Clarcor Q3 Profit Tops Estimate; Boosts FY14 Earnings Outlook

(RTTNews) - Clarcor Inc. (CLC) reported net income for the third quarter of $41.7 million or $0.82 per share, compared to $28.7 million or $0.57 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was $42.1 million or $0.83 per share, compared to $33.7 million or $0.67 per share in the prior year quarter.

Net sales for the third quarter rose 38% to $400.2 million from $289.1 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.78 per share on revenue of $403.05 million for the third quarter. Analysts' estimates typically exclude special items.

For the fiscal year 2014, the company now forecasts net sales of $1.50 billion to $1.53 billion, earnings of $2.79 to $2.85 per share and adjusted earnings of $2.92 to $2.98 per share. previously, the company forecast net sales of $1.49 billion and $1.54 billion, earnings of $2.72 to $2.82 per share and adjusted earnings of $2.85 to $2.95 per share.

Analysts currently expect the company to earn $2.82 per share on revenue of $1.51 billion for the fiscal year 2014.