Carlisle 2Q profit up slightly, beats estimates

The results came in well ahead of Wall Street predictions, sending Carlisle shares up $3.05, or 11.3 percent, to $30 in morning trading. They traded as high as $31.99 earlier in the session.

Over the past 52 weeks, the company's shares have traded between $24.81 and $51.57.

In the second quarter, Carlisle earned $54.3 million, or 88 cents per share, compared with $53.4 million, or 85 cents per share, in the same quarter of 2007.

Earnings from continuing operations rose 3.6 percent to $56.9 million, or 93 cents per share, from $54.9 million, or 88 cents per share, for the same quarter in 2007.

Revenue rose 17 percent to $863 million from $738.8 million in the year-ago period.

Analysts polled by Thomson Financial expected a profit from continuing operations of 80 cents per share on $813.5 million in revenue.

Construction materials sales jumped 15 percent to $441.6 million, while sales of transportation products rose 3.9 percent to $243.8 million on higher demand for specialty trailers and agriculture and construction tires.

Carlisle said the quarter's results were hurt by higher costs of steel and oil-based commodities.