CHARLOTTE, N.C. — Carlisle Companies Incorporated (NYSE:CSL) reported $904.1 million in net sales from continuing operations for the third quarter 2014, an increase of 13 percent versus the prior year. The company achieved sales growth in all of its segments, led by 16 percent organic sales growth at Carlisle Construction Materials (CCM) and 11 percent organic sales growth at Carlisle Interconnect Technologies (CIT). The positive impact on net sales from fluctuations in foreign exchange was less than 0.1 percent.
Income from continuing operations in the third quarter 2014 rose 30 percent to $86.3 million, or $1.31 per diluted share. Income growth was primarily driven by higher sales volume in all segments and savings from the Carlisle Operating System.
For the nine months ended Sept. 30, net sales from continuing operations of $2.41 billion grew 8.8 percent over the prior year period, reflecting organic growth of 8.5 percent and the positive impact of fluctuations in foreign exchange of 0.3 percent. Income from continuing operations for the nine months ended Sept. 30 rose 13 percent to $198.4 million, or $3.01 per diluted share. Income from continuing operations for the nine month period included a discrete tax benefit of $11.8 million, or $0.18 per diluted share, from the release of a deferred tax liability in connection with a tax election in a foreign jurisdiction.
David A. Roberts, Chairman and Chief Executive Officer, said, “We had a very strong third quarter with 13 percent sales growth and 22 percent growth in EBIT (earnings before interest and income taxes). Sales were up in all of our segments with exceptional organic sales growth at CCM and CIT. The double digit growth at both CCM and CIT demonstrate healthy market demand as well as solid execution on selling initiatives. We also increased EBIT margin in all of our segments and our consolidated EBIT margin rose 100 basis points to 14.8 percent reflecting favorable leverage of our sales growth."