Crane Q4 Profit Rises; Provides 2014 Outlook - Quick Facts

(RTTNews) - Crane Co. (CR) Monday reported fourth-quarter profit of $49.71 million or $0.84 per share, higher than the $45.64 million or $0.79 per share last year.

Excluding Special Items, earnings per share increased 13% to $1.04 from $0.92 in the previous year. Fourth quarter 2013 earnings included $0.02 per share related to the operating results of MEI.

On average, three analysts polled by Thomson Reuters expected the company to earn $1.01 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly sales rose 8.2% to $681.4 million from $629.8 million a year earlier, resulting from a core sales increase of $28.2 million, sales from the MEI acquisition of $25.2 million, and unfavorable foreign exchange of $1.7 million.

Operating profit increased 9.1% to $83.1 million from $76.2 million in the prior year. Excluding Special Items, operating profit grew 15.8% to $97.9 million from the last year's $84.6 million.

Looking ahead, the company now sees 2014 Sales to be $3.0 billion, driven by a core sales increase of 1% - 3% and the impact of the MEI acquisition. The company predicts 2014 earnings, excluding Special Items, to be in range of $4.55 - $4.75 per share, and estimates earnings per share on a GAAP basis of between $4.28 and $4.48 per share. Analysts currently expect full-year earnings of $4.58 per share.