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Crane Co. Q1 Adj. Profit Declines - Quick Facts

Crane Co. (CR) reported first quarter earnings per share, excluding special items, of $1.15, compared to $1.45, prior year. The company estimates that COVID-19 related factors reduced earnings in the first quarter by approximately $0.15-$0.20. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $1.25, for the quarter. Analysts' estimates typically exclude special items.

First quarter sales were $798 million, a decline of 4% from last year. The sales decline was comprised of a 10%, decline in core sales and 1%, of unfavorable foreign exchange, partially offset by a 7%, benefit from acquisitions. Analysts expected revenue of $820.76 million for the quarter.

Rich Maue, CFO, said: "We recently further enhanced our liquidity position with a $343 million term loan. As of April 16, 2020, we have liquidity of approximately $811 million, comprised of $549 million in cash, and $262 million available under our revolving credit facility."

Crane Co. has decided to withdraw all elements of its previously issued 2020 earnings guidance. The company's current estimate of full-year 2020 earnings per share, excluding special items, is in a range of $3.00-$4.25. Sales are now expected to be $2.8-$3.0 billion, reflecting a core sales decline of approximately 17% to 22%. Full-year 2020 free cash flow is expected to be in a range of $200 million-$250 million.

Crane Co. also announced its regular quarterly dividend of $0.43 per share for the second quarter of 2020. The dividend is payable on June 10, 2020 to shareholders of record as of the close of business on May 29, 2020.

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