Ahead of the Bell: Analyst cuts Clarcor estimate

An analyst cut his earnings estimate on Clarcor Inc. Thursday after the air filtration systems maker reported lower fiscal third-quarter earnings and reduced its full-year outlook.

KeyBanc Capital Markets analyst Jeffrey Hammond cut his full-year earnings-per-share estimate to $1.88 from $1.92 and reiterated his "Hold" rating.

"We believe that the fundamental attractiveness of the CLC's Engine/Mobile and process filtration franchises is diluted by troubled, slow-growth businesses in HVAC (CLC Air) and Packaging, which continue to precipitate inconsistent performance from the Company as a whole," he said in a note.

Late Wednesday, Clarcor reported its profit fell 3 percent to 50 cents per share. Analysts polled by Thomson Reuters had predicted a profit of 53 cents per share.

Clarcor, citing the weak U.S. economy, also reduced its full-year earnings forecast to a range of $1.88 to $1.93 per share from the previous range of $1.90 to $2 per share. Analysts expect income of $1.93 per share.

Clarcor stock finished Wednesday's trading at $38.83.