Crane Co. (NYSE: CR) reported Q2 EPS of $0.64, $0.17 better than the analyst estimate of $0.47. Revenue for the quarter came in at $677.9 million versus the consensus estimate of $626.09 million.

Highlights from Second Quarter 2020 Results:

• GAAP earnings per diluted share (EPS) of $0.25 compared to $1.50 in the second quarter of 2019.
• Excluding Special Items, EPS of $0.64 compared to $1.58 in the second quarter of 2019.
• Narrowing 2020 GAAP EPS guidance range to $2.65-$3.45 from the prior range of $2.35-$3.60.
• Excluding Special Items, narrowing 2020 EPS guidance range to $3.30-$4.10 from the prior range of $3.00-$4.25.
• Reiterating 2020 free cash flow guidance range of $200-$250 million (cash provided by operating activities less capital spending).

Max Mitchell, Crane Co. President and Chief Executive Officer stated: “While uncertainty was, and is, extremely high, we did our best to provide meaningful guidance when we released last quarter's results. Our teams executed extremely well in a challenging environment, and second quarter results modestly exceeded our expectations largely due to certain timing related items. We have narrowed our guidance range to reflect that we are now more than halfway through the year, and incorporating our best thinking on the impact of pandemic-related government mandated openings and closings, business restrictions, and demand challenges. I remain highly confident in the strength and resilience of Crane's portfolio and in our long-term outlook as end markets continue to recover."

GUIDANCE:

Crane Co. sees FY2020 EPS of $3.30-$4.10, versus the consensus of $3.79.

The company’s current and best estimate of full-year 2020 GAAP EPS is now $2.65-$3.45, compared to the prior range of $2.35-$3.60. Excluding Special Items, the company's current and best estimate of full-year 2020 EPS is now $3.30-$4.10, compared to the prior range of $3.00-$4.25. We now expect a full-year 2020 core sales decline of approximately 17% to 21%, and we continue to expect full-year 2020 free cash flow (cash provided by operating activities less capital spending) in a range of $200-$250 million. (Please see the attached non-GAAP Financial Measures tables.)

We note that uncertainty regarding the potential impact of the COVID-19 pandemic on demand and operations continues to pose 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.