Clarcor Inc. (CLC: Quote) reported that its fourth-quarter net earnings attributable to the company decreased to $36.31 million or $0.72 per share, from $37.24 million or $0.73 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share for the quarter. Analysts’ estimates typically exclude special items.
The earnings per share comparison between the fourth quarter of 2012 and the fourth quarter of 2011 was influenced by an additional or fourteenth fiscal week in the fourth quarter of 2011.
Non-GAAP net income for the quarter was $36.31 million or $0.72 per share, compared to $34.58 million or $0.68 per share last year.
Net sales for the quarter declined to $292.91 million from $307.53 million in the prior year quarter. Six analysts had consensus revenue estimate of $305.12 million for the quarter.
For fiscal 2013, the company expects earnings to be in the range of $2.45 to $2.60 per share, and sales growth of 2.5% to 4.0%. Analysts expect the company to report earnings of $2.62 per share on revenues of $1.20 billion for fiscal 2013.
The company projects 2013 cash from operations to be between $125 million and $135 million, capital expenditures to be between $45 million and $55 million and our effective tax rate to be between 32.0% and 33.0%.
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by RTT Staff Writer
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