CLARCOR (CLC) Tops Q2 EPS by 5c; Guides In-Line

CLARCOR (NYSE: CLC) reported Q2 EPS of $0.73, ex-items, $0.05 better than the analyst estimate of $0.68. Revenue for the quarter came in at $365 million versus the consensus estimate of $356.29 million.

Chris Conway, CLARCOR’s Chairman, President and Chief Executive Officer, commented, “Our second quarter diluted earnings per share increased $0.33 from the second quarter of 2015 primarily driven by the 3M patent litigation settlement award, and our second quarter non-GAAP adjusted diluted earnings per share and operating margin were consistent with last year’s second quarter despite continuing top-line pressures from the same challenging end-markets that negatively impacted net sales in the first quarter of 2016 and the second half of 2015--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. In general, we believe we are seeing stabilization in the agricultural and construction equipment markets, but we continue to operate in an uncertain environment in our natural gas filtration business. On a consolidated basis, second quarter net sales declined 9% from last year’s second quarter including 5% pursuant to the J.L. Clark disposition, 3% due to organic sales declines primarily driven by challenges in the aforementioned end-markets and 1% due to lower average foreign currency exchange rates."

GUIDANCE:

CLARCOR sees FY2016 EPS of $2.60-$2.80, versus the consensus of $2.68. CLARCOR sees FY2016 revenue of $1.375-1.415 billion, versus the consensus of $1.4 billion.

For earnings history and earnings-related data on CLARCOR (CLC) click here.

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