Clarcor 1st-qtr profit up 69 percent, misses estimates

Clarcor 1st-qtr profit up 69 pct, misses estimates

FRANKLIN, Tenn. — Clarcor Inc. said Wednesday its first-quarter earnings rose 69 percent as sales improved, especially in emerging markets like China, but the results missed Wall Street’s estimates.

Clarcor said it earned $14.9 million, or 29 cents per share, in the three months that ended Feb. 27. That’s up from $8.8 million, or 17 cents per share, in the same period a year earlier.

Its revenue rose less than 1 percent to $215.1 million from $213.7 million.

Analysts polled by Thomson Reuters forecast a profit of 31 cents per share on revenue of $222.8 million.

Clarcor, based in Franklin, Tenn., makes mobile, industrial and environmental filtration products as well as consumer and industrial packaging.

The business has been hurting in the recession but demand for heavy-duty engine filters grew in the most recent quarter outside North America, especially in China.

The quarter’s revenue got a $5.1 million boost from foreign currency exchanges. As the U.S. dollar changes value, that can increase or decrease the value of revenue from international markets once it is converted to U.S. currency.

The company said its revenue to grow between 6 percent and 8 percent for the full fiscal year, with the most growth in natural gas, oil drilling and aerospace.

Clarcor reaffirmed its 2010 guidance for earnings per share of $1.55 to $1.70.

Analysts surveyed by Thomson Reuters on average expect the company to earn $1.70 a share.

Clarcor’s shares fell 71 cents to $33.92 in after-hours trading Wednesday. The stock gained 49 cents in the regular session to finish at $34.63.