Scottsdale, Arizona — Sales at Carlisle, which makes insulated panels and construction products, were $2.bn in the first half of 2020. This is a fall of 14% compared with the same period in 2019.
Operating income across the business fell by 33% to $216m. In the same period in the previous year, the operating income was $322m
The company consumes polyurethane raw materials in its construction materials business. Here, sales subsided by 11% between the first half of 2019 and 2020, to $1.4bn. Operating income in the division declined to $275m, a fall of 11%.
Commenting on the second quarter, Carlisle said: 'Although the quarter began with April's volumes down in excess of 30%, we saw strong recovery in shipments through May and June, and we continue to benefit from the overall resumption of construction activity in both the US and Europe.'
The company was able to take advantage of its high stock positions at the start of the quarter to continue selling to customers. It said it gained business because competitors had stopped production, destocked, and run out of product to supply their customers.
The division also benefited from lower raw material costs in the second quarter.
