Ahlstrom Corp, Finland

COMPANY WATCH

Clarcor Inc, USA

Ahlstrom Corp, Finland Key Figures (E million) Fourth quarter ended 31.12 2014

Key Figures (US$ million) Fourth quarter ended 29.11.2014

2013

Net Sales Of Which: Advanced Filtration Transportation Filtration

247.0

243.4

27.1 80.2

23.2 73.4

Cost of Goods Sold

217.4

Gross Profit Operating Profit/(Loss)

30.11.2013

Net Sales Of Which: Engine/Mobile Filtration Industrial/Environmental Filtration

413.4

297.8

167.0 224.9

127.8 150.8

214.3

Cost of Sales

273.6

199.2

29.5

29.1

Gross Profit

139.8

98.6

(4.3)

(5.5)

Net Earnings

43.5

32.9

Profit/(Loss) before Taxes

5.7

(11.1)

Net Profit/(Loss)

5.6

(12.2)

Year ended 29.11.2014

30.11.2013

Year ended 31.12

Net Sales Of Which: Engine/Mobile Filtration Industrial/Environmental Filtration

1512.9

1130.8

603.8 833.1

507.0 549.7

2014

2013

1001.1

1014.8

104.2 323.9

97.9 306.8

Cost of Sales

1015.9

760.6

Gross Profit

497.0

370.2

Cost of Goods Sold

855.0

870.8

Net Earnings

144.2

118.4

Gross Profit

Net Sales Of Which: Advanced Filtration Transportation Filtration

146.1

144.0

Operating Profit/(Loss)

(3.7)

10.7

Profit/(Loss) before Taxes

(9.4)

(15.4)

(10.3)

(18.9)

Net Profit/(Loss)

COMMENT

COMMENT Ahlstrom recorded net sales for the fourth quarter of fiscal 2014 of E247.0 million, a 1.5% increase on the year earlier driven by better pricing and product mix as well as positive currency effects. The company posted an operating loss for the period of E4.3 million, including E2.5 million in non-recurring items. Net profit for the period was E5.6 million. In its Advanced Filtration segment sales rose 16.8% to E27.1 million, with good growth in gas turbine and other industrial filtration applications, particularly in North America and Asia. The

February 2015

laboratory and life science markets also grew, while demand for high efficiency air applications was weaker. The Transportation Filtration business area reported a 9.3% increase in revenues to E80.2 million. The company reported solid growth in North America, although demand in Asia and Europe slowed slightly. In South America, Ahlstrom said the market continued to show positive signs following a slowdown in 2013. For the full year Ahlstrom posted sales of just over E1.0 billion, down 1.4% on the year prior. ■ www.ahlstrom.com

Clarcor Inc’s fourth quarter net sales for fiscal 2014 rose 38.8% on the year prior to US$413.4 million. The increase was primarily driven by US$88 million in additional sales from three acquisitions completed during the year, with organic sales up 9% from the 2013 figure. Net earnings for the quarter were up 32.2% at US$43.5 million. Clarcor’s full year results followed a similar trend with sales up 33.8% at US$1.5 billion and net income 21.8% stronger at US$144.2 million. Chris Conway, Clarcor’s chair, president and CEO, said the fourth quarter financial and operating performance capped off a memorable 2014 for the company that saw it complete two of the largest acquisitions in its history, achieve solid organic

growth of 7% and secure a new innovation centre. “Two significant events transpired in the first half of 2014 with the successful acquisitions of GE Air Filtration and Stanadyne Filtration,” he said. “Each acquisition was strategically transformative in its own right. The GE Air Filtration acquisition provides us with new strategic access to several filtration markets including gas turbine inlet, and the Stanadyne Filtration acquisition further extends our distribution channel access to OE first-fit and OE aftermarket customers in our heavy-duty engine filtration market. We believe this positive 2014 momentum will extend into 2015 and beyond as we continue to focus on achieving our longterm strategic objectives.” ■ www.clarcor.com

Filtration Industry Analyst

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