Clarcor Inc is engaged in manufacturing, marketing and distributing filtration products through its three industry segments: engine & mobile filtration, industrial & environmental filtration and packaging.
Clarcor (CLC -5.5%) slips today after missing on its FQ2 report late yesterday, with its EPS coming in at $0.66, $0.01 worse than the Street estimate of $0.67. Net earnings rose 0.4% as the filter- and-packaging company recorded modest revenue growth, but the company cut the top end of its FY13 per-share earnings range forecast by five cents, now expecting to earn between $2.45 and $2.55, which is below the Street consensus of $2.56.
More Chinese companies are popping up in Detroit as they prepare for the eventuality of a major Chinese auto manufacturer selling cars in the U.S. For the most part, the firms are flying under the radar, but the numbers are starting to swell. The Detroit Chinese Business Association now has over 100 Chinese-owned businesses in its membership with the largest percentage geared toward supplying the automobile industry. It's a trend to watch for auto suppliers (AXL, ARMH, ALV, BWA, CLC, DAN, FDML, GNTX, JCI, MGA, TEN, TRW, WBC) used to having a home field advantage with the Big Three automakers.
More on Clarcor (CLC): Q4 beats on the bottom line but comes up short in revenue as total sales declined 5% Y/Y. Net earnings slipped 2.5% on weak sales in its engine and packaging divisions. Gross margin also narrowed to 34.5% from 34.8%. The company also cuts guidance below Street estimates for FY13, now seeing earnings of around $2.45 to $2.60 per share and sales growth of 2.5% to 4%. Analysts are looking for an EPS of $2.62 and sales growth of 5%.
More on Clarcor (CLC): FQ3 misses on all counts despite better sales, largely due to higher operating costs and a 3% jump in its tax rate. The company also lowers its FY12 EPS guidance to $2.35 - $2.45, down from the previous guidance range of $2.50 - $2.65, and below the consensus of $2.58. Shares -3.7% AH.
Clarcor's (CLC -4.1%) FQ1 earnings rose 7.3% but missed expectations by a penny, and revenue missed estimates in the filter and packaging company's three business segments. BB&T cut expectations for the fiscal year, and Gabelli calls the results "fairly disappointing" while believing CLC offered conservative guidance given the quarter's weakness.