The numbers at Caterpillar Financial Services took a turn for the worse in the second quarter. The lending arm of construction equipment giant Caterpillar still posted a profit of $104 million in the three months ended June 30, but that was down 30 percent from a year earlier. Revenues slipped 6 percent to $683 million but new business fell 20 percent as most of the company's big customer groups cut back on spending.
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.
POSTDATA: WARRANTY DEEDS