Chris Conway, CLARCOR’s Chief Executive Officer, commented, “We capped off another successful year with record fourth quarter results. We are particularly proud of our 17.8% operating margin in the fourth quarter—almost two percentage points higher than last year’s fourth quarter and our highest quarterly operating margin since 1991. This operating margin improvement combined with our continued sales growth facilitated our fourth quarter being the eighth consecutive quarter where we exceeded our previous year’s quarterly diluted earnings per share by at least 15%. Once again, this consistent success is a result of the continued execution of our long-term strategy including a commitment to sustainable sales growth, cost containment and continuous improvement.
“All of our reporting segments contributed to our strong full year 2011 financial performance. Supported by the continued strength of our Baldwin heavy-duty engine filter business, our Engine/Mobile Filtration segment grew sales 14% and improved its operating margin 1.4 percentage points. Our Industrial/Environmental Filtration segment increased sales 11% and exceeded its 2011 operating margin goal of 10% by more than a full percentage point. Our Packaging segment improved its operating margin by 1.7 percentage points despite relatively flat sales. The stronger performance at each of our reporting segments enabled our consolidated operating margin to improve to 16.1%, the highest level in twenty years.
“This 2011 success would not have been possible without our continued focus on profitable growth. Our sales growth in 2011 was geographically balanced—U.S. sales grew 12% and foreign sales grew 11%. Our foreign sales growth was driven by a 19% increase in sales in our Engine/Mobile Filtration segment in part due to increased sales in China. Despite a temporary reduction in heavy-duty engine filter sales in the third quarter of 2011, sales in China returned to expected levels in the fourth quarter and increased by 29% for the full year. Going forward, we intend to continue to focus on growth both in the U.S. and abroad through the introduction of new filtration solutions while leveraging the strength of our existing products and technologies.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV