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Ahlstrom Corp, Finland
COMPANY WATCH
Ahlstrom Corp, Finland Key Figures (E million) Fourth quarter ended 31.12 2013
Clarcor Inc, USA Key Figures (US$ million) Fourth quarter ended 30.11.2013
2012
Net Sales Of Which: Advanced Filtration Transportation Filtration
243.4
240.1
23.2 73.4
19.8 72.7
Cost of Goods Sold
214.3
Gross Profit Operating Profit/(Loss)
1.12.2012
Net Sales Of Which: Engine/Mobile Filtration Industrial/Environmental Filtration
297.8
292.9
127.8 150.8
125.7 147.1
210.1
Cost of Sales
199.2
191.9
29.1
30.0
Gross Profit
98.6
101.0
(5.5)
1.0
Net Earnings
32.9
36.3
Profit/(Loss) before Taxes
(11.1)
(8.4)
Net Profit/(Loss)
(12.2)
(9.8)
Year ended 30.11.2013
1.12.2012
Year ended 31.12
Net Sales Of Which: Engine/Mobile Filtration Industrial/Environmental Filtration
1130.8
1121.8
507.0 549.7
503.6 541.4
2013
2012
1014.8
1010.8
97.9 306.8
76.1 293.5
Cost of Sales
760.6
741.4
Gross Profit
370.2
380.3
Cost of Goods Sold
870.8
863.7
Net Earnings
118.1
123.0
Gross Profit
144.0
147.1
10.7
21.8
Profit/(Loss) before Taxes
(15.4)
(6.4)
Net Profit/(Loss)
(18.9)
(16.4)
Net Sales Of Which: Advanced Filtration Transportation Filtration
Operating Profit/(Loss)
COMMENT Ahlstrom recorded net sales for the fourth quarter of fiscal 2013 of €243.4 million, a 1.4% increase on the year earlier with increased sales volumes and selling prices outpacing negative currency effects. The company, however, posted an operating loss for the period of €5.5 million, including €3.0 million in non-recurring items relating primarily to the divestment of its West Carrollton plant and the closure of its Binzhou specialty reinforcement line. Ahlstrom’s Advanced Filtration segment saw sales increase 17.2% on the year earlier to €23.2
February 2014
million reflecting strengthening demand for laboratory and life science filtration. The company reported that demand for its water and high efficiency air application products grew as well, whereas demand in gas turbine filtration was stable. Ahlstrom’s Transportation Filtration segment saw sales edge up 1.0% on the previous year to €73.4 million. Demand was good in North America and Asia, while Europe showed signs of improving. However, in South America market slowdown caused by currency devaluation continued. ■ www.ahlstrom.com
COMMENT Clarcor’s fourth quarter net sales for fiscal 2013 rose 1.7% on the year earlier to US$297.8 million, although its net earnings fell 9.4% to US$32.9 million. Its full year results followed a similar trend with sales up marginally at US$1130.8 million but net income 4.0% weaker at US$118.1 million. Sales in the company’s Engine/ Mobile Filtration segment rose 1.7% on the 2012 comparator quarter to reach US$127.8 million, while Industrial/ Environmental revenues rose 2.5% to US$150.8 million. Chris Conway, Clarcor’s chair and CEO, said that although 2013 had been challenging from several perspectives, the company had laid the building blocks for future profitable growth during the year. “We demonstrated a strong commitment to growing our core filtration markets through
significant investments in facilities, R&D and strategic acquisitions,” he said. “We completed the expansion of our heavy-duty engine filtration manufacturing facility in Yankton, South Dakota and committed over US$40 million to build a new distribution centre in Kearney, Nebraska. We finished construction of our US$10 million oil & gas filtration research centre in Mineral Wells, Texas, and we expanded our core filtration market portfolio by investing more than US$265 million through the December 2013 acquisitions of the GE Air Filtration and Bekaert Advanced Filtration businesses.” Conway added these strategic investments had put Clarcor in a good position to capitalise on the expected growth in its core global filtration markets over the next decade and beyond. ■ www.clarcor.com
Filtration Industry Analyst
9
Ahlstrom Corp, Finland Key Figures (E million) Fourth quarter ended 31.12 2013
Clarcor Inc, USA Key Figures (US$ million) Fourth quarter ended 30.11.2013
2012
Net Sales Of Which: Advanced Filtration Transportation Filtration
243.4
240.1
23.2 73.4
19.8 72.7
Cost of Goods Sold
214.3
Gross Profit Operating Profit/(Loss)
1.12.2012
Net Sales Of Which: Engine/Mobile Filtration Industrial/Environmental Filtration
297.8
292.9
127.8 150.8
125.7 147.1
210.1
Cost of Sales
199.2
191.9
29.1
30.0
Gross Profit
98.6
101.0
(5.5)
1.0
Net Earnings
32.9
36.3
Profit/(Loss) before Taxes
(11.1)
(8.4)
Net Profit/(Loss)
(12.2)
(9.8)
Year ended 30.11.2013
1.12.2012
Year ended 31.12
Net Sales Of Which: Engine/Mobile Filtration Industrial/Environmental Filtration
1130.8
1121.8
507.0 549.7
503.6 541.4
2013
2012
1014.8
1010.8
97.9 306.8
76.1 293.5
Cost of Sales
760.6
741.4
Gross Profit
370.2
380.3
Cost of Goods Sold
870.8
863.7
Net Earnings
118.1
123.0
Gross Profit
144.0
147.1
10.7
21.8
Profit/(Loss) before Taxes
(15.4)
(6.4)
Net Profit/(Loss)
(18.9)
(16.4)
Net Sales Of Which: Advanced Filtration Transportation Filtration
Operating Profit/(Loss)
COMMENT Ahlstrom recorded net sales for the fourth quarter of fiscal 2013 of €243.4 million, a 1.4% increase on the year earlier with increased sales volumes and selling prices outpacing negative currency effects. The company, however, posted an operating loss for the period of €5.5 million, including €3.0 million in non-recurring items relating primarily to the divestment of its West Carrollton plant and the closure of its Binzhou specialty reinforcement line. Ahlstrom’s Advanced Filtration segment saw sales increase 17.2% on the year earlier to €23.2
February 2014
million reflecting strengthening demand for laboratory and life science filtration. The company reported that demand for its water and high efficiency air application products grew as well, whereas demand in gas turbine filtration was stable. Ahlstrom’s Transportation Filtration segment saw sales edge up 1.0% on the previous year to €73.4 million. Demand was good in North America and Asia, while Europe showed signs of improving. However, in South America market slowdown caused by currency devaluation continued. ■ www.ahlstrom.com
COMMENT Clarcor’s fourth quarter net sales for fiscal 2013 rose 1.7% on the year earlier to US$297.8 million, although its net earnings fell 9.4% to US$32.9 million. Its full year results followed a similar trend with sales up marginally at US$1130.8 million but net income 4.0% weaker at US$118.1 million. Sales in the company’s Engine/ Mobile Filtration segment rose 1.7% on the 2012 comparator quarter to reach US$127.8 million, while Industrial/ Environmental revenues rose 2.5% to US$150.8 million. Chris Conway, Clarcor’s chair and CEO, said that although 2013 had been challenging from several perspectives, the company had laid the building blocks for future profitable growth during the year. “We demonstrated a strong commitment to growing our core filtration markets through
significant investments in facilities, R&D and strategic acquisitions,” he said. “We completed the expansion of our heavy-duty engine filtration manufacturing facility in Yankton, South Dakota and committed over US$40 million to build a new distribution centre in Kearney, Nebraska. We finished construction of our US$10 million oil & gas filtration research centre in Mineral Wells, Texas, and we expanded our core filtration market portfolio by investing more than US$265 million through the December 2013 acquisitions of the GE Air Filtration and Bekaert Advanced Filtration businesses.” Conway added these strategic investments had put Clarcor in a good position to capitalise on the expected growth in its core global filtration markets over the next decade and beyond. ■ www.clarcor.com
Filtration Industry Analyst
9