CLARCOR Reports Record First Quarter Diluted Earnings Per Share

CLARCOR Inc. (NYSE: CLC):

Unaudited First Quarter 2013 Highlights

(Amounts in millions, except per share data and percentages)
  Quarter Ended
  3/02/13       3/03/12     Change
Net sales $ 256.3   $ 257.3   - %
Operating profit 33.8 34.3 - %
Net earnings – CLARCOR 23.5 23.5 1 %
Diluted earnings per share $ 0.47 $ 0.46 1 %
Operating margin   13.2 %     13.3 %   -0.1 pts

CLARCOR Inc. (NYSE: CLC) reported its financial results for the first quarter of 2013. Diluted earnings per share grew 1% from the first quarter of 2012 to a record first quarter high of $0.47. Net sales, operating profit and operating margin were relatively flat compared with last year’s first quarter while first quarter 2013 diluted earnings per share benefited from a lower effective tax rate compared with the first quarter of 2012. Changes in average foreign currency exchange rates increased net sales by $0.3 million but did not significantly impact operating profit in the first quarter of 2013 as compared with last year’s first quarter.

Chris Conway, CLARCOR’s Chairman, President and Chief Executive Officer, commented, “Our first quarter consolidated results this year were in-line with our expectations heading into the period. We anticipated relatively lower overall top-line growth this quarter compared with last year’s first quarter due in part to U.S. heavy-duty engine filtration aftermarket growth of 16% in the first quarter of 2012 from the first quarter of 2011. This created a challenging year-over-year quarterly comparable in this market. In addition, certain of our larger heavy-duty engine filtration aftermarket distributors placed large orders at the end of the fourth quarter of 2012, negatively impacting our first quarter 2013 sales. As a result of these factors, our U.S. heavy-duty engine filtration aftermarket sales declined approximately 4% this quarter from the first quarter of 2012. We anticipate that U.S. heavy-duty engine filtration aftermarket sales will return to low single-digit year-over-year quarterly growth as we head into the second quarter of 2013.

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