Carlisle Cos. reported higher third-quarter earnings than a year ago, as sales were boosted by an aerospace and electronics industries supply business it acquired in December.
Net income increased to $76.6 million, or $1.18 per diluted share, from $69.5 million, or $1.08, a year earlier, the Charlotte-based company said. Share results were below the $1.20 average estimate of analysts.
Sales climbed to $968.8 million from $910.2 million a year ago but were below the $977.2 million average estimate. Three of the companys five segments saw higher year-over-year sales, but its interconnect technologies segment reported the biggest increase, 29 percent. That segment is where Carlisle put the Thermax-Raydex business it acquired last year from St. Louis-based Belden for $265 million.
The Thermax/Raydex business contributed to 2.6 percent of sales in the quarter, according to Carlisle.
Sales fell in the companys segment that sells brake and friction systems used mostly by the mining, construction and agricultural industries, as demand and prices fell. The company also reported lower sales in its segment that provides dishes, cookware and other supplies to restaurants and hospitals.
On Monday, Carlisle announced that it is selling its transportation products segment for $375 million to New York-based American Industrial Partners because of disappointing profit margins in the unit. The deal still needs regulatory approval and is expected to be finalized in the first quarter.
The segment provides transmission components for the agricultural, industrial and power-sports industries. It also makes specialty tires, including for all-terrain vehicles and boat and horse trailers.
By shuttering its tire division, Carlisle is leaving the business on which it was founded. The company was formed in 1917 in Carlisle, Pa., selling inner tubes for automobiles.
Roberts: 704-358-5248; Twitter: @DeonERoberts
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