Crane Co. Introduces 2017 EPS Guidance - Quick Facts

(RTTNews) - Crane Co. (CR) announced the company expects 2017 earnings to be in a range of $4.30-$4.55 per share. Sales are expected to be approximately $2.7 billion, reflecting core sales of flat to growth of 2%, more than offset by unfavorable foreign exchange of approximately 3%, and a 0.5% impact from divestitures. Full year 2017 free cash flow is expected to be in a range of $220-$250 million.

Max Mitchell, Crane Co. CEO stated: "We remain excited about our future prospects, both for 2017 and beyond, across our global growth platforms. At Payment & Merchandising Technologies, we are seeing accelerating demand for productivity solutions, and we expect a third consecutive year of substantial growth and margin expansion in 2017. At Aerospace & Electronics, we have challenging top line comparisons following the completion of the Space Fence program; however, we have higher content on the newer, high growth aerospace programs launching over the next few years, along with declining R&D expense as major development programs are winding down. Fluid Handling order rates are stabilizing, and this business is well positioned for an eventual recovery. Lastly, Engineered Materials is positioned for another year of strong margins with continued underlying strength in its primary end markets."

Crane Co. reported a fourth quarter 2016 GAAP net loss of $1.09 per share, compared to earnings of $1.11 per share in the fourth quarter of 2015. Fourth quarter 2016 results include an after-tax net asbestos provision of $125 million, or $2.13 per share, and fourth quarter 2015 results include net after-tax Special Items of $1 million, or $0.01 per share. Excluding Special Items, fourth quarter 2016 earnings per share were $1.02.

Fourth quarter 2016 sales were $681 million, approximately flat compared to the fourth quarter of 2015. Core sales increased $17 million, or 2.5%, mostly offset by a $16 million, or 2.4%, impact from unfavorable foreign exchange.