Crane Co. Q3 Profit Decreases; Reduces 2014 Guidance - Quick Facts

(RTTNews) - Crane Co. (CR) reported third-quarter net income attributable to shareholders of $28.08 million compared to $57.13 million, last year. Earnings per share was $0.47, compared to $0.97. Third quarter 2014 results included Special Items of $38.7 million in after-tax charges, or $0.65 per share. Excluding special items, third-quarter 2014 earnings per share was $1.12.

On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $1.17 for the quarter. Analysts' estimates typically exclude special items.

Sales were $727.4 million compared to $637.5 million in the third quarter of 2013. Analysts expected revenue of $769.68 million for the quarter.

The company revised its 2014 earnings guidance on a GAAP basis to a range of $3.43-$3.53 per share, from a range of $4.18-$4.38 per share. The company also reduced its 2014 earnings per share guidance, excluding special items, to a range of $4.40-$4.50, from the prior range of $4.55-$4.75. Management now expects 2014 sales of approximately $2.95 billion, versus prior guidance of approximately $3.0 billion. Analysts expect the company to report 2014 earnings per share of $4.62 on revenue of $3.03 billion.

Crane Co. also announced its regular quarterly dividend of $0.33 per share for the fourth quarter of 2014. The dividend is payable on December 9, 2014 to shareholders of record as of the close of business on November 28, 2014.