Clarcor Inc. (CLC) reported that its third-quarter net earnings attributable to the company decreased to $30.27 million from $32.07 million in the same quarter last year.
Earnings per share declined 5% to $0.60 from $0.63 in the third quarter of 2011. Lower earnings per share were driven by a 1% reduction in operating profit and a 3.0 percentage point increase in the effective income tax rate compared with last year's third quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $286.73 million from $284.82 million in the prior year quarter. Five analysts had consensus revenue estimate of $298.88 million for the quarter.
Chris Conway, CLARCOR's Chief Executive Officer, said, "Our third quarter financial results were below our internal expectations heading into the quarter primarily due to lower than expected sales of heavy-duty engine filtration products in the domestic aftermarket and China. In addition, softness in other markets contributed to our shortfall compared with expectations including sales of air filtration products to the swine industry and sales of packaging products."
The company expects fourth quarter earnings per share to be in the range of $0.65 to $0.75—up from earnings per share of $0.60 in the third quarter. This anticipated increase in projected earnings per share in the fourth quarter from the third quarter of 2012 is primarily due to higher sales—which are expected to increase 8% from the third quarter of 2012 based upon the mid-point of its revised full-year sales growth guidance. Analysts expect the company to report earnings of $0.78 per share for the fourth-quarter.
The company lowered its full year 2012 earnings per share guidance to a range of $2.35 to $2.45, from previous guidance of $2.50 to $2.65. The company also slashed its sales growth outlook for the year to a range of 0.0 to 2.0 percent, from the prior range of 3.0 to 5.0 percent. Analysts expect the company to report earnings of $2.58 per share on revenues of $1.17 billion for fiscal 2012.
The company said its long-term expectations are to grow sales between 6% and 10% annually.
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