Free Research Report as Crane’s Sales Scaled 21.1%; Adjusted EPS Surged 20.5%

Stock Monitor: John Bean Technologies Post Earnings Reporting

LONDON, UK / ACCESSWIRE / July 31, 2018 / If you want access to our free earnings report on Crane Co. (NYSE: CR), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CR. The Company reported its financial results on July 23, 2018, for the second quarter of the fiscal year 2018 (Q2 FY18). The diversified manufacturer of highly engineered industrial products outperformed top- and bottom-line expectations for Q2 FY18. In addition, the Company raised its guidance for the full fiscal year 2018 (FY18). Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for John Bean Technologies Corporation (NYSE: JBT), which also belongs to the Industrial Goods sector as the Company Crane. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Crane most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For Q2 FY18, Crane’s sales grew 21.1% to $851.0 million compared to $702.5 million in Q2 FY17. The growth in sales comprised of a benefit from acquisitions of $124.0 million, or 18.0%; a core sales growth of $12.0 million, or 2%; and a benefit from favorable foreign exchange of $12.0 million, or 2%. The Company’s revenue numbers surpassed analysts’ estimates of $836.7 million.

During Q2 FY18, Crane’s operating profit rose 6.8% to $113.0 million compared to $105.8 million in Q2 FY17. Excluding special items, the Company’s operating profit was $126.0 million in the reported quarter, up by 13% from $112.0 million in the year ago comparable period.

For the reported quarter, Crane’s effective tax rate was 23.1%, down from 30.5% in the year ago corresponding period. Excluding special items, the Company’s effective tax rate was 23.9% in Q2 FY18, down from 30.4% in Q2 FY17. The lower tax rate in the second quarter of 2018 was a result of the Tax Cuts and Jobs Act 2017 (TCJA).

Crane’s net income attributable to common shareholders surged 16.6% to $80.7 million in Q2 FY18 compared to $69.2 million in Q2 FY17. The Company reported diluted earnings per share (EPS) of $1.32 in the reported quarter compared to $1.14 in the year ago same period. Excluding special items, the Company’s EPS soared 20.5% to $1.41 in Q2 FY18 compared to $1.17 in Q2 FY17, beating analysts’ estimates of $1.35.

Segment Details

Crane operates through four segments, namely: (i) Fluid Handling; (ii) Payment & Merchandising Technologies; (iii) Aerospace & Electronics; and (iv) Engineered Materials.

During Q2 FY18, the Fluid Handling segment’s sales hiked 5.0% to $276.9 million compared to $263.8 million in Q2 FY17. The segment’s operating profit was $29.5 million in the reported quarter versus $29.1 million in the year ago comparable quarter, marginally increasing 1.4% on a y-o-y basis.

For the reported quarter, the Payment & Merchandising segment’s sales jumped 63.6% to $324.3 million compared to $198.2 million in the corresponding quarter of last year. The segment’s operating profit was $46.1 million in Q2 FY18, up by 10.0% from $41.9 million in Q2 FY17.

The Aerospace & Electronics segment’s sales grew 9.4% to $187.2 million in Q2 FY18 compared to $171.1 million in Q2 FY17. The segment’s operating profit increased 15.2% to $43.3 million in the reported quarter compared to $37.6 million in the prior year’s same period.

The Engineered Materials segment’s sales dropped 9.8% to $62.6 million in Q2 FY18 compared to $69.4 million in Q2 FY17. The segment’s operating profit declined 15.8% to $11.2 million in Q2 FY18 compared to $13.3 million in Q2 FY17.

Cash Matters

As of June 30, 2018, Crane’s cash and cash equivalents stood at $318.2 million compared to $509.3 million as of June 30, 2017. The Company’s long-term debt was $937.1 million as of June 30, 2018, versus $494.1 million as of December 31, 2017. For the reported quarter, the Company generated a cash inflow from operating activities of $57.3 million versus $66.9 million in the comparable period of the prior fiscal year.

Outlook

For the full fiscal year 2018, Crane expects EPS to be in the range of $4.90 to $5.10 compared to its previous guidance of $4.75 to $4.95. The Company anticipates EPS, excluding special items, to be in the band of $5.60 to $5.80 compared to its prior range of $5.45 to $5.65. The Company expects free cash flow to be in the band of $250.0 million to $280.0 million compared to its previous guidance of $240.0 million to $270.0 million for FY18. For the three months ended June 30, 2018, the Company had a free cash flow of $40.8 million compared to $55.7 million in the three months ended June 30, 2017.

Stock Performance Snapshot

July 30, 2018 – At Monday’s closing bell, Crane’s stock marginally fell 0.60%, ending the trading session at $88.29.

Volume traded for the day: 629.44 thousand shares, which was above the 3-month average volume of 286.30 thousand shares.

Stock performance in the last month – up 10.36%; previous three-month period – up 5.56%; and past twelve-month period – up 16.97%

After yesterday’s close, Crane’s market cap was at $5.22 billion.

Price to Earnings (P/E) ratio was at 19.29.

The stock has a dividend yield of 1.59%.

The stock is part of the Industrial Goods sector, categorized under the Diversified Machinery industry.

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