Crane Q2 Profit Declines; Cuts High-end Of FY13 Adj. EPS Outlook

(RTTNews) - Diversified manufacturer Crane Co. (CR) reported second-quarter net income attributable to common shareholders of $54.9 million or $0.93 per share, compared to $62.6 million or $1.07 per share in the same quarter last year.

First quarter 2013 results included transaction costs of $7.3 million, or $0.13 per share, related to the pending acquisition of MEI Conlux Holdings.

Excluding these costs, earnings for the latest second quarter was $62.2 million or $1.06 per share, down from $56.2 million or $0.96 per share in the year ago quarter. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $1.04 per share for the quarter. Analysts' estimates typically exclude special items.

Total net sales for the quarter declined 1.4% to $648.75 million from $657.69 million last year, while five analysts had consensus revenue estimate of $664.47 million for the quarter.

For fiscal 2013, the company expects adjusted earnings to be in a range of $4.10 to $4.25, compared to its previous guidance range of $4.10 to $4.30 per share. Analysts currently expect the company to report earnings of $4.23 per share for fiscal 2013.

Further, the company announced that its Board of Directors declared a 7% increase in its quarterly dividend, to $0.30 per share from $0.28 per share. The dividend is payable on September 10, 2013 to shareholders of record as of the close of business on August 30, 2013.