Crane Co. Raises Midpoint Of 2016 Adj. EPS Guidance By $0.06 - Quick Facts

(RTTNews) - Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, increased its 2016 GAAP EPS guidance to $4.07-$4.15, from prior guidance of $3.95-$4.15. Excluding Special Items, the company now expects EPS in a range of $4.12-$4.20 versus prior range of $4.00-$4.20. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.17. Analysts' estimates typically exclude special items.

The company continues to expect sales for 2016 will approximate $2.7 billion, now reflecting core sales in a range of flat to increase of 2% compared to 2015. Full year 2016 free cash flow is now expected to be in a range of $200 to $225 million versus prior guidance of $195 to $220 million.

Third quarter 2016 GAAP earnings was $1.07 per share, compared to $0.97 per share in the third quarter of 2015. Excluding Special Items, earnings per share were $1.03 in the prior year quarter. Third-quarter sales were $694 million, an increase of 4% compared to $670 million in the third quarter of 2015. Core sales increased 5.5%, partially offset by a 2% impact from unfavorable foreign exchange.

Max Mitchell, Crane Co. CEO, stated: "Order activity remains generally stable in Fluid Handling, and although we continue to believe that demand is at a trough, we will exit the year with a lower backlog compared to when we entered 2016. Our Aerospace & Electronics team had an exceptionally strong performance executing on shipments for the Space Fence program in the quarter, though dilutive to margins; we will have lower shipments in the fourth quarter as we close out the program."