Crane Q2 Profit Tops Estimates; Updates Full Year Outlook – Quick FactsJuly 27, 2020
Crane Co. (CR) reported second quarter adjusted earnings per share of $0.64, compared to $1.58, prior year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.47, for the quarter. Analysts’ estimates typically exclude special items. Excluding special items, operating profit was $61 million compared to $132 million, last year.
Second quarter sales were $678 million, a decline of 20% from prior year. Analysts expected revenue of $626.09 million for the quarter. The sales decline included a decline of 24% in core sales.
Second quarter free cash flow was $106 million compared to $137 million in the second quarter of 2019.
For fiscal 2020, Crane Co. now projects adjusted earnings per share in a range of $3.30-$4.10, compared to the prior range of $3.00-$4.25. The company now expects a core sales decline of approximately 17% to 21%. Crane Co. continues to expect 2020 free cash flow in a range of $200-$250 million.
Max Mitchell, Crane Co. CEO said: “Second quarter results modestly exceeded our expectations largely due to certain timing related items. We have narrowed our guidance range to reflect that we are now more than halfway through the year, and incorporating our best thinking on the impact of pandemic-related government mandated openings and closings, business restrictions, and demand challenges.”
Crane Co. announced its regular quarterly dividend of $0.43 per share for the third quarter of 2020. The dividend is payable on September 9, 2020 to shareholders of record as of the close of business on August 31, 2020.
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