Clarcor Inc. (CLC) reported net earnings of $21.3 million or $0.42 per share for the third quarter, compared to $25.8 million or $0.50 per share in the year-ago quarter.
Net sales for the third quarter declined 17% to $230.3 million from $276.3 million in the previous year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share on revenue of $246.40 million for the quarter. Analysts' estimates typically exclude special items.
For 2009, Clarcor now expects earnings of $1.30 to $1.40 per share, down from its prior estimate of $1.40 to $1.60 per share. The Street currently expects earnings of $1.44 per share for the year.
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