Crane (CR) Reaffirms 2012 Guidance, Offers 2013 Guidance

Crane Co. (NYSE: CR) continues to expect 2012 EPS to be in the lower half of the previously communicated guidance range of $3.75 - $3.85, excluding Special Items. The EPS guidance includes $0.04 associated with the first half profits from discontinued operations, but excludes the following Special Items: the gain from the previously announced sale of two businesses ($0.33 per share) and repositioning costs ($0.26 per share). The 2012 EPS guidance also assumes a $0.05 per share benefit associated with a potential retroactive application of the Research and Development tax credit still under consideration in Congress. Full year 2012 free cash flow (cash provided by operating activities less capital spending) remains in a range of $150 - $180 million.

The Street sees EPS of $3.75

Preliminary 2013 Guidance

The Company’s preliminary outlook for 2013 includes core sales growth (excluding acquisition and foreign exchange impacts) of between 2% and 4%, and earnings per share in a range of $4.05 to $4.20. 2013 EPS guidance also assumes the restoration of the R&D tax credit ($0.05 per share). Preliminary 2013 guidance does not include potential impacts from the pending acquisition of MEI.

The Street sees EPS of $4.13.

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