Scottsdale, Arizona – Despite a 7.8% fall in sales between Q3 2019 and Q3 2020, profits at Carlisle's construction materials business grew by 4.8%.
Operating income in the division rose 4.8% to $181.3m in the third quarter. This compares with $173m in the equivalent period the previous year. In the most recent quarter, raw materials prices became more favourable, selling general and administrative costs fell, and wages were lower.
During the quarter, sales fell to $823.5m compared with $893.5m in the same period last year because of a decline in the volume of products sold.
The company said that there was sequential improvement through the third quarter. ‘September sales [ended] slightly positive year-over-year for the first time since the pandemic began,' it said.
The company added that demand is increasing, and prices are rising in the segment. Its product range includes polyurethane and PIR building insulation products.
'When taken with the sequential improvements in third quarter sales, we are optimistic for the fourth quarter and early 2021,' the company said.
Carlisle’s total sales were $1127m in the third quarter, down 12% on the same period last year. Quarterly operating income across the business fell by 18.5% to $155.7m.
