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CLARCOR Reports Second Quarter Results

"Despite lower full year financial guidance, we are cautiously optimistic about sales growth in many of our markets in the second half of 2012 compared with both the first half of 2012 and the second half of 2011. We anticipate that our domestic heavy-duty engine filter sales will be supported by the launch of two significant OEM aftermarket programs. We expect sales growth at our Industrial/Environmental Filtration segment to be driven by sales of air filtration products to the swine industry in addition to a backlog of aviation fuel, marine fuel and petrochemical filtration sales in Europe, the Middle East and Africa. Finally, our Packaging segment sales should sequentially improve in the third and fourth quarters of 2012 as we recover from the turnover of significant programs in the first half of the year.”

Anticipated sales growth from 2011 and operating margin by segment and on a consolidated basis are as follows:
  2012 Estimated Sales Growth   2012 Estimated Operating Margin
Engine/Mobile Filtration 3.0% to 5.0% 22.0% to 23.0%
Industrial/Environmental Filtration 6.0% to 8.0% 11.0% to 12.5%
Packaging -12.0% to -10.0% 9.0% to 10.0%
CLARCOR 3.0% to 5.0% 16.0% to 17.0%

We project 2012 cash from operations to be between $125 million and $135 million, capital expenditures to be between $40 million and $50 million and our effective tax rate to be between 32.0% and 32.5%.

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