CHARLOTTE, N.C. (Oct. 21, 2004) — Carlisle Companies Inc. reported net sales up 16.6 percent vs. a year ago largely from its Construction Materials and Industrial Components division—which includes Carlisle Tire & Wheel Co.
Sales hit $631.3 million, up from $541.5 million a year ago. Net income rose to $28.9 million from $24.5 million last year.
Third quarter net sales at Carlisle Tire were 25-percent ahead of the previous year as a result of increased sales across all product lines, with most of the increase coming from sales of commercial and consumer power equipment lawn care products and ATV tires and wheels. Overall, the Industrial Components division posted sales of $178.1 million, up 19.5 percent from $149.1 million last year.
The segment's earnings before interest and income taxes was slightly improved to $11.2 million from $11 million last year. Carlisle said the “disappointing earnings results” in the segment were primarily caused by rising raw material costs for steel in the wheel business and oil-based commodities in the tire business. Price increases were instituted in the third quarter at Carlisle Tire, but the financial impact of those increases was not sufficient to fully offset the rising costs, the company reported. Carlisle said additional price increases are planned.