Clarcor's Q1 up slightly

Recent GE acquisition does well but impact expected to abate

Filtration and packaging company Clarcor earned a profit of $24.3 million in its first fiscal quarter, an increase of 3 percent from the year before. Per diluted share, earnings from operations rose slightly to $33.9 million from fiscal 2013 after adjusting for two recent acquisitions and a $1.3 million restructuring charge in the Franklin-based company's HVAC division.

Clarcor revenues climbed 22 percent to $313 million. That included $45 million from the recently acquired GE Air Filtration business. Chairman and CEO Chris Conway said that group did better than expected during the quarter, posting an adjusted operating margin of 12 percent, but predicted that number will drop to 8 percent for the full year. Similarly, the industrial filtration business bought from Belgian company Bekaert booked sales 20 percent higher than the figure from a year earlier.

Including the acquisitions, Clarcor's operating margin during the first quarter fell to 10.0 percent from 13.2 percent, with each operating division posting a drop. The industrial/environmental group, which accounts for more than half of sales, posted a 4.7 percent margin versus 7.9 percent.

Shares of Clarcor (Ticker: CLC) were up about 2 percent in early trading Thursday but later retreated a bit. At 2:15 p.m., they were changing hands around $56.80, up 0.8 percent on the day. They're down about 10 percent over the past three months.