(RTTNews) - Carlisle Companies Inc. (CSL) on Thursday posted first-quarter net income of $52.2 million or $0.97 per share, down from $61.8 million or $1.09 per share in the year-ago quarter.
Earnings were affected by lower operating results in the Carlisle Interconnect Technologies segment and higher corporate expenses, the company said.
Adjusted earnings per share fell 12 percent to $1.47 from $1.67 in the same period last year. On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share for the quarter.
Quarterly revenue of $1.03 billion was flat from a year ago, while 7 analysts expected the company to post revenues of $974.5 million for the period.
Commenting on the results, Chris Koch, Chairman, President and Chief Executive Officer, said, "Due to strength in our CCM, CFT, and CBF businesses, our consolidated first-quarter revenue was flat, while adjusted EPS declined year-over-year given lower profitability at CIT driven by the well-publicized impact of the COVID pandemic on the commercial aerospace industry. The first quarter of 2021 demonstrated yet again Carlisle's ability to navigate varying economic cycles while delivering strong financial performance."
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