Clarcor profit slips 18 percent on weak demand

Air filtration system maker Clarcor profit slips amid weak demand for new vehicle parts

• On 5:02 pm EDT, Wednesday September 16, 2009

FRANKLIN, Tenn. (AP) -- Clarcor Inc., which makes air filtration systems for cars, trucks and planes, said Wednesday its third-quarter profit fell 18 percent as demand for replacement filters helped soften the downturn in parts for new vehicles.

The CEO said demand was not getting worse, although he said it was too early to declare a turning point.

The company said it earned $21.3 million, or 42 cents per share, compared with $25.8 million, or 50 cents per share, a year ago.

Analysts surveyed by Thomson Reuters expected profit of 43 cents per share.

Revenue fell to $230.3 million from $276.3 million a year ago. Analysts expected $246.4 million.

Chairman and CEO Norm Johnson said demand in most markets was below levels of the past two years.

"The good news, however, is that, for the most part, the markets we sell to are not getting worse, though it would be premature to say that they are improving," he said.

Demand was about the same in the U.S. and overseas.

The shares rose 30 cents to $32.98 in regular trading before release of the financial results. They were off $1.11, or 3.4 percent, at $31.87 in after-hours trading.