This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CLARCOR Reports Record Fourth Quarter And Full Year Results

“Our culture of managing costs prudently while supporting our profitable growth was evident in our 2011 financial results. Sales grew 11%, but selling and administrative expenses increased only 4%. As a result, our selling and administrative expenses as a percentage of sales declined 1.3 percentage points. We believe our current cost structure positions us well to capitalize on our anticipated growth initiatives moving into 2012.”

Fourth Quarter Results:

Engine/Mobile Filtration Segment

Net sales at our Engine/Mobile Filtration segment increased 17% compared with the fourth quarter of 2010. This increase was primarily related to higher volume of heavy-duty engine filter sales in the U.S. and abroad. Overall, the higher net sales were the result of 13% growth domestically and 26% growth outside the U.S. Domestic growth was driven by higher aftermarket sales including market share gains. Foreign growth was aided by 31% higher sales in China compared with last year’s fourth quarter. This foreign sales growth was also supported by higher export sales from the U.S. and an increase in our heavy-duty engine filter sales in Europe.

Operating profit at our Engine/Mobile Filtration segment increased 28% from the fourth quarter of 2010. This increase was primarily the result of higher heavy-duty engine filter sales. Our operating margin improved 2.0 percentage points from last year’s fourth quarter to 23.1%. This higher operating margin was primarily the result of our ability to leverage our manufacturing overhead and selling and administrative costs.

Industrial/Environmental Filtration Segment

Net sales at our Industrial/Environmental Filtration segment increased 11% from the fourth quarter of 2010. Net sales in the U.S. rose 22% while net sales outside the U.S. declined 12%. Our growth in domestic sales was the result of higher natural gas vessel sales, increased sales of new air filtration products and incremental sales from our acquisition of TransWeb, which was completed at the end of December 2010. The reduction in sales outside the U.S. was heavily influenced by a reduction in Asian sales primarily due to several large natural gas vessel projects completed in the fourth quarter of 2010 that did not repeat in the fourth quarter this year.

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs