NEW YORK (TheStreet) -- Shares of Clarcor (CLC) are rising by 10.38% to $56.68 on heavy trading volume late Thursday afternoon, following the release of better-than-expected results for the 2016 first quarter.
After yesterday's market close, the Franklin, TN-based manufacturer of filtration systems posted adjusted earnings of 44 cents per diluted share, topping analysts' estimates of 40 cents per share.
Revenue fell by 10% to $316.3 million year-over-year, but surpassed Wall Street's projections of $310.87 million.
"Much of the challenging end-market dynamics we experienced in the second half of 2015 continued in this year's first quarter, notably weak demand for heavy-duty, off-road fuel filtration products sold into the agricultural and construction equipment markets and lower capital vessel activity in the natural gas filtration market," CEO Chris Conway said in a statement.
For 2016, Clarcor expects earnings per diluted share between $2.60 and $2.80 on revenue of $1.38 billion to $1.42 billion.
Analysts are looking for earnings of $2.65 per share on revenue of $1.39 billion.
About 1.07 million of the company's shares changed hands by this afternoon, well above its average volume of 309,354 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
As a counter to these strengths, the team also finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CLC