Crane Co. (CR) Tops Q3 EPS by 2c, Updates FY Guidance

Crane Co. (NYSE: CR) reported Q3 EPS of $1.86, $0.02 better than the analyst estimate of $1.84. Revenue for the quarter came in at $815 million versus the consensus estimate of $816.58 million.

GUIDANCE:

Crane Co. sees FY2022 EPS of $7.58-$7.72, versus the consensus of $7.75.

• We are adjusting the midpoint of our full year 2022 GAAP EPS guidance primarily to reflect the third quarter after-tax charges of $2.83 per share related to the August asbestos entity sale transaction, and we are narrowing the range to $6.58-$6.72, from our prior range of $9.80-$10.20.
• We are reaffirming the midpoint of our adjusted EPS guidance, and narrowing the range to $7.58-$7.72, from our prior range of $7.45-$7.85.
• We expect 2022 adjusted free cash flow (cash provided by operating activities less capital spending, and less the cash outflows associated with the divestiture of asbestos-related assets and liabilities and other portfolio actions) of $350 million-$390 million, excluding approximately $615 million of cash flow items related to 2022 portfolio actions and the asbestos divestiture transaction. (Please see the attached non-GAAP Financial Measures tables.)

For earnings history and earnings-related data on Crane Co. (CR) click here.

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