Last $66.06 USD
Change Today +0.58 / 0.89%
Volume 189.8K
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As of 11:51 AM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

clarcor inc (CLC) Key Developments

CLARCOR Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended August 30, 2014; Revises Earnings Guidance for 2014

CLARCOR Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended August 30, 2014. For the quarter, the company reported net sales of $400,152,000 against $289,126,000 a year ago. Operating profit was $62,226,000 against $41,985,000 a year ago. Earnings before income taxes were $60,712,000 against $42,220,000 a year ago. Net earnings attributable to the company were $41,703,000 against $28,707,000 a year ago. Diluted net earnings per share attributable to the company were $0.82 against $0.57 a year ago. Adjusted operating profit was $62.8 million against $49.7 million a year ago. Adjusted net earnings were $42.1 million against $33.7 million a year ago. Adjusted diluted EPS were $0.83 against $0.67 a year ago. For the nine months, the company reported net sales of $1,099,479,000 against $832,980,000 a year ago. Operating profit was $144,639,000 against $125,201,000 a year ago. Earnings before income taxes were $146,403,000 against $125,208,000 a year ago. Net earnings attributable to the company were $100,576,000 against $85,220,000 a year ago. Diluted net earnings per share attributable to the company were $1.98 against $1.69 a year ago. Adjusted operating profit was $158.5 million against $132.9 million a year ago. Adjusted net earnings were $107.5 million against $90.2 million a year ago. Adjusted diluted EPS were $2.12 against $1.79 a year ago. Net cash provided by operating activities was $98,849,000 against $71,196,000 a year ago. Additions to plant assets were $52,524,000 against $25,491,000 a year ago. For 2014, the company expects GAAP diluted earnings per share to be in the range of $2.79 and $2.85, a $0.05 increase at the mid-point from prior 2014 diluted earnings per share guidance of $2.72 to $2.82, in excess of $0.03 of this increase was driven by lower expected 2014 interest expense compared with prior guidance - which included the previously disclosed assumption that would complete a debt refinancing in the third quarter of 2014. The company anticipates 2014 consolidated operating margin to be in the range from 13.8% to 14.2% and 2014 consolidated net sales to be in the range from $1,500 million to $1,530 million. Non-GAAP adjusted diluted earnings per share to be in the range from $2.92 to $2.98 and non-GAAP adjusted operating margin to be in the range from 14.7% to 15.1%. For full year 2014 on a consolidated basis (inclusive of acquisitions), the company projects cash from operations between $170 million and $180 million, capital expenditures between $65 million and $75 million, an effective tax rate between 31.5% and 32.0%.

CLARCOR Inc. to Report Q3, 2014 Results on Sep 17, 2014

CLARCOR Inc. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Sep 17, 2014

CLARCOR Inc., Q3 2014 Earnings Call, Sep 18, 2014

CLARCOR Inc., Q3 2014 Earnings Call, Sep 18, 2014

CLARCOR Inc. Declares Quarterly Dividend, Payable on July 18, 2014

The CLARCOR Inc. board of directors at its June board meeting declared a regular quarterly dividend of $0.17 per share of common stock. The dividend will be paid on July 18, 2014 to shareholders of record on July 7, 2014.

CLARCOR Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended May 31, 2014; Provides Consolidated Earnings Guidance for 2014

CLARCOR Inc. announced unaudited consolidated earnings results for the second quarter and six months ended May 31, 2014. For the quarter, the company reported net sales of $386,642,000 against $287,583,000 a year ago. Operating profit was $51,147,000 against $49,401,000 a year ago. Earnings before income taxes were $50,747,000 against $49,184,000 a year ago. Net earnings attributable to CLARCOR Inc. were $34,552,000 or $0.68 per diluted share against $33,051,000 or $0.66 per diluted share a year ago. Adjusted operating profit was $57.5 million against $49.4 million a year ago. Adjusted net earnings attributable to CLARCOR Inc. were $38.9 million or $0.76 per diluted share against $33.1 million or $0.66 per diluted share a year ago. For the six months, the company reported net sales of $699,327,000 against $543,854,000 a year ago. Operating profit was $82,413,000 against $83,216,000 a year ago. Earnings before income taxes were $85,691,000 against $82,988,000 a year ago. Net earnings attributable to CLARCOR Inc. were $58,873,000 or $1.16 per diluted share against $56,513,000 or $1.12 per diluted share a year ago. Net cash provided by operating activities was $42,750,000 against $43,210,000 a year ago. Additions to plant assets were $624,863,000 against $14,304,000 a year ago. Adjusted operating profit was $95.7 million against $83.2 million a year ago. Adjusted net earnings attributable to CLARCOR Inc. were $65.4 million or $1.28 per diluted share against $56.5 million or $1.12 per diluted share a year ago. The company projected 2014 GAAP diluted earnings per share to be in the range of $2.72 and $2.82 compared with its previous 2014 diluted earnings per share guidance of $2.60 to $2.75. The increase in this guidance range at the mid-point was primarily driven by the Stanadyne acquisition which it expects to be accretive for the full year 2014. The company anticipates 2014 consolidated operating margin to be in the range from 13.6% to 14.2% and 2014 consolidated net sales to be in the range of $1,485 million to $1,535 million. The company expects 2014 non-GAAP adjusted diluted earnings per share to be in the range of $2.85 to $2.95 and 2014 non-GAAP adjusted operating margin to be in the range of 14.5% to 15.1%. For full year 2014 on a consolidated basis (inclusive of acquisitions), the company projects cash from operations between $170 million and $190 million, capital expenditures between $70 million and $85 million, an effective tax rate between 31.75% and 32.25% and diluted shares outstanding of approximately 51.0 million.

 

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CLC

Industry Average

Valuation CLC Industry Range
Price/Earnings 25.0x
Price/Sales 2.4x
Price/Book 3.0x
Price/Cash Flow 24.8x
TEV/Sales 2.0x
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