Air filter maker Clarcor Inc. (CLC), Wednesday reported a flat profit for the first quarter, as revenues inched down less than 1 percent. Nevertheless, earnings for the quarter came in ahead of analysts' estimates while revenues fell short of expectations.
Clarcor, which makes air and fluid filters for engines and buildings, said sales for the quarter slipped to $256.3 million from $257.3 million last year. Analysts polled by Thomson Reuters had a consensus revenue estimate of $258.47 million for the quarter.
Chief Executive Chris Conway said the company anticipated lower top-line growth compared to last year, because last year the company recorded a growth of 16 percent at US heavy-duty engine filtration segment, which created a challenging year-over-year comparison.
"In addition, certain of our larger heavy-duty engine filtration aftermarket distributors placed large orders at the end of the fourth quarter of 2012, negatively impacting our first quarter 2013 sales," Conway said.
US heavy-duty engine filtration aftermarket sales declined about 4 percent for the quarter. Engine/Mobile Filtration segment's net sales dropped 2 percent to $117.7 million. Moving forward, Clarcor expects US heavy-duty engine filtration aftermarket sales for the second quarter to return to low single-digit growth.
Industrial/environmental filtration division sales increased 1 percent to $122.6 million. Packaging segment edged up about 1 percent to $16.0 million from $15.9 million last year.
Franklin, Tennessee-headquartered Clarcor' reported a first-quarter profit of $23.5 million or $0.47 per share, up from $23.5 million or $0.46 per share last year. Analysts expected earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Operating margin, or operating profit as a percentage of sales, declined to 13.2 percent from 13.3 percent last year.
For fiscal year 2013, the company reaffirmed its earnings guidance range of $2.45 to $2.60 per share, and sales growth of 2.5 to 4.0 percent. Analysts currently expect earnings of $2.57 per share for 2013.
"Looking ahead, we are optimistic that global macroeconomic activity will accelerate in the second half of 2013, but we remain cautious," Conway said.
CLC closed Wednesday's trading at $53.61, up $0.25 or 0.47%, on the NYSE.
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