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On April 20, 2009,
reported that its Q1 FY09 earnings plunged 51.8%, hurt by a lawsuit settlement charge and lower revenue. Net income stood at $23.31 million, or $0.40 per share, compared to $48.38 million, or $0.79 per share, in the prior year's quarter. The quarterly earnings included an after-tax charge of $5.04 million, or $0.09 per share, related to a legal settlement. Adjusted earnings stood at $28.06 million, or $0.48 per share, which beat the most recent consensus estimate of $0.44 per share.
Total revenue dropped 18.2% year-over-year to $555.14 million from $678.87 million, attributable to a 16.0% decline in core business and a 7.0% impact from unfavorable foreign currency translations. The aerospace and electronics segment's revenue decreased 4.1% to $151.95 million, reflecting a decrease of $8.10 million in the aerospace group and an increase of $1.60 million in the electronics group. Revenue from engineered materials slipped 53.9% to $38.15 million, due to weakening demand from the recreational vehicle, transportation, and building products end markets. Merchandising systems' revenue fell 36.8% to $71.69 million, reflecting a sharp decline in vending sales and, to a lesser extent, in the payment solutions business. Furthermore, revenue in the fluid handling and controls segments decreased 7.6% and 24.7% to $266.50 million and $26.85 million, respectively. Meanwhile, order backlog declined 5.7% to $724.47 million.
During the quarter under review, Crane paid a regular quarterly dividend of $0.20 per share for Q1 FY09.
Looking forward to FY09, the company expects net income to be in the range of $118.86 million, or $2.01 per share, and $136.56 million, or $2.31 per share. Adjusted earnings per share are expected to be between $2.25 and $2.55.