This Day On The Street
Continue to site
ADVERTISEMENT
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 First Quarter Results

Chris Conway, CLARCOR’s Chief Executive Officer, commented, “The growth and profitability of our filtration segments remained strong in the first quarter of 2012. We are particularly pleased with the continued operating improvement in our Industrial/Environmental Filtration segment, where operating profit increased 48% from the first quarter of 2011. Our 8.8% operating margin in this reporting segment in the first quarter improved 2.3 percentage points from last year’s first quarter. To appreciate the significance of the continuing improvement in financial results at our Industrial/Environmental Filtration segment, recall that the operating margin in this reporting segment in the first quarter of 2009 was 0.6%. With our continued focus on profitable growth in the Industrial/Environmental Filtration segment from the introduction of higher margin air filtration products into new markets and the continued growth of our process liquid filtration markets including oil and gas, we believe we are well-positioned to achieve our long-term operating margin goal of 15% in this reporting segment in the next three or four years.

“Combined operating margin at our filtration segments improved to 14.1% in the first quarter of 2012 from 12.7% in last year’s first quarter. This operating margin improvement was comprised of a combined 0.8 percentage point improvement in gross margin percentage and a combined 0.6 percentage point reduction in selling and administration expenses as a percentage of net sales. Our Engine/Mobile Filtration segment, which remains the solid base of our business, increased its first quarter operating margin 0.4 percentage points to 19.4% from last year’s first quarter. The combined reduction in selling and administrative expenses as a percentage of net sales in our filtration segments was indicative of our continuing culture of managing administrative costs prudently while supporting profitable growth.

“Both of our filtration segments in the first quarter of 2012 experienced solid U.S. growth and lower foreign growth. Net sales in our filtration segments in the U.S. increased a combined 12%, but foreign sales were flat. U.S. growth in our Engine/Mobile Filtration segment, with approximately 90% recurring revenue or aftermarket sales, was driven by strong trucking activity in conjunction with the continued expansion of our heavy-duty engine filter product offerings. U.S. growth in our Industrial/Environmental Filtration segment was across many of the markets we serve in this reporting segment including an approximate 20% increase in our U.S. oil and gas filtration sales which have benefited from new extraction activity at shale gas formations. Our foreign sales were negatively impacted in the first quarter by uncertain economic conditions in the Euro zone and lower sales in China. We continue to monitor the uncertainty in Europe, and although we now expect flat sales in China for full year 2012, we believe we continue to be strongly positioned to capitalize on China’s projected long-term filtration growth.”

2 of 8

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs