Harley, Carlisle Cos., PPG announce first-quarter earnings
Three companies with operations in the midstate announced quarterly earnings.
Harley-Davidson Inc. first-quarter diluted earnings per share was $1.21, growing 22.2 percent from the year-ago period on higher motorcycle shipments and continued improvement in operating efficiencies, according to a news release from the company.
First-quarter net income was $265.9 million on consolidated revenue of $1.73 billion, compared to net income of $224.1 million in the year-ago period on consolidated revenue of $1.57 billion, the company reported.
Dealers worldwide sold 57,415 new Harley-Davidson motorcycles in the first quarter compared with 54,254 motorcycles in the first quarter of 2013. In the U.S., dealers sold 35,730 new Harley-Davidson motorcycles in the quarter, up 3 percent compared to sales of 34,706 motorcycles in the year-ago period, the company reported.
In international markets, dealers sold 21,685 new Harley-Davidson motorcycles during the first quarter, up 10.9 percent compared to 19,548 motorcycles in the year-ago period, with sales up 20.5 percent in the Asia Pacific region, 8.2 percent in the EMEA region and 8.9 percent in the Latin America region, and down 2.4 percent in Canada.
First-quarter operating income from motorcycles and related products grew 25.6 percent to $347.7 million, compared to operating income of $276.8 million in the year-ago period, the company reported. Operating income in the quarter benefited from higher motorcycle shipments and higher gross margin compared to the prior-year period.
Revenue from motorcycles grew 13.1 percent to $1.31 billion, compared to revenue of $1.15 billion in the year-ago period. Revenue from motorcycle parts and accessories was $198.1 million during the quarter, up 7.7 percent, and revenue from general merchandise, which includes MotorClothes apparel and accessories, was $64.1 million, down 11.1 percent, compared to the year-ago period, the company reported.
Carlisle Companies Inc. reported income from continuing operations was $36.5 million, or 56 cents per diluted share, in the first quarter, an 18 percent decrease from income of $44.3 million, or 68 cents per diluted share, in the first quarter 2013.
The reduction in income in the first quarter over the prior year was primarily attributable to a discrete tax benefit in 2013 of $13 million, or 20 cents per diluted share, from the release of a deferred tax liability in connection with a tax election in a foreign jurisdiction.
On the plus side, the company had $650.4 million in net sales from continuing operations for the first quarter, an increase of 3.3 percent over last year. Sales growth was achieved in all segments led by strong organic growth at Carlisle Interconnect Technologies on robust aerospace demand, the company reported. The positive impact on net sales from fluctuations in foreign exchange was less than 1 percent.
Earnings before interest and income taxes was $63 million in the first quarter. EBIT grew 14 percent from 2013, reflecting higher sales volume and savings from the Carlisle Operating System, partially offset by lower selling prices, the company reported.
"Despite the severe winter weather negatively impacting the quarter, we achieved sales growth in all our segments and leveraged that growth to a 14 percent EBIT improvement," David A. Roberts, chairman, president and CEO, said in a news release. "Our EBIT margin grew 90 basis points to 9.7 percent for the quarter. Highlighting the quarter was our performance at Carlisle Interconnect Technologies. CIT achieved an exceptional 20.3 percent EBIT margin, a record for CIT as well as the highest margin performance in any Carlisle segment since 2008."
The company, which trades on the New York Stock Exchange under the ticker CSL, maintains Carlisle WIP Products, a division of Carlisle Construction Materials Inc., in Carlisle. The site makes construction products for steep-slope and low-slope residential and commercial applications.
PPG Industries reported record first-quarter net sales from continuing operations of $3.6 billion, up $528 million, or 17 percent, over the prior year. First-quarter reported net income from continuing operations was $277 million, or $1.97 per diluted share, according to a news release from the company.
First-quarter adjusted net income from continuing operations was $279 million, or $1.98 per diluted share, which excludes $2 million, or 1 cent per diluted share, for acquisition-related costs.
"We achieved year-over-year global volume growth of 5 percent, our highest level in three years," Charles E. Bunch, PPG chairman and CEO, said in the release.
"Additionally, growth rates accelerated in each region versus recent quarters, including in Europe, where our volumes grew 5 percent as we benefited from the early stages of that region's economic recovery. PPG's growth was also broad-based across many of our businesses, led by automotive OEM coatings and aerospace, where our performance continued to outpace strong global growth in these end-use markets."
The company reported cash and short-term investments totaling $3 billion at quarter-end, including $1.735 billion of gross proceeds received from recent business divestitures. The company also noted that it repurchased $200 million, or 1.1 million shares, of PPG stock during the quarter.