Air filter maker Clarcor Inc. (CLC: Quote), Wednesday reported a decline in profit for the fourth quarter, as revenues dropped at engine/mobile filtration and packaging segments.
Net sales at engine/mobile filtration segment declined 2 percent, hurt mainly by flat domestic sales and 5 percent drop in international sales.
Industrial/environmental filtration division sales increased 9 percent, helped mainly by higher domestic and foreign sales.
Packaging segment sales dropped 12 percent, due mainly to lower confection and smokeless tobacco packaging sales.
Clarcor, which makes air and fluid filters for engines and buildings, said net sales for the quarter dropped five percent to $292.9 million from $307.5 million last year. Six analysts had consensus revenue estimate of $305.12 million for the quarter.
Franklin, Tennessee-headquartered Clarcor’ fourth-quarter profit dropped to $36.3 million or $0.72 per share from $37.2 million or $0.73 per share last year. On average, eight analysts polled by Thomson Reuters expected earnings of $0.70 per share for the quarter. Analysts’ estimates typically exclude special items.
Earnings per share comparison between full year 2012 and full year 2011 was influenced by an additional or fifty-third week in full year 2011. Excluding the one-week impact, earnings for the fourth-quarter 2011 was $34.6 million or $0.68 per share.
Operating margin, or operating profit as a percentage of sales, improved to 18.1 percent from 17.8 percent last year.
Looking forward to the fiscal year 2013, the company expects earnings of $2.45 to $2.60 per share, and sales growth of 2.5 to 4.0 percent. Analysts currently expect earnings of $2.62 per share on revenues of $1.20 billion for 2013.
Chief Executive Chris Conway said, “If global macroeconomic uncertainty lessens as we progress through the year, we would anticipate financial performance in the upper half of our guidance range.”
CLC closed Wednesday’s trading at $47.16, down $0.46 or 0.97%, on the NYSE.
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by RTT Staff Writer
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