UPDATE: Crane Co. (CR) Misses Q1 EPS by 10c, Revenues Miss; Updated FY20 EPS/Revenue Guidance Below Consensus

(Updated - April 27, 2020 5:05 PM EDT)

Crane Co. (NYSE: CR) reported Q1 EPS of $1.15, $0.10 worse than the analyst estimate of $1.25. Revenue for the quarter came in at $798 million versus the consensus estimate of $820.76 million.

Max Mitchell, Crane Co. President and Chief Executive Officer stated: “Our businesses all executed extremely well in the quarter despite the impacts of COVID-19 on demand, and on our supply chain and operations. In this difficult period, I have been incredibly proud of Crane's 12,000 global associates who have responded quickly and effectively to the challenges posed by this pandemic. Crane Co. is fortunate to have a deep and experienced leadership team that has managed through multiple downturns in the past, as well as a strong balance sheet with ample liquidity, and a diverse portfolio of strong and durable businesses. I am highly confident in the strength and resilience of Crane’s portfolio, and in our long-term outlook.”

GUIDANCE:

Crane Co. sees FY2020 EPS of $3.00-$4.25, versus the consensus of $5.20. Crane Co. sees FY2020 revenue of $2.8-3 billion, versus the consensus of $3.25 billion.

Updating Full Year Outlook

In light of uncertainty regarding the potential impact of the COVID-19 pandemic on demand and operations, Crane Co. is withdrawing all elements of its previously issued full-year 2020 earnings guidance that was originally provided on January 27, 2020, and reiterated at its 2020 Investor Conference held on February 27, 2020. This uncertainty poses unique and substantial challenges for normal forecasting methodologies, making it difficult to accurately project future financial results.

The company’s current and best estimate of full-year 2020 GAAP EPS is $2.35-$3.60, and excluding Special Items, EPS of $3.00-$4.25. Sales are now expected to be $2.8-$3.0 billion, reflecting a core sales decline of approximately 17% to 22%. Full-year 2020 free cash flow (cash provided by operating activities less capital spending) is expected to be in a range of $200-$250 million.

For earnings history and earnings-related data on Crane Co. (CR) click here.

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