Crane Co. (CR) Tops Q2 EPS by 2c; Narrows Outlook
Crane Co. (NYSE: CR) reported Q2 EPS of $1.06, $0.02 better than the analyst estimate of $1.04. Revenue for the quarter came in at $648.7 million versus the consensus estimate of $664.47 million.
Crane Co. sees FY2013 EPS of $4.10-4.25, versus prior guidance of $4.10-4.30 and the consensus of $4.23.
"We are pleased to report second quarter EPS of $1.06 per share, excluding the MEI transaction costs," said Crane Co. chief executive officer, Eric C. Fast. "On a slight decline in revenues, total Company operating margins expanded 200 basis points to a record 14.8%, led by solid execution in our Fluid Handling segment and strong productivity across the Company. Based on our expectation of record earnings this year and confidence in the future, we have increased our quarterly dividend by 7%. In connection with the pending acquisition of MEI, as previously reported, we are in negotiations with Bain Capital and Advantage Partners, the representatives of the owners of MEI, concerning the economic effects related to remedies required by the European Commission involving two Crane Payment Systems product lines."
For earnings history and earnings-related data on Crane Co. (CR) click here.
Crane Co. sees FY2013 EPS of $4.10-4.25, versus prior guidance of $4.10-4.30 and the consensus of $4.23.
"We are pleased to report second quarter EPS of $1.06 per share, excluding the MEI transaction costs," said Crane Co. chief executive officer, Eric C. Fast. "On a slight decline in revenues, total Company operating margins expanded 200 basis points to a record 14.8%, led by solid execution in our Fluid Handling segment and strong productivity across the Company. Based on our expectation of record earnings this year and confidence in the future, we have increased our quarterly dividend by 7%. In connection with the pending acquisition of MEI, as previously reported, we are in negotiations with Bain Capital and Advantage Partners, the representatives of the owners of MEI, concerning the economic effects related to remedies required by the European Commission involving two Crane Payment Systems product lines."
For earnings history and earnings-related data on Crane Co. (CR) click here.