Provides 2014 EPS Guidance of $4.55-$4.75, Excluding Special Items
STAMFORD, CONNECTICUT - January 27, 2014 - Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported fourth quarter 2013 earnings of $0.84 per diluted share, compared to $0.79 per share in the fourth quarter of 2012. Fourth quarter 2013 results included after-tax transaction-related costs, net, of $11.9 million, or $0.20 per share, related to the recent acquisition of MEI Conlux Holdings. Fourth quarter 2012 results included after-tax charges of $3.9 million, or $0.07 per share, associated with transaction-related costs associated with the MEI acquisition, and $3.9 million, or $0.07 per share, of repositioning charges. Excluding Special Items in both years, fourth quarter 2013 earnings per diluted share increased 13% to $1.04, compared to $0.92 in the fourth quarter of 2012. Fourth quarter 2013 earnings included $0.02 per share related to the operating results of MEI. (Please see the attached Non-GAAP Financial Measures table.)
Fourth quarter 2013 sales of $681.4 million increased $51.7 million, or 8.2%, compared to $629.8 million in the fourth quarter of 2012, resulting from a core sales increase of $28.2 million (4.5%), sales from the MEI acquisition of $25.2 million (4.0%), and unfavorable foreign exchange of $1.7 million (0.3%).
The following information was filed by Crane Co (CR) on Tuesday, January 28, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: CR CIK: 25445 Form Type:10-K Annual Report Accession Number: 0001445305-14-000574 Submitted to the SEC: Mon Feb 24 2014 8:51:19 PM EST Accepted by the SEC: Tue Feb 25 2014 Period: Tuesday, December 31, 2013 Industry: Miscellaneous Fabricated Metal Products