Crane Co. (CR) Tops Q3 EPS by 26c, Updates Guidance

Crane Co. (NYSE: CR) reported Q3 EPS of $1.05, $0.26 better than the analyst estimate of $0.79. Revenue for the quarter came in at $735 million versus the consensus estimate of $670.69 million.

GUIDANCE:

Crane Co. sees FY2020 EPS of $3.75-$4.00, versus the consensus of $3.75.

• The Company’s current and best estimate of full-year 2020 GAAP EPS is now $3.10-$3.35, compared to the prior range of $2.65-$3.45. Excluding Special Items, the Company's current and best estimate of full-year 2020 EPS is now $3.75-$4.00, compared to the prior range of $3.30-$4.10. We now expect a full-year 2020 core sales decline of approximately 17% to 19%, compared to our prior expectation of a decline in the range of 17% to 21%. Our revised outlook for full-year 2020 free cash flow (cash provided by operating activities less capital spending) is now $230-$260 million compared to our prior outlook for a range of $200-$250 million. (Please see the attached non-GAAP Financial Measures tables.)
• We note that continued uncertainty regarding the potential impact of the COVID-19 pandemic on demand and operations poses unique and substantial challenges for normal forecasting methodologies, making it difficult to accurately project future financial results.

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

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