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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CLARCOR Reports Third Quarter Results

CLARCOR Inc. (NYSE: CLC):

Unaudited Third Quarter 2012 Highlights(Amounts in millions, except per share data and percentages)

   
Three Months Ended   Nine Months Ended
9/1/12   8/27/11   Change   9/1/12   8/27/11   Change
Net sales $ 286.7   $ 284.8   1 % $ 828.9   $ 819.1   1 %
Operating profit 46.2 46.5 -1 % 129.6 126.5 2 %
Net earnings – CLARCOR 30.3 32.1 -6 % 86.7 86.8 - %
Diluted earnings per share $ 0.60 $ 0.63 -5 % $ 1.70 $ 1.69 1 %
Operating margin   16.1 %     16.3 %   -0.2 pts     15.6 %     15.4 %   0.2 pts
 

CLARCOR Inc. (NYSE: CLC) reported its financial results for the third quarter of 2012. Diluted earnings per share declined 5% to $0.60 from $0.63 in the third quarter of 2011. Lower diluted earnings per share were driven by a 1% reduction in operating profit and a 3.0 percentage point increase in the effective income tax rate compared with last year’s third quarter. Net sales increased 1% based upon 5% higher sales at the company’s Industrial/Environmental Filtration segment—which also increased operating profit by 15% from the third quarter of 2011. Higher sales at this reporting segment were offset by lower sales in the Engine/Mobile Filtration and Packaging segments. Lower net sales in the Engine/Mobile Filtration segment were driven by lower domestic heavy-duty engine filter aftermarket sales and unfavorable changes in foreign currency exchange rates.

Changes in foreign currency exchange rates reduced consolidated net sales and operating profit by 2% in the third quarter of 2012 which lowered diluted earnings per share by $0.01 from the third quarter of 2011. For the first nine months of 2012, changes in foreign currency exchange rates reduced net sales and operating profit by 1% from the first nine months of 2011. These changes were driven primarily by the strengthening of the U.S. dollar against the Euro.

1 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,122.01 +15.31 0.09%
S&P 500 2,000.12 +0.10 0.00%
NASDAQ 4,569.6210 -1.0160 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs