Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported third quarter 2013 earnings of $0.97 per diluted share, compared to $0.99 in the third quarter of 2012. Third quarter 2013 results included transaction-related costs of $4.1 million, or $0.07 per share, related to the pending acquisition of MEI Conlux Holdings. Third quarter 2012 results included a $0.02 per share gain associated with divestitures, offset by $0.02 per share of repositioning charges. Excluding Special Items in both years, third quarter 2013 earnings per diluted share increased 5% to $1.04, compared to $0.99 in the third quarter of 2012. (Please see the attached Non-GAAP Financial Measures table.)
Third quarter 2013 sales of $637.5 million decreased $8.5 million, or 1.3%, compared to $646.0 million in the third quarter of 2012, resulting from a core sales decline of $6.2 million, or 1.0%, and unfavorable foreign exchange of $2.3 million, or 0.3%.
Operating profit in the third quarter increased 2.8% to $89.0 million, compared to $86.6 million in the third quarter of 2012. Excluding Special Items, third quarter operating profit increased 4.5% to $91.9 million, compared to $87.9 million in the third quarter of 2012, and operating profit margin increased to 14.4%, compared to 13.6% in the third quarter of 2012. (Please see the attached Non-GAAP Financial Measures table.)
“In spite of a difficult revenue growth environment, we are pleased to report third quarter EPS of $1.04 per share, excluding the MEI transaction costs,” said Crane Co. chief executive officer, Eric C. Fast. “On a 1% decline in revenues, total Company operating margins grew to 14.4%, with solid performance in our Fluid Handling, Payment Solutions and Engineered Materials businesses. In connection with the pending acquisition of MEI, we are actively engaged in satisfying the remedies required by the European Commission and expect to close the acquisition late in the fourth quarter.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV