Clarcor Inc. has a market cap of $2.62 billion; its shares were traded at around $51.72 with a P/E ratio of 21.5 and P/S ratio of 2.3. The dividend yield of Clarcor Inc. stocks is 0.9%. Clarcor Inc. had an annual average earning growth of 7.2% over the past 10 years. GuruFocus rated Clarcor Inc. the business predictability rank of 3-star.
Highlight of Business Operations:The 14.3% operating margin in 2010 not only was 2.7 percentage points greater than 2009, but it was equivalent to the operating margin from 2008 despite $48.2 million lower net sales. We were able to generate a 2010 operating margin equivalent to 2008 despite lower net sales in 2010 compared to 2008 as a result of various cost efficiencies implemented in 2009 including the benefits of the aforementioned restructuring program at our HVAC filter operations. As a result of this improved operating performance, diluted earnings per share of $1.88 in 2010 was 34% greater than diluted earnings per share of $1.40 in 2009 and $0.02 greater than diluted earnings per share of $1.86 in 2008.
U.S. net sales from TransWeb include only eleven months since the TransWeb acquisition was completed at the end of December 2010. TransWeb also had foreign net sales of $3.5 million in 2011.
Total long-term debt of $17.3 million at the end of 2011 included $15.8 million outstanding on industrial revenue bonds and $1.5 million of other long-term debt. At the end of 2011 and 2010 we were in compliance with all financial covenants as included in our Credit Facility. We expect to be in compliance with these covenants in the foreseeable future. The ratio of total debt to total capitalization (defined as long-term debt plus total shareholders equity) was 2.0% at the end of 2011 compared to 2.3% at the end of 2010.
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