UPDATE: Clarcor Posts 2.5% Drop In FQ4 Profit, Issues Weak 2013 Forecast
CLARCOR (NYSE: CLC) reported a 2.5% drop in its fiscal fourth-quarter earnings.
Clarcor expects 2013 earnings of $2.45 to $2.60 per share on sales growth of 2.5% to 4%. However, analysts expected a profit of $2.62 per share on sales growth of 5%.
Clarcor's quarterly profit fell to $36.3 million, or $0.72 per share, from $37.2 million, or $0.73 per share, in the year-ago period.
Its revenue declined 4.8% to $292.9 million. However, analysts were expecting earnings of $0.70 per share on revenue of $305 million.
Its gross margin dropped to 34.5% from 34.8%.
CLARCOR shares fell 0.97% to close at $47.16 yesterday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.