Diversified manufacturer Crane Co. (CR) reported first-quarter net income attributable to common shareholders of $57.8 million or $0.99 per share, compared to $51.7 million or $0.88 per share in the same quarter last year.
First quarter 2013 results included transaction costs of $2.9 million, or $0.05 per share, related to the $820 million pending acquisition of MEI Conlux Holdings.
Excluding these costs, earnings for the latest first quarter was $60.68 million or $1.04 per share, up from $50.84 million or $0.86 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.
Total net sales for the quarter declined 2.8% to $627.57 million from $645.61 million last year, while four analysts had consensus revenue estimate of $659.37 million for the quarter.
The Company reaffirmed its 2013 guidance. Core sales are expected to grow 1% to 3% excluding acquisition and foreign exchange impacts.
Earnings per share in 2013 are estimated to be in a range of $4.10 to $4.30, representing an increase of 11%-16% over 2012 earnings per share of $3.70 before Special Items and on a continuing operations basis, which excludes profits from discontinued operations of $0.05 per share in 2012.
Analysts expect the company to report earnings of $4.23 per share for fiscal 2013.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.