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Clarcor shares fall as weak demand hurts results
June 21, 2012 / 2:35 PM / 5 years ago

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

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