Filtration products maker Clarcor Inc. (CLC), Wednesday reported a rise in profit for the second quarter on modest growth at its Engine/Mobile and Industrial/Environmental Filtration segments, while sales at Packaging segment dipped.
However, results for the quarter came in short of Wall Street estimates, as muted U.S. economic expansion, uncertainty in China, and recession in Europe weighed on sales.
The company lowered the top end of its 2013 earnings outlook by five cents, mainly due to headwinds in key geographic markets.
Clarcor, which makes air and fluid filters for engines and buildings, saw quarterly sales edge up 1 percent from last year to $287.6 million. Analysts polled by Thomson Reuters estimated sales of $290.19 million for the quarter.
Engine/Mobile Filtration segment sales edged up 1 percent, and Industrial/environmental filtration sales rose 2 percent. Packaging segment sales fell 5 percent.
The Franklin, Tennessee-based company posted quarterly net income of $33.05 million or $0.66 per share, slightly up from $32.9 million or $0.65 per share last year. Analysts had a consensus earnings estimate of $0.67 per share for the quarter.
For fiscal year 2013, the company now expects earnings of $2.45 to $2.55 per share, and still expects sales to grow 2.5 to 4 percent. Analysts currently expect earnings of $2.56 per share for the year.
The company's stock closed Wednesday at $54.17, down 1.47%, on a volume of 117 thousand shares on the NYSE.
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