Executives at filtration and packaging manufacturer Clarcor said their 2014 acquisitions helped grow second-quarter profits 11 percent versus a year ago to $38.5 million. Sales climbed 3 percent from last spring to $400 million. Excluding various one-time events from those acquisitions, however, profits fell slightly. Chairman, President and CEO Chris Conway and his team have lowered their 2105 EPS guidance range about 5 percent to between $3.00 and $3.15 per share because of continued expected weakness in engine filtration sales, especially overseas.
Shares of Clarcor (Ticker: CLC) are down to about $63.10 slightly Friday morning after jumping Thursday on the back of the earnings news. Year to date, they're down about 5 percent.
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