Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Clarcor Q1 Profit Rises - Update

RELATED NEWS
Trade CLC now with 

Air filter maker Clarcor Inc. (CLC: Quote), Wednesday reported a 7 percent increase in first-quarter profit, as revenues grew at the engine/mobile filtration and industrial/environmental filtration segments. Nevertheless, both earnings and revenues fell short of analysts' expectations.

Net sales at Engine/Mobile Filtration segment increased 8 percent, driven mainly by higher heavy-duty engine filter sales. Sales grew 12 percent domestically and 3 percent outside the US despite a 15 percent decline in China.

Industrial/Environmental Filtration unit sales advanced 8 percent, driven mainly by higher natural gas vessel sales. Sales outside US dropped 4 percent due mainly to lower sales from Europe impacted by continuing issues with the eurozone economies.

Packaging segment sales dropped 29 percent, due mainly to lower confection packaging sales, smokeless tobacco packaging sales and lower sales in other markets.

Clarcor, which makes air and fluid filters for engines and buildings, said net sales for the quarter grew 5 percent to $257.26 million from a year ago, but were below analysts' estimate of $267.93 million for the quarter.

The Franklin, Tennessee-headquartered company's attributable net income for the first quarter improved to $23.48 million or $0.46 per share from $21.88 million or $0.43 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.

Operating margin, or operating profit as a percentage of sales, improved to 13.3 percent from 12.7 percent last year.

Looking forward to the full year 2012, the company affirmed its earnings guidance range of $2.55 to $2.70 per share. Analysts currently expect earnings of $2.68 per share for the year.

Nonetheless, the company lowered its total sales growth estimate to a range of 5.5 to 7.5 percent, from the prior range of 6.0 to 8.0 percent.

CLC closed Wednesday's trading on the NYSE at $50.49, up 0.08%, on a volume of 0.2 million shares. The stock lost 0.02% in after-hours trade.

Register
To receive FREE breaking news email alerts for CLARCOR Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After showing a notable move to the downside in early trading, stocks have regained some ground over the course of the trading day on Monday. The markets have maintained a negative bias, however, keeping the major averages in the red. After reporting a sharp jump in U.S. pending home sales in the previous month, the National Association of Realtors released a report on Monday showing that pending home sales unexpectedly saw a notable pullback in the month of June. President Barack Obama is meeting with presidents from Central American nations on Friday as the U.S. struggles to deal with a surge of unaccompanied children across the southern border.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.