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TheStreet Open House

CLARCOR Reports Third Quarter Results

Stocks in this article: CLC

CLARCOR Inc. (NYSE: CLC):

Unaudited Third Quarter 2013 Highlights

(Amounts in millions, except per share data and percentages)

GAAP Financial Results:

  Three Months Ended   Nine Months Ended
  8/31/13       9/1/12     Change     8/31/13       9/1/12     Change
Net sales $ 289.1   $ 286.7   1 % $ 833.0   $ 828.9   1 %
Operating profit 42.0 46.2 -9 % 125.2 129.6 -3 %
Net earnings – CLARCOR 28.7 30.3 -5 % 85.2 86.7 -2 %
Diluted earnings per share $ 0.57 $ 0.60 -5 % $ 1.69 $ 1.70 -1 %
Operating margin   14.5 %     16.1 %   -1.6 pts     15.0 %     15.6 %   -0.6 pts

Adjusted Financial Results:

The third quarter and first nine months of 2013 contained two pre-tax, non-cash charges aggregating $7.7 million—including a $4.6 million loss on the disposal of equipment and a $3.1 million charge to account for a final pension obligation. The following table reflects 2013 third quarter and year-to-date GAAP results adjusted for these two non-cash charges. A reconciliation of non-GAAP figures adjusting for the non-cash charges in the third quarter and first nine months of 2013 to GAAP figures is available at the end of this release.

  Three Months Ended   Nine Months Ended
  8/31/13       9/1/12     Change     8/31/13       9/1/12     Change
Net sales $ 289.1   $ 286.7   1 % $ 833.0   $ 828.9   1 %
Operating profit 49.7 46.2 8 % 132.9 129.6 3 %
Net earnings – CLARCOR 33.7 30.3 11 % 90.2 86.7 4 %
Diluted earnings per share $ 0.67 $ 0.60 12 % $ 1.79 $ 1.70 5 %
Operating margin   17.2 %     16.1 %   1.1 pts     16.0 %     15.6 %   0.4 pts

CLARCOR Inc. (NYSE: CLC) reported that third quarter 2013 diluted earnings per share of $0.57 declined 5% from $0.60 in the third quarter of 2012. However, third quarter 2013 diluted earnings per share were impacted by two non-cash charges, a $4.6 million loss on disposal of equipment and a $3.1 million charge to account for a final pension obligation settlement. These two items reduced diluted earnings per share by approximately $0.10 in the third quarter of 2013. Third quarter net sales increased 1% from last year’s third quarter, including a 2% increase at the Engine/Mobile Filtration segment and a 1% increase at the Industrial/ Environmental Filtration segment, partially offset by a 5% reduction at the Packaging segment. A lower effective tax rate in the third quarter of 2013 favorably impacted diluted earnings per share by approximately $0.02 from the third quarter of 2012.

Changes in average foreign currency exchange rates reduced net sales by $0.3 million and operating profit by $0.2 million, each less than 1%, in the third quarter of 2013 compared with last year’s third quarter. For the first nine months of 2013, changes in average foreign currency exchange rates lowered net sales by $0.7 million and operating profit by $0.4 million, also each less than 1%, from the first nine months of 2012.

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