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Carlisle Companies: Early winter depressed sales of Carlisle Syntec roofing products

Carlisle Cos. Inc. is warning investors that early winter conditions depressed sales in the company’s construction division, which includes Carlisle Syntec, and will affect fourth-quarter results.

Carlisle Cos., based in North Carolina, “will be reporting record net sales and net earnings for 2014,” the company said in a news release. Its fourth-quarter earnings and full-year report will be released Feb. 5.


Performance at Carlisle Construction Materials (CCM) and Carlisle Brake & Friction (CBF) was not up to expectations in the quarter. CCM “experienced lower sales volume growth in November and December due in part to the early onset of winter conditions in much of the United States, compounded by lower than anticipated demand and the negative impact of foreign currency fluctuations from the stronger U.S. dollar on its sales into Europe,” the release said.

CCM is the parent division of Carlisle Syntec Inc., which produces roofing membranes. The company employs about 535 people at its facility on Ritner Highway in Carlisle. Net sales growth for the CCM segment will be in the “mid-single digit percent range” in the fourth quarter, compared to 16 percent net sales growth in the prior quarter, the release said. For 2014, net sales growth at CCM is estimated to be in the “high-single digit percent range.”


In addition to lower than expected fourth-quarter net sales growth, CCM’s EBIT (earnings before interest and income taxes) was affected by “higher costs for plant start-ups, product line closings, and higher operating costs,” the release said.

Carlisle Syntec spent much of 2014 constructing a 72,500-square-foot facility expansion project, which included $222,500 in assistance from the state Department of Community and Economic Development. Carlisle Syntec spokeswoman Annie McCarren did not return phone and email messages regarding that project.

At its Greenville, Ill., facility, CCM finished a new PVC production line in spring 2014. The new line added 23,000 square feet to the facility and cost $2 million.


Also in the fourth quarter 2014, net sales at CBF will decline modestly versus the prior year quarter due to the recent well-publicized decline in demand in the agriculture markets, the continued malaise in the mining markets, and the negative impact of foreign currency fluctuations from the stronger U.S. dollar.


As a result of lower than anticipated performance by CCM and CBF, Carlisle’s overall EBIT margin (EBIT as a percent of net sales) for the full year 2014 is expected to be level with the prior year, the release said. Carlisle’s total net sales growth for 2014 is estimated to be in the high single digit percent range.


“We had expected to end 2014 on a high note, but encountered lower demand in CCM and CBF,” said David A. Roberts, chairman and CEO. “Nevertheless, 2014 will still be a very solid and record year for Carlisle. Although CCM’s growth was slower than anticipated in the fourth quarter 2014, we remain bullish on the outlook for both re-roofing and new commercial construction and expect a tailwind from lower raw material costs.”

John Hilton

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