Clarcor 2nd-quarter net income rises 42 percent on sales improvement and restructuring savings

Clarcor 2Q net income rises

FRANKLIN, Tenn. — Filter and packaging producer Clarcor, Inc. said Tuesday that its second-quarter earnings rose 42 percent on better sales and savings from restructuring.

Clarcor also raised its 2010 outlook due to improvement in the first half of the fiscal year.

The company, which makes mobile, industrial and environmental filtration products as well as consumer and industrial packaging, said it earned $23.9 million, or 47 cents per share for the quarter ending May 29. That was up from earnings of $16.8 million, or 33 cents per share, in the year-ago quarter.

Revenue rose 12 percent to $257.9 million from $229.4 million. The company said the gains came on sales that included heavy duty engine filters and packaging for the smokeless tobacco industry. Clarcor was also helped by savings from restructuring in its HVAC filter division.

Analysts surveyed by Thomson Reuters expected earnings of 41 cents per share on revenue of $237.6 million.

For the 2010 fiscal year, Clarcor expects earnings of $1.70 to $1.85 per share, up from a previous forecast of $1.55 to $1.70 per share. Analysts expect earnings of $1.69 per share.

Clarcor shares rose 99 cents, or 2.8 percent, to close Tuesday at $36.45.