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Crane Co. Reports Strong Second Quarter Results; Increases Dividend 7%; Adjusts 2013 EPS Guidance To $4.10-$4.25, Excluding Special Items

Stocks in this article: CR

Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported second quarter 2013 earnings of $0.93 per diluted share, compared to $1.07 in the second quarter of 2012. Second quarter 2013 results included transaction-related costs of $7.3 million, or $0.13 per share, related to the pending acquisition of MEI Conlux Holdings. Second quarter 2012 results included a $0.31 per share gain associated with divestitures, partially offset by $0.20 per share of repositioning charges. Excluding Special Items in both years, second quarter 2013 earnings per diluted share increased 10% to $1.06, compared to $0.96 in the second quarter of 2012. (Please see the attached Non-GAAP Financial Measures table.)

Second quarter 2013 sales of $648.7 million decreased $8.9 million, or 1.4%, compared to $657.7 million in the second quarter of 2012, resulting from a core sales decline of $5.9 million, or 0.9%, and unfavorable foreign exchange of $3.0 million, or 0.5%.

Operating profit in the second quarter increased 28.1% to $88.8 million, compared to $69.4 million in the second quarter of 2012. Excluding Special Items, second quarter operating profit increased 13.8% to $95.7 million, compared to $84.1 million in the second quarter of 2012, and operating profit margin increased to 14.8%, compared to 12.8% in the second quarter of 2012. (Please see the attached Non-GAAP Financial Measures table.)

“We are pleased to report second quarter EPS of $1.06 per share, excluding the MEI transaction costs,” said Crane Co. chief executive officer, Eric C. Fast. “On a slight decline in revenues, total Company operating margins expanded 200 basis points to a record 14.8%, led by solid execution in our Fluid Handling segment and strong productivity across the Company. Based on our expectation of record earnings this year and confidence in the future, we have increased our quarterly dividend by 7%. In connection with the pending acquisition of MEI, as previously reported, we are in negotiations with Bain Capital and Advantage Partners, the representatives of the owners of MEI, concerning the economic effects related to remedies required by the European Commission involving two Crane Payment Systems product lines.”

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