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What: Shares of Clarcor (NYSE: CLC ) got crushed today by as much as 11% after the company reported disappointing second-quarter results.
So what: Revenue came in at $284.9 million, resulting in earnings per share of $0.65. Both figures came in shy of the consensus estimates of $305.7 million in sales and a $0.70-per-share profit. CEO Chris Conway said the company saw headwinds across its top line in the second quarter as growth was offset by negative foreign-exchange-rate effects and softness in several key markets.
Now what: Due to the continued uncertainties, Clarcor is reducing its full-year earnings guidance to a range of $2.50-$2.65 per share. That's down from its previous guidance of $2.55-$2.70 in profit and also short of the Street's expectations of $2.68. The slowing growth in China is also weighing on results, as its first-fit OEM heavy-duty engine filter sales in the region fell by 25%, due to a drop in local production of diesel engines.
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