Boston, MA 06/20/2014 (wallstreetpr) – Clarcor Inc. (NYSE:CLC), a global provider of filtration products, intends to build a new innovation center to be located in Maury County, Tennessee.
Clarcor Inc. (NYSE:CLC) will invest at least $10 million in a state-of-the-art research and development center, which will also lead to the creation of additional 35 jobs within the next five years. The new facility will include research laboratories, center for the production of nanofibre and a learning center for the education and showcasing of the company’s technology to new employees, customers and shareholders.
In addition to the staff of the company’s Advanced Filtration of Solutions, the facility will also house research scientists and engineers.
According to the Chief Executive Officer Christopher L. Conway, the development of a new global innovation facility is consistent with the company’s vision to provide the technical team with capabilities that drive the best-in-class products while also supporting new product development.
The company manufactures and markets diversified filtration products for the mobile, industrial and consumer markets.
The move to establish a new innovation center comes at a time when Clarcor Inc. (NYSE:CLC) is witnessing encouraging financial performance. The company reported its 2Q2014 on Wednesday, during which it earned $0.76 per share on revenue of $386.60 million. That compared with the consensus estimate of $0.62 per share on revenue of $364.30 million.
The 2Q results not only consumed consensus estimates, but also exceeded the performance in the same quarter a year earlier during which the company earned $0.66 per share. The latest revenue was 34.4 percent above a year earlier figure.
Fiscal 2014 Guidance
On top of a strong 2Q performance, Clarcor Inc. (NYSE:CLC) moved on to paid a positive picture of its future. The company guided earnings between $2.85 and $2.95 per share on revenue between $1.485 and $1.535 billion for fiscal 2014. Wall Street is looking for earnings of $2.77 per share on revenue of $1.47 billion for the year.
The stock has fetched several positive comments from analysts, with BB&T Corp. issuing a Buy rating and price target of $65 apiece. Shares of the company are trading around $62.56 apiece as of Thursday closing and are down nearly 3 percent this year.
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