Crane Co. Q1 Profit Misses Estimates; Updates 2015 Guidance - Quick Facts

(RTTNews) - Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, reported first-quarter net income to shareholders of $51.1 million or $0.87 per share, compared to $48.7 million or $0.82 per share, prior year. Adjusted earnings per share was $0.92, for the quarter.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $1.00 for the quarter. Analysts' estimates typically exclude special items.

Total net sales decreased to $678.8 million from $716.8 million last year. Analysts expected revenue of $674.43 million for the quarter.

For 2015, the company now expects core sales to be flat to up 2%, while divestitures are expected to reduce sales by 0.5%. Excluding Special Items, earnings are now expected to be in a range of $4.30-$4.50 per share, compared to prior guidance of $4.45-$4.65 per share. On a GAAP basis, earnings are now expected to be in a range of $4.17-$4.37 per share, compared to prior guidance of $4.32-$4.52. Analysts expect the company to report fiscal 2015 earnings per share of $4.46.

Crane Co. also announced its regular quarterly dividend of $0.33 per share for the second quarter of 2015. The dividend is payable on June 9, 2015 to shareholders of record as of the close of business on May 29, 2015.