Clarcor Inc. (CLC) slashed its fiscal 2009 outlook as second-quarter results missed Wall Street expectations.
Shares of this Zacks #4 Rank (“Sell”) company are down more than 3% on volume of approximately 481,000, compared to average daily volume of about 392,000.
The company now anticipates earnings of $1.40 to $1.60 per share, down from the reduced outlook of $1.60 to $1.75 per share announced in March.
The consensus for the year ending November 2009 is currently $1.55 per share, which has moved down a penny over the past week as 1 analyst out of 7 lowered projections.
The manufacturer of filtration products also expects sales to decline 10% to 12% from fiscal 2008 levels.
Meanwhile, Clarcor reported quarterly earnings of 33 cents per share, missing the consensus forecast by more than 13%.
Revenue fell 14% to $229.4 million, also behind expectations, as all the business segments recorded lackluster performance under “difficult” conditions.
“CLC” Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research
