CLARCOR Inc. (NYSE: CLC):
Unaudited Second Quarter 2012 Highlights
(Amounts in millions, except per share data and percentages)
|Three Months Ended||Six Months Ended|
|Net earnings – CLARCOR||32.9||32.8||0||%||56.4||54.7||3||%|
|Diluted earnings per share||$||0.65||$||0.64||2||%||$||1.11||$||1.07||4||%|
|Operating margin||17.2||%||16.9||%||0.3 pts||15.4||%||15.0||%||0.4 pts|
CLARCOR Inc. (NYSE: CLC) reported that its diluted earnings per share grew 2% from the second quarter of 2011 to a record second quarter high of $0.65. Higher diluted earnings per share were achieved despite a 1% reduction in net sales as operating margin expanded 0.3 percentage points from last year’s second quarter to 17.2%. Second quarter earnings were impacted by lower operating results at the company’s Packaging segment where net sales declined $4.2 million, or 18%, and operating profit declined $1.3 million, or 42%, from the second quarter of 2011. These Packaging segment results negatively influenced consolidated diluted earnings per share by approximately $0.02 compared with last year’s second quarter.Changes in average foreign currency exchange rates reduced net sales by $3.9 million, or 1%, and operating profit by $0.8 million, or 2%, in the second quarter of 2012 compared with last year’s second quarter. For the first six months of 2012, changes in average foreign currency exchange rates reduced net sales by $4.7 million, or 1%, and operating profit by $0.8 million, or 1%, from the first six months of 2011.
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