logo
Share SHARE
FONT-SIZE Plus   Neg

Crane Posts Q4 Profit, Lifts FY Earnings Outlook

Diversified manufacturer Crane Co. (CR) Monday reported a profit for the fourth quarter, turning around from a loss last year, as last year's results were weighed down by hefty provisions. Revenues for the quarter also increased, helped mainly by growth at its aerospace & electronics and merchandising segments.

Stamford, Connecticut-based Crane Monday reported a fourth-quarter profit of $45.6 million or $0.79 per share, compared to a loss of $125.1 million or $2.16 per share last year.

The recent fourth quarter results included charges of $4 million related to repositioning actions and costs of $4 million related to acquisition of MEI Conlux Holdings. Last year results included asbestos provision of $157 million and environmental provision of $20 million.

Excluding items, earnings rose to $53.4 million or $0.92 per share from $51.7 million or $0.88 per share last year quarter. Analysts polled by Thomson Reuters expected earnings of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.

Crane said sales for the quarter grew to $629.8 million from $619.8 million last year. Analysts estimated revenues of $653.8 million for the quarter.

Segment wise, aerospace & electronics sales rose 2 percent, engineered materials increased 4 percent and merchandising systems grew 9 percent. Fluid handling sales dropped 1 percent, while controls slipped 6 percent.

Operating margin advanced to 13.4 percent from 12.6 percent last year.

Looking forward, the company lifted its earnings guidance for the full year, reflecting lower pension expenses. The company now expects earnings of $4.10 to $4.30 per share, up from prior estimate of $4.05 to $4.20 per share.

Crane now expects full-year 2013 core sales growth of between 1 to 3 percent, excluding acquisition and foreign exchange impacts. Sales growth was previously expected at about 2 to 4 percent for 2013.

Crane declared a dividend of $0.28 per share for the first quarter, payable on March 8 to shareholders as of February 28.

Separately, Crane has appointed Max Mitchell President and Chief Operating Officer, with immediate effect. Mitchell, 49, has served as Executive Vice President and Chief Operating Officer since May 2011.

CR closed Monday's trading at $48.59, down 0.43% on the NYSE. In after-hours, the stock gained $0.86 or 1.77%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
As most of us are painfully aware, the days of the pension are mostly gone. The percentage of employers still offering a traditional defined benefit pension plan to newly hired employees fell from about 50% to 5% between 1998 and 2015, according to advisory firm Willis Towers Watson. Many companies... Cruise Critic, a cruise reviews and information site, has announced its 10th annual Editors' Picks Awards for the best cruise ships and lines of 2017. The awards are given in three categories - ocean cruises, luxury cruises and river cruises. Viking Cruises, with five wins, topped the list of award winners. Following Viking in second spot was Crystal Cruises, with four awards. French real estate company Unibail-Rodamco SE Tuesday announced that it has entered into an agreement to acquire Australian shopping centre group Westfield Corp. in a deal that implies an enterprise value of $24.7 billion. The deal is expected to create the world's premier developer and operator of flagship shopping destinations with 61.1 billion euros or $72.2 billion of Gross Market Value.
comments powered by Disqus
Follow RTT