Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

On April 20, 2009, Crane ( CR) 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.

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