$CLC (CLARCOR Inc.)

$CLC {{ '2016-06-16T15:58:33+0000' | timeago}} • Webcast

BB&T Capital Market analyst Kevin Maczka questions $CLC on the US after-market underlying rate where the freight environment is weak. CFO David Fallon says that going back to YTD or 12 months figure, it seems to be fluctuating in that 2-3% range. $CLC believes it will see continued low growth in this market at least through the end of 2016.

$CLC {{ '2017-01-19T15:19:40+0000' | timeago}} • Announcement

$CLC's operating margin for 4Q16 fell 1.5 percentage points to 11.8% from last year. This was due to a 1.8 percentage point increase in selling and administrative expenses as a percentage of net sales, partially offset by a 0.3 percentage point rise in gross margin.

$CLC {{ '2017-01-19T15:16:14+0000' | timeago}} • Announcement

$CLC reported a drop in 4Q16 earnings due to negative impact from expenses associated with the pending $PH transaction and upfront expenses for cost reduction initiatives. Net income fell to $29MM or $0.59 per share from $33.05MM or $0.67 per share last year. Net sales grew to $376.95MM from $372.55MM. Adjusted EPS was flat at $0.74.

$PH {{ '2016-12-01T13:42:58+0000' | timeago}} • Announcement

$PH agreed to buy $CLC. Upon closing, $CLC will be combined with $PH's Filtration Group to form diverse global filtration business. $PH intends to make debt reduction a priority in the near term. The transaction is not expected to impact $PH's dividend payout target of about 30% of net income while maintaining record of annual dividend rises.

$PH {{ '2016-12-01T13:41:00+0000' | timeago}} • Announcement

$PH agreed to buy $CLC. $PH expects to realize annual run rate cost synergies of about $140MM 3 years after closing through variety of initiatives. The transaction is expected to be accretive to $PH's cash flow, EPS, and EBITDA margins, after adjusting for one-time costs. After completion, $PH will maintain high investment grade credit profile.

$PH {{ '2016-12-01T13:38:29+0000' | timeago}} • Announcement

$PH agreed to buy $CLC for about $4.3Bil in cash, including the assumption of net debt, or $83 per share in cash. The transaction has been unanimously approved by the BoD of each company. $PH plans to finance the transaction using cash and new debt. The transaction is expected to be completed by or during $PH's 1Q18.

$CLC {{ '2016-09-27T12:29:53+0000' | timeago}} • Announcement

$CLC's BoD resolved to increase regular quarterly dividend by 14% to $0.25 per common share. The dividend will be paid on Nov. 4, 2016 to shareholders of record on Oct. 17, 2016.

$CLC {{ '2016-09-15T16:23:02+0000' | timeago}} • Webcast

Richard Eastman of Robert W. Baird asks for an update on the Engine/Mobile segment. $CLC said the aftermarket for oil and gas in Engine/Mobile has performed close to its expectations. $CLC believes it has slightly bottomed out in Engine/Mobile. This is a cyclical business. $CLC does not expect significant reductions in 2017 in this submarket.

$CLC {{ '2016-09-15T16:15:32+0000' | timeago}} • Webcast

Brian Drab of William Blair asks for a clarification on the $20-25MM in savings. $CLC said the $20-25MM is the financial impact for FY16. The run rate will be slightly higher than this. The primary component is headcount reduction which will contribute about $15MM of the $20-25MM range.

$CLC {{ '2016-09-15T16:08:28+0000' | timeago}} • Webcast

Brian Drab of William Blair asks what percent of $CLC's gas turbine revenue the H-class product represents or could represent. $CLC said at launch, it is going to be relatively small and it will also depend on the volume of H-class turbines the company supplies each year. $CLC anticipates a maturity of the aftermarket beginning in about 4 years.

$CLC {{ '2016-09-15T15:50:40+0000' | timeago}} • Webcast

$CLC has entered into a 10-year strategic agreement with $GE, under which $CLC will supply $GE with filters and SmartParts for $GE's H-class gas turbines and also a majority of $GE's requirements for certain other gas turbine platforms. $CLC will also develop the next-generation air inlet filtration system for the H-class gas turbine.

