Crane Co. Raises Midpoint Of Full-year Adj. EPS Guidance Range By $0.10

(RTTNews) - Crane Co. (CR), a diversified manufacturer of highly engineered industrial products, announced the company is raising 2016 GAAP EPS guidance to a range of $3.95-$4.15, versus a prior range of $3.85-$4.15. Excluding Special Items, EPS is now expected to be in a range of $4.00-$4.20, from the prior range of $3.85-$4.15.

Crane Co. continues to expect that sales for 2016 will approximate $2.7 billion, reflecting core sales in a range of, decline of 1.5% to increase of 1.5%, compared to 2015. Full year 2016 free cash flow is now expected to be in a range of $195 to $220 million versus prior guidance of $190 to $220 million.

Analysts polled by Thomson Reuters expect the company to report full year profit per share of $4.02 on revenue of $2.7 billion. Analysts' estimates typically exclude special items.

The company reported second quarter GAAP earnings of $1.15 per share, compared to $0.95 per share in the second quarter of 2015. Excluding Special Items, second quarter 2016 earnings per share were $1.21, compared to $1.06 per share in the second quarter of 2015. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.02 for the quarter.

Second quarter 2016 sales were $712 million, approximately flat compared to $711 million in the second quarter of 2015. Core sales increased $7 million, or 1%, offset by a $6 million, or 1%, impact from unfavorable foreign exchange. Analysts expected revenue of $694.65 million, for the quarter.