Crane Q3 Profit Jumps, Raises Outlook

(RTTNews) - Connecticut-based engineering company, Crane Co. (CR) on Monday reported a jump in net income for the third-quarter. The company also raised its guidance for the full year on the back of a positive quarter. Net income reported by the company was $116.60 million or $1.96 per share, up from $56.60 million or $0.97 earnings per share in the same quarter last year. Excluding special items, the earnings from continued operations were $1.89, compared to $0.93 in the third quarter of 2020. On average, 5 analysts polled by Thomson Reuters expected the earnings to be $1.36 per share. The revenue reported by the company was $834 million, 21% higher than $686 million in the previous quarter. The hike in revenue can be attributed to a 20% or $134 million increase in core sales. Street estimates for the revenues were $770.65 million for the quarter. For the full year, the company also lifted the guidance for earnings to a range of $6.50-$6.60 per share, compared to the previous expectation of $6.05-$6.25 per share. Excluding special items, the forecast for earnings is raised to $6.35-$6.45 per share, from $5.95-$6.15 per share, in the previous outlook. Analysts expect $6.12 in earnings per share for the full year. The updated outlook for revenue is $3.15 billion from $3.10 billion while the Street view is $3.10 billion for the full year. President and Chief Executive Officer of the company, Max Mitchell, said, "Looking ahead, we see further broad-based strengthening across our primary end markets which is reflected in our 31% core year-over-year order growth and 13% core year-over-year backlog growth."