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UPDATE 1-Carlisle net drops on charges, raw material costs
February 7, 2011 / 12:42 PM / 7 years ago

UPDATE 1-Carlisle net drops on charges, raw material costs

* Q4 EPS $0.51 vs. year-ago $0.58

* Sales up 20 pct in Q4

* Sees FY sales growth in mid-teens

Feb 7 (Reuters) - Diversified manufacturer Carlisle Cos Inc (CSL.N) posted a lower quarterly profit hurt by acquisition charges and higher raw material costs, and forecast 2011 sales growth in the mid-teens.

“While escalating raw material costs will continue to pressure earnings, we expect EBIT (earnings before interest and taxes) margins to improve during the year,” CEO David Roberts in a statement.

Charlotte, North Carolina-based Carlisle, whose markets include construction materials, commercial roofing and power transmission among others, posted a sales growth of 20 percent in the October-December period and said demand strengthened in nearly all its major product lines.

Carlisle’s fourth-quarter net earnings fell to $32.2 million, or 51 cents a share, compared with 35.9 million, or 58 cents a share, a year ago. Net sales were $626.9 million.

Earnings from continuing operations were 35 cents a share.

Analysts on average were expecting earnings of 46 cents a share on revenue of $566.3 million, according to Thomson Reuters I/B/E/S.

Results include a charge of $9.9 million, or 16 cents a share, related to the acquisition of Hawk Corp in December for $414 million.

Carlisle’s shares closed at $38.85 on Friday on the New York Stock Exchange. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Jarshad Kakkrakandy) ((ananthalakshmi.as@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ananthalakshmi.as.reuters.com@reuters.net))

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