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CLARCOR Reports Record First Quarter Diluted Earnings Per Share

2013 Guidance

Chris Conway commented on 2013 guidance: “We entered 2013 with cautious optimism in light of the economic uncertainty in many of our significant geographic markets including the U.S., Europe and China. Our sales growth was relatively flat in the first quarter but was in-line with our internal expectations due in part to the challenging comparable in our U.S. heavy-duty filtration aftermarket growth in last year’s first quarter. Despite headwinds from economic uncertainty in many of our markets, we were able to grow our global oil and gas business by approximately 10% in the first quarter, and we believe this growth will be sustained as we proceed through the year. Our execution remained solid in the first quarter, as our 13.2% operating margin fell just short of the record first quarter operating margin in 2012. Looking ahead, we are optimistic that global macroeconomic activity will accelerate in the second half of 2013, but we remain cautious. Accordingly, we are confirming our current 2013 diluted earnings per share guidance of $2.45 to $2.60.”

Anticipated sales growth from 2012 and operating margin by segment and on a consolidated basis are as follows:

2013 Estimated Sales Growth

 

2013 Estimated Operating Margin

 
Engine/Mobile Filtration 2.0% to 3.0% 21.5% to 22.5%
Industrial/Environmental Filtration 4.0% to 6.0% 12.0% to 12.5%
Packaging -5.0% to -1.0% 8.0% to 9.0%
CLARCOR 2.5% to 4.0% 16.0% to 17.0%

We project 2013 cash from operations to be between $125 million and $135 million, capital expenditures to be between $60 million and $70 million and our effective tax rate to be between 32.0% and 32.5%.

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