Air filtration systems maker Clarcor Inc. said Wednesday its fiscal third-quarter earnings edged lower as it took a charge related to the closing of a manufacturing plant and the year-ago quarter showed a one-time tax gain.
Profit fell 3 percent to $25.8 million, or 50 cents a share, from $26.6 million, or 53 cents a share a year ago. The year-ago figure included a one-time tax gain of $4 million, or 8 cents a share.
The fiscal 2008 third quarter results included a charge of $1 million for closing a filter manufacturing plant in North Carolina.
Sales for the quarter ending Aug. 30 grew 16 percent to $276.3 million from $238.3 million.
Analysts polled by Thomson Reuters, who typically exclude one-time items, had predicted a profit 53 cents a share on sales of $279.4 million.
Shares fell 2.6 percent, or $1.02, to $38.83.
The slow U.S. economy resulted in a revision in annual earnings forecast to a range of $1.88 to $1.93 per share from the previous range of $1.90 to $2 per share.
Clarcor said it raised prices in the quarter to offset increased cost for steel, resin and other commodities.
International sales grew 38 percent in U.S. dollars. Currency fluctuations increased third quarter sales by $4 million and operating profit by $800,000.
Nine-month results included an 4.2 percent increase in profit to $66.6 million, or $1.30 per share, from $63.9 million, or $1.25 a share a year ago.
Sales rose 16 percent to $793.6 million.
The company said it doesn't expect the U.S. business to improve this year and sales in Europe are slowing from the first half. Its Asian business remains strong, it said.
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