Carlisle 1Q net down 8 pct on lower brake demand
Carlisle 1st-qtr profit drops 8 percent on lower demand for brakes, clutches and other parts
CHARLOTTE, N.C. (AP) -- Lower demand for brakes, clutches and other parts drove down manufacturer Carlisle's net income by 8 percent.
The Charlotte, N.C., company said Wednesday that it earned $55.2 million, or 85 cents per share, down from $60 million, or 94 cents per share, in the same quarter last year. Revenue fell 4 percent, to $857 million from $889.3 million.
Analysts, on average, expected a profit of 84 cents per share on $899.7 million in revenue, according to FactSet.
Carlisle makes materials and parts for industries including mining, construction, agriculture and energy. It said that sales, excluding a boost from recent acquisitions, dropped 7 percent. That was due to lower demand, primarily at its division that makes brakes and other parts for vehicles across several industries. Sales in that unit fell 28 percent to $90.8 million.
Cold weather and storms also hurt sales in the company's construction materials and transportation products businesses.
The company did not give a specific outlook for the year, but expects earnings to improve. It predicted that revenue will rise by a mid-single-digit percentage in 2013, in line with analysts' estimate of growth of 7 percent.
Carlisle Cos. shares fell $1.91, or 2.9 percent, to $63.62 in late afternoon trading.
