Carlisle Cos., Hershey see stocks, earnings soar
Midstate manufacturers Carlisle Cos. Inc. and The Hershey Co. are seeing all-time stock price highs and soaring first-quarter earnings, including an 80 percent jump for Carlisle and 24 percent for Hershey.
North Carolina-based Carlisle Cos., which has distribution and manufacturing business in Cumberland County, had net income of $60 million for the quarter, or 94 cents per diluted share.
The result significantly beat analyst estimates of 61 cents per share, according to Yahoo Finance.
The company's stock price rose 9 percent this morning to more than $54 a share, which is the highest the stock has been in five years. Carlisle Cos. trades its shares on the New York Stock Exchange under the ticker symbol CSL.
The company attributed the quarter's strength to revenue growth in its higher-end product lines, lead by its Carlisle-based Construction Materials division that includes Carlisle SynTec Inc. The segment had sales growth of 34 percent in the first quarter, according to the company.
Carlisle Cos. has streamlined its manufacturing as well as made several key acquisitions in the last four years to expand its reach and product offerings. Those contributed about 6 percent to its growth this quarter, the company said.
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Dauphin County confectionary giant Hershey continued its upward swing with net income of more than $198.6 million for the quarter, or 87 cents per diluted share, according to the company.
Analysts had estimated 81 cents per share, according to Yahoo Finance.
"Hershey's strong start to the year is the result of our continued strategy of disciplined investment in core brands in both the U.S. and key international markets," President and CEO John P. Bilbrey said in the earnings statement.
Hershey, based in Derry Township, also is seeing a seven-year high for its stock prices, which were up 7 percent this morning to more than $66 a share. The company also has benefitted from streamlining its operations over the past several years, and owes some of its success in getting back to prerecession stock status to former CEO David West.
Hershey trades its stock on the NYSE under the ticker symbol HSY.