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CLARCOR Reports Third Quarter Results


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.

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