Clarcor revises outlook below expectations

Air filtration system maker Clarcor revises outlook to below analysts' expectations

• On 5:06 pm EDT, Wednesday September 16, 2009

FRANKLIN, Tenn. (AP) -- Air filtration system maker Clarcor Inc. on Wednesday gave an earnings forecast for the full year that fell short of expectations.

The company said it expects to earn between $1.30 and $1.40 per share for the year. Analysts surveyed by Thomson Reuters expected the company to earn $1.44 per share.

Clarcor said it didn't expect any significant improvement in the U.S. or world economies this year. The company said it expects its Asian business to remain stronger than U.S. and European businesses.

Clarcor made the comments as it released third-quarter results. 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 expected 43 cents per share.

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

In June, Clarcor reduced its full-year profit outlook to a range of $1.40 to $1.60 per share, down from a March prediction of $1.60 to $1.75 per share.

The company said it would offer guidance for 2010 when it releases fourth-quarter results in January.

Its 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.

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