Why Clarcor Got Crushed

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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.

Interested in more info on Clarcor? Add it to your watchlist by clicking here.

Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.

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10/20/2016 3:47 PM
CLC $61.25 Down -0.46 -0.75%
CLARCOR CAPS Rating: ***