CLARCOR Inc. (NYSE: CLC):
Unaudited Third Quarter 2012 Highlights(Amounts in millions, except per share data and percentages)
|Three Months Ended||Nine Months Ended|
|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.