Boston, MA 06/19/2014 (wallstreetpr) – Provider of filtration products, systems, and services, CLARCOR Inc. (NYSE:CLC) has boosted its earnings forecast for the fiscal year 2014 and sets revenue guidance above the Street analysts’ expectations. The favorable outlook provided by the company is just enough to lift the sentiments of investors to take the stock to a higher level when the market opens on Wednesday. It had also delivered earnings for the second quarter that was way ahead of the Street predictions.
Outlook Increased
The company has lifted its earnings forecast to $2.72 – $2.82 a share for the fiscal year 2014 from its earlier guidance of $2.60 – $2.75 a share. CLARCOR attributed the increased outlook to the Stanadyne acquisition. It is also looking to achieve adjusted earnings of $2.85 – $2.95 a share, which is way ahead of the Street analysts’ estimations of $2.73 a share.
Net sales are predicted between $1.485 and $1.535 billion for the same period. On average, four analysts’ expect CLARCOR Inc. (NYSE:CLC) to generate $1.49 billion for the fiscal year 2014.
While GAAP operating margin is projected in 13.6 – 14.2% range, adjusted operating margin are guided between 14.5% and 15.1%.
2Q Results
CLARCOR Inc. (NYSE:CLC) reported adjusted net earnings of $38.9 million for the second quarter, up 18% from $33.1 million and the earnings grew 15% to 76 cents a share from 66 cents a share in the year-ago quarter. On a GAAP basis, CLARCOR earned profit of $34.6 million or 68 cents a share, up from $33.1 million or 66 cents a share in the year earlier quarter. Analysts’ on average were expecting 62 cents a share.
Net sales advanced 34% to $386.6 million from $287.6 million in the previous year quarter. Its operating profit grew only 3% to $51.1 million from $49.4 million, while its operating margin dipped four percentage points to 13.2% from 17.2% in the prior year quarter. On an adjusted basis, operating profit grew 16% to $57.5 million from $49.4 million, whereas adjusted operating margin dipped to 14.9% from 17.2% in the year-ago quarter.
For consideration of being featured on WallstreetPR, contact: Editor@Wallstreetpr.com
