Crane Q1 Profit Rises; Lifts FY Outlook

(RTTNews) - Crane Co. (CR) reported that its net income attributable to common shareholders for the first-quarter grew to $108.4 million or $1.84 per share from $62.8 million or $1.05 per share in the prior year.

The latest-quarter earnings per share included an $0.18 gain primarily related to the sale of real estate. Excluding Special Items, earnings per share was $1.66, compared to $1.15 in the first quarter of 2020.

Quarterly sales were $834 million, an increase of 5% compared to the first quarter of 2020. The sales increase was comprised of a $25 million, or 3%, benefit from favorable foreign exchange, a $5 million, or 1%, increase in core sales, and a $5 million, or 1%, benefit from an acquisition.

The company raised its 2021 full year GAAP earnings per share guidance to a range of $5.75-$5.95, from the prior range of $4.95-$5.15.

The company raised its 2021 full year earnings per share guidance, excluding Special Items, to a range of $5.65-$5.85, compared to the prior range of $5.00-$5.20. Analysts polled by Thomson Reuters expected the company to report earnings of $5.12 per share for fiscal year 2021. Analysts' estimates typically exclude special items. Revised guidance now assumes core sales growth of +4% to +6%, compared to the prior range of +2% to +4%.