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Crane Q4 Profit Rises

Crane Co. (CR) Monday reported fourth-quarter net income of $72.1 million or $1.22 per share, up from $46.8 million or $0.80 per share last year.

Excluding special items, fourth-quarter earnings from continuing operations were $1.25 per share, up from $0.92 per share last year. Analysts polled by Thomson Reuters expected earnings of $1.12 per share for the quarter. Analysts' estimates typically exclude one-time items.

Sales for the fourth quarter rose 13% to $770.5 million from $683.7 million last year. Analysts had a consensus revenue estimate of $745.86 million.

Looking forward to full year 2022, the company expects earnings from continuing operations of $6.85-$7.25 per share, adjusted earnings from continuing operations of $7.00-$7.40 per share and sales to be approximately $3.3 billion with core sales growth of 4% to 6%. Analysts currently estimate earnings of $7.23 per share on revenues of $3.36 billion.

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