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.

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