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TheStreet Open House

CLARCOR Reports Record Fourth Quarter And Full Year Results



Unaudited Fourth Quarter and Full Year 2011 Highlights

(Amounts in millions, except per share data and percentages)


Quarter Ended

Year Ended
12/3/11   11/27/10   Change   12/3/11   11/27/10   Change
Net sales $ 307.5   $ 275.7   12 % $ 1,126.6   $ 1,011.4   11 %
Operating profit 54.7 43.8 25 % 181.3 144.6 25 %
Net earnings – CLARCOR 37.2 29.0 28 % 124.0 96.1 29 %
Diluted earnings per share $ 0.73 $ 0.57 28 % $ 2.42 $ 1.88 29 %
Operating margin   17.8 %     15.9 %   1.9 pts     16.1 %     14.3 %   1.8 pts

CLARCOR Inc. (NYSE: CLC) reported its financial results for the fourth quarter and full year 2011. Diluted earnings per share for 2011 grew by 29% from 2010 to a record high of $2.42, driven by an 11% increase in net sales and a 1.8 percentage point improvement in operating margin. Significant full year financial and strategic highlights for 2011 include the following:

  • 16.1% operating margin and 34.0% gross margin were highest in twenty years
  • Industrial/Environmental segment operating margin of 11.1% was highest in over thirty years
  • Engine/Mobile segment operating margin exceeded 20.0% for eleventh consecutive year
  • China heavy-duty engine filter sales increased by almost 30% from 2010
  • Generated $119 million of cash from operations and returned $51 million to shareholders
  • Purchased TransWeb to enhance internal development of media technology
  • Committed $28.0 million to invest in additional heavy-duty engine filter capacity

The Company’s fourth quarter 2011 diluted earnings per share increased 28% from last year to a record quarterly high of $0.73, exceeding the previous high by 14%. This increase in diluted earnings per share from the fourth quarter of 2010 was driven by a 12% increase in net sales and a 1.9 percentage point improvement in operating margin. Changes in average foreign currency exchange rates positively influenced net sales by $0.5 million and had no significant impact on operating profit in the fourth quarter of 2011 compared with the fourth quarter of 2010. Changes in average foreign currency exchange rates positively influenced net sales by $12.5 million and operating profit by $2.3 million for the full year 2011 compared with the full year 2010. In addition, our fiscal year 2011 included fifty-three weeks while our fiscal year 2010 included fifty-two weeks. We estimate that the additional week in 2011 positively influenced net sales growth from 2010 by approximately 1.5%.

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