$CLC {{ '2016-09-15T15:35:39+0000' | timeago}} • Webcast

In 3Q16, $CLC's heavyduty engine filtration sales in Europe were down 6% and filtration sales in China were up 7% compared with 3Q15, both adjusted for changes in foreign currency. Natural gas filtration sales declined 26% including a 51% reduction in capital vessel sales partially offset by a 5% increase in the aftermarket.

$CLC {{ '2016-09-15T15:30:40+0000' | timeago}} • Webcast

$CLC said the net sales reduction of 7% in 3Q16 included 2% from changes in FX and 1% from the sale of the JL Clark packaging business. The remaining 4% reduction was primarily driven by lower natural gas filtration sales. Overall, the company's domestic independent aftermarket was down about 5%.

$CLC {{ '2016-09-15T15:20:31+0000' | timeago}} • Webcast

Tennessee-based company $CLC stated that many of the markets it faced remained challenged in 3Q16, most significantly in its oil and gas-related businesses and to a lesser extent, agriculture and industrial air markets. The company anticipates these challenges continuing through 4Q16 so it is reducing the midpoint of its 2016 EPS guidance to $2.60.

$CLC {{ '2016-09-14T22:29:46+0000' | timeago}} • Announcement

$CLC is lowering its 2016 guidance. The company now expects net sales to be $1.38-1.39Bil and diluted EPS to be $2.57-2.63. Operating margin is expected to be 13.7-13.9%. Cash from operations is expected to be $220-230MM and Capex is expected to be $35-45MM. Effective tax rate is expected to be 30.5-31% in 2016.

$CLC {{ '2016-09-14T22:25:09+0000' | timeago}} • Announcement

In 3Q16, net sales in $CLC's Engine/Mobile Filtration segment declined 5% to $144.7MM from 3Q15, partially driven by lower average FX rates which negatively influenced net sales by 2%. In the Industrial/Environmental Filtration segment, sales were $186.6MM, down 7% from last year.

$CLC {{ '2016-09-14T22:16:04+0000' | timeago}} • Announcement

Filtration products company $CLC reported a decrease in 3Q16 earnings hurt by lower sales. Net income was $35.7MM or $0.73 per share in 3Q16 compared to $36.4MM or $0.72 per share in 3Q15. Sales decreased 7% to $331.4MM from last year.

$CLC {{ '2016-06-16T16:12:17+0000' | timeago}} • Webcast

Robert W. Baird analyst Richard Eastman questions $CLC on the reduced sales outlook for PECO, whether that $12MM of business remains in backlog. CFO David Fallon says it's a combination, but most of that essentially are sales that $CLC was anticipating based on a certain level of activity that is not occurring, but it is not in backlog.

$CLC {{ '2016-06-16T16:06:37+0000' | timeago}} • Webcast

William Blair analyst Tim Mulrooney probes $CLC on the off-road fuel filtration sales. CFO David Fallon says that there was sequentially growth from 1Q16 to 2Q16, but some of it is related to seasonality, like Dec. in 1Q16 and the holidays and sometimes weather-impact sales in 1Q16.

$CLC {{ '2016-06-16T15:58:33+0000' | timeago}} • Webcast

BB&T Capital Market analyst Kevin Maczka questions $CLC on the US after-market underlying rate where the freight environment is weak. CFO David Fallon says that going back to YTD or 12 months figure, it seems to be fluctuating in that 2-3% range. $CLC believes it will see continued low growth in this market at least through the end of 2016.

$CLC {{ '2016-06-16T15:52:20+0000' | timeago}} • Webcast

$CLC, which competes with $DCI and $CMI, said that it maintained its previous 2016 diluted EPS and consolidated top line guidance. $CLC, however, shifted $6MM of expected full-year sales from Industrial/Environmental to Engine/Mobile. The increase of $6MM in Engine/Mobile was precipitated by higher expected sales in several international markets.

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