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Crane Co. Reduces FY19 Earnings Guidance

Crane Co. (CR) said, for fiscal 2019, excluding special items, the company now projects earnings per share in a range of $5.90-$6.10 compared to prior range of $6.25-$6.45. Analysts polled by Thomson Reuters expect the company to report profit per share of $6.36. Analysts' estimates typically exclude special items. Full year 2019 free cash flow is now expected to be in a range of $285 million to $315 million, compared to prior range of $335 million to $365 million.

Excluding special items, third quarter earnings per share was $1.40 compared to $1.62, a year ago. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $1.54, for the quarter. Analysts' estimates typically exclude special items.

Third quarter sales were $772 million, a decrease of 10 percent from last year. Analysts expected revenue of $802.38 million for the quarter.

Crane Co. announced its regular quarterly dividend of $0.39 per share for the fourth quarter of 2019. The dividend is payable on December 9, 2019 to shareholders of record as of the close of business on November 29, 2019.

Shares of Crane Co. were down 8% after hours.

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