Ballantyne-based manufacturer Carlisle Cos. reported first-quarter earnings and sales that beat Wall Street expectations, thanks in part to a recent acquisition.
In a securities filing Thursday, Carlisle said it made $39.5 million, or 59 cents a share, on continuing operations in the quarter that ended March 31. Analysts surveyed by Bloomberg had estimated earnings of 58 cents a share.
First quarter 2015 earnings were up from what the company made in the same period last year, when Carlisle reported earnings of $36.5 million.
The company also reported sales of $709.3 million in the first quarter, above the Wall Street consensus of $699.4 million and above sales in the first quarter last year of $650.4 million.
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Carlisle said “fluctuations from foreign exchange” had a negative impact of 2.2 percent on first quarter net sales. A stronger dollar can hurt exporters since sales in foreign countries translate back into fewer U.S. dollars.
The company also said its October purchase of LHi Technology, which manufactures cables for the medical equipment and device industry, contributed 3.9 percent to net sales in the first quarter. The company said that acquisition, along with its recent purchase of Graco’s liquid-finishing business, will bolster its earnings per share in 2015.
“We are very excited about the strategic changes we’ve made in our portfolio that now serve as additional platforms for further growth and value to our shareholders,” David Roberts, the company’s chairman and CEO, said in a statement.
Carlisle is a diversified manufacturer whose products are categorized into five business segments: construction materials, interconnect technologies, brake and friction, food service products and fluid technologies.
The company has about 8,200 employees worldwide, including about 80 in Charlotte.