Clarcor Q3 Results Miss Estimates; Cuts FY15 Outlook Again

(RTTNews) - Filtration products maker Clarcor Inc. (CLC) reported net income for the third quarter of $36.4 million or $0.72 per share, compared to $41.7 million or $0.82 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was $33.1 million or $0.66 per share, compared to $41.1 million or $0.81 per share in the prior year quarter.

Net sales for the third quarter fell 11% to $357.6 million from $400.2 million a year earlier, while adjusted net sales declined 7% to $352.2 million from $379.7 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.84 per share on revenue of $402.26 million for the third quarter.

For the fiscal year 2015, the company now expects net sales of $1.48 billion to $1.51 billion and earnings of $2.70 to $2.80 per share. Previously, the company forecast net sales of $1.59 billion to $1.62 billion and earnings of $3.00 to $3.15 per share.

Analysts currently expect the company to earn $3.05 per share on revenue of $1.58 billion for the fiscal year 2015.