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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