Clarcor 2Q profit rises on sales boost from Perry

FRANKLIN, Tenn. (AP) - Filtration systems maker Clarcor Inc. said Tuesday its fiscal 2008 second-quarter profit rose 18 percent as on sales boosts from Perry Equipment Corp., which it bought for about $161 million in cash and stock in December. For the quarter ending May 31, the company earned $24.6 million, or 48 cents per share, compared with $20.9 million, or 41 cents per share, in the year-ago period. Revenue rose 14 percent to $267.1 million from $235.1 million in the prior-year period. Analysts polled by Thomson Financial expected profit of 47 cents per share on revenue of $274.9 million. The full fiscal year ends in November. Sales in the company's industrial and environmental filtration segment, which includes the Peco acquisition, rose by over 30 percent during the quarter. Filter sales for oil exploration and sales... [read full story]