Crane Profit Meets Street, Revenue Misses

(RTTNews) - Crane Co (CR), a maker of engineered industrial products, Monday reported first-quarter net earnings of $0.82 per share, compared with $0.99 per share last year.

Results for the recent quarter included after-tax items of $9.2 million, or $0.16 per share, related to the recent acquisition of MEI, and after-tax charges of $4.3 million, or $0.07 per share, related to repositioning activities.

Excluding items, adjusted earnings for the quarter were $1.05 per share, compared with $1.04 per share a year ago.

On average, four analysts polled by Thomson Reuters projected earnings of $1.05 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter climbed 14.2% to $716.8 million from $627.6 million in the prior year. Analysts expected sales of about $726 million.

For fiscal 2014, the company continues to expect net earnings of $4.28 to $4.48 per share, adjusted earnings of $4.55 to $4.75 per share and sales of $3 billion. Analysts expect earnings of $4.70 per share on sales of $3.04 billion.