Clarcor shares fall as weak demand hurts results
(Reuters) - Shares of Clarcor Inc (CLC.N) fell as much as 11 percent on Thursday after the filtration products maker posted lower-than-expected quarterly results and cut its 2012 earnings outlook.
The company, which makes filtration products used in heavy-duty trucks and industrial applications, cut its 2012 earnings outlook range to $2.50 to $2.65 per share from $2.55 to $2.70 per share.
Clarcor said weak industry demand hurt its U.S. heavy-duty engine aftermarket filtration business in the second quarter.
Another setback came from the company's first-fit OEM heavy-duty engine filter business in China. A decline in the local production of diesel engines hurt sales, Clarcor said in a statement on Wednesday.
Shares of the company were down 7 percent at $46.57 in morning trade on the New York Stock Exchange. They had touched a low of $45.13 earlier in the session.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Supriya Kurane)