Carlisle Companies Q2 Profit Falls; Organic Revenue Down 23.8%

(RTTNews) - Carlisle Companies Incorporated (CSL) reported second quarter earnings per share from from continuing operations of $1.36 compared to $2.65, previous year. Reported EPS included $0.25 of costs attributable to restructuring, M&A and COVID-19 related plant closures and absences. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $1.10, for the quarter. Analysts' estimates typically exclude special items. Operating income was $113.4 million, down 45.3% from prior year. The company said its operating income performance was driven primarily by volume declines, partially offset by raw material savings, lower SG&A and contributions from COS.

Second quarter revenue was $1.02 billion, down 22.1% from $1.31 billion, prior year. Organic revenue declined 23.8%, for the quarter. Analysts expected revenue of $1.0 billion for the quarter.

As of June 30, 2020, the company had cash-on-hand of $738 million and undrawn $1 billion on its credit facility.

The company said, despite an extremely challenging second quarter, its Vision 2025 goals remain intact.