Crane Co. (NYSE: CR) stock fell over 1.4% on 23rd October, 2018 (as of 10:44 AM GMT-4; Source: Google finance) on concerns over their cash position. The Company’s cash position was $324 million at September 30, 2018, compared to $706 million at December 31, 2017. Total debt was $1,044 million at September 30, 2018, compared to $743 million at December 31, 2017. The increase in total debt reflects the financing associated with the January 10, 2018 acquisition of Crane Currency
Crane raised its full-year 2018 EPS guidance to be between $5.20 and $5.30 a share, versus a prior range of $4.90-$5.10 a share. The company has raised adjusted EPS guidance to between $5.80 and $5.90, from $5.60-$5.80. It revised its free cash-flow guidance to $260 million-$290 million, from $250 million-$280 million. The company saw its third-quarter group profit jump 42.2 percent to US$97.0 million, compared to US$68.2 million in the prior-year period..
CR in the third quarter of FY 18 has reported the adjusted earnings per share of $1.62, while adjusted revenue growth was 23 percent to $856 million in the third quarter of FY 18. The sales increase was comprised of a $132 million, or 19%, benefit from acquisitions and core sales growth of $40 million, or 6%, partially offset by $12 million, or 2%, of unfavorable foreign exchange. Operating profit in the third quarter was $124 million, which is an increase of 21% compared to $102 million in the third quarter of 2017. Operating profit margin of 14.5% compared to 14.7% in the third quarter of 2017.
In the payment and technologies merchandising segment, which included cash handling technology for casinos, sales rose 73.6 percent to US$327.4 million, compared to US$188.6 million in third-quarter 2017. But profit margin in that segment fell 4.1 percentage points, to 17.5 percent, compared to 21.6 percent in the prior-year period.
The group declared a fourth-quarter dividend of US$0.35 per share, payable on December 10 to shareholders of record as of the close of business on November 30.