Crane Co. (NYSE: CR) stock rose over 1.4% on July 24th, 2018 (Source: Google finance) after the company reported better than expected results for the second quarter 2018 and increased full-year guidance as most major end markets performed at or above expectations. The Company’s cash position is of $318 million at June 30, 2018, compared to $706 million at December 31, 2017. The company’s total debt is of $1,109 million at June 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. Further, the company experienced strong demand across Aerospace & Electronics, Crane Payment Innovations, Crane Currency and Fluid Handling.
CR in the second quarter of FY 18 has reported the adjusted earnings per share of $1.41, beating the analysts’ estimates for the adjusted earnings per share of $1.35 as per analysts polled by Thomson Reuters. The company had reported the adjusted revenue growth of 21 percent to $851 million in the second quarter of FY 18, beating the analysts’ estimates for revenue of $834.4 million. The