Below is transcript of the Carlisle Companies, Inc. (NYSE:CSL)‘s 2014 Earnings Update Conference Call, held on Tuesday, January 20, 2015, at 8:00 am EST. Basswood Capital, Gotham Asset Management and Prescott Group Capital Management was among Carlisle Companies, Inc. (NYSE:CSL) shareholders at the end of the third quarter.
Carlisle Companies, Inc. (NYSE:CSL) is a holding company for Carlisle Corporation, and its wholly owned subsidiaries. Carlisle is a diversified manufacturing company consisting of four segments which manufacture and distribute a range of products. Its segments include Carlisle Construction Materials, which manufactures and sells roofing systems; PVC and accessories; insulation panels for roofing applications, waterproofing membranes, vapor and air barriers.
Mr. David Roberts, Chairman and CEO of Carlisle Companies.
Ivan Marcuse – KeyBanc Capital Markets Inc
Joshua Klein – Barrons
Glen Wallmann – Analyst.
Jennifer (Operator): Good morning. My name is Jennifer, and I will a conference operator today. At this time, I would like to welcome everyone to be here in 2014 earnings update conference call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question and answer session.
If you would like to ask a question during this time, then please press star then number on your telephone keypad. If you would like to withdraw the question, press the pound key. Thank you. I will now turn the conference over to Mr. David Roberts, chairman and CEO of Carlisle Companies’. Please go ahead, sir.
David Roberts: Thank you Jennifer. Good morning, and welcome to our 2014 year in free earnings call. We normally don’t provide comment prior to our earnings release, which is scheduled for February 5th. We have a few issues that will negatively impact earnings the construction materials and breaking friction. But I thought it would be productive to discuss this before the 2014 year in conference call.
Before we get in to those issues, it is important to say that we are still on track for record sales and record earnings in 2014. And as we close the books on the year, there isn’t anything that we’ve seen that would suggest any difference. A construction material starting the fourth quarter- we started the fourth quarter with a very strong October. The onset of winter weather hit the most of the U.S. in the early November causing our sales to slow dramatically, and go negative, actually, compared to 2013.
Well, the amount was disappointing when the SPRI index statistics came out. In December, we found that our sales were of an equal amount to the single prior roofing industry index. The business recovered some in December, but not enough to offset to short fall in November.