Crane Lowers Full-Year Earnings Guidance Despite Second-Quarter Revenue Beating Analysts’ Expectations

Industrial products manufacturer Crane (CR) lowered its full-year earnings guidance after markets closed on Monday as it posted second-quarter revenue and adjusted earnings per share which beat analysts’ estimates.

The Stamford, Conn.-based company generated revenue of $841.6 million in the three months ended June 30, down from $851.0 million a year earlier. This was ahead of analysts’ mean expectation for $833.3 million.

Broken down by business segment, the payment and merchandising technologies unit generated the largest single portion of revenue, worth $291 million, down from $324.3 million a year earlier. Sales from fluid handling were worth $290.6 million, up from $276.9 million a year earlier.

The aerospace and electronics unit generated $205 million in revenue, up from $187 million and engineered materials sales were worth $56 million compared to $63 million a year earlier.

Adjusted earnings per share came in at $1.58, up 12% from the corresponding quarter of the prior year, also ahead of analysts’ forecasts for $1.56.

“We had another strong quarter with operating results again slightly better than expected. All of our businesses are executing well, and we continue to drive both growth and productivity initiatives across our businesses,” Max Mitchell, chief executive of Crane Company, said.

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