser extent, selling price increases primarily from the Transportation Products segment also contributed to higher net sales. Fluctuations in foreign currency exchange rates had a negligible impact in the first quarter of 2011 on net sales.
The Companys effective income tax rate for the first quarter of 2011 of 33.5% compared to a rate of 37.4% for the first quarter of 2010. The higher effective income tax rate for the first quarter of 2010 was primarily attributable to a prior year adjustment accounted for on a discrete basis.
Net sales increased 27% in the first quarter of 2011 compared to the same period in 2010. The acquisition of Hawk reported in the Carlisle Brake & Friction segment contributed $76.2 million, or 14%, to net sales in the first quarter of 2011. The Company experienced organic growth in its Brake & Friction and Construction Materials segments of 52% and 16%, respectively, reflecting significantly increased demand in construction and mining markets overseas and continued growth in the U.S. commercial re-roofing market. The Transportation Products segment achieved organic growth of 10%, reflecting higher selling prices and improved demand in the construction and agriculture, high speed trailer, and outdoor power equipment end markets. The Interconnect Technologies segments organic growth of 6.1% reflected continued growth in demand for its aerospace applications offset by modest declines in the military end market. Sales in the FoodService Products segment were relatively flat in the first quarter of 2011 as compared to the prior year.