Sunday, September 19, 2010

Clarcor: Third-quarter earnings show continued recovery

Clarcor, the Franklin-based filter maker, said its third-quarter earnings showed continued recovery from the U.S. recession. The company reported operating profits increased 30 percent and net earnings were up 33 percent from a year ago.
Its third quarter ended Aug. 28. Net sales were just below $263 million for the period, up 14 percent from a year earlier. Norm Johnson, chairman and CEO, said the third-quarter sales increase of $32.5 million "demonstrates our continued sales recovery from the recession and the benefits of the various cost initiatives we put in place last year."

Sales of industrial filters increased across several segments, including products for heavy-duty commercial engines in such categories as trucking, aerospace and oil drilling.

Clarcor's stock rose 55 cents per share, or 1.5 percent, to close at $37.54 in New York Stock Exchange trading on Wednesday.

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