CHARLOTTE, N.C. (July 27, 2006) — Carlisle Companies Inc. reported improved operating and net income in the second quarter, prompting management to increase their earnings forecast for the year by 5 percent.
The company, which makes roofing materials, industrial tires and wheels and power transmission belts, reported net income of $56 million for the quarter, a 61-percent increase from the same period last year. Operating income before taxes and interest was up 27.6 percent to $84.2 million.
Net sales for the quarter rose by 17 percent to $692.7 million.
The company's industrial components division, which includes the tire and wheel business, increased sales 3 percent to $214.7 million on the strength of better business with makers of outdoor power equipment, all-terrain vehicles and trailers.
Carlisle's construction materials division posted a 29-percent sales increase to $292.9 million. The division's products include recycled rubber roofing tiles, polyurethane deck coatings and rubber roofing membranes.
Carlisle President and Chief Executive Richmond McKinnish said the results met the company's expectations.
“We continue to see strength in many of our end markets (and) therefore we are increasing our guidance for income from continuing operations for the full year to the range of $5.25 to $5.45 per diluted share from the previous range of $5 to $5.20 per diluted share,” he said.
For the six months ended June 30, net income rose 54 percent to $97.2 million while sales advanced 16 percent to $1.31 billion.