Crane Co. Turns To Profit In Q4

(RTTNews) - Crane Co. (CR) reported that its fourth-quarter net income attributable to common shareholders was $46.8 million or $0.80 per share compared to a loss of $112.6 million or $1.89 per share in the previous year. The prior year net loss included an after-tax net asbestos provision of $181 million or $3.04 per share.

Excluding Special Items, quarterly earnings per share was $1.00, compared to $1.58 in 2019. Analysts polled by Thomson Reuters expected the company to report earnings of $1.10 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Quarterly sales were $726.4 million, a decline of 13% from last year. The sales decline was comprised of a $178 million, or 21%, decline in core sales, partially offset by a $55 million, or 7%, benefit from acquisitions and $12 million, or 1%, of favorable foreign exchange. The core sales decline was attributable to COVID-19 related macroeconomic factors. Wall Street analysts had a consensus revenue estimate of $737.92 million.

Crane Co. announced its regular quarterly dividend of $0.43 per share for the first quarter of 2021. The dividend is payable on March 10, 2021 to shareholders of record as of the close of business on February 26, 2021.

Looking ahead for full year 2021, the company expects GAAP earnings per share to be in a range of $4.85-$5.05; earnings per share, excluding special items, of $4.90-$5.10. It projects sales to be about $3.05 billion, reflecting core sales growth of about 2%, favorable foreign exchange of 1.5% and a nominal acquisition benefit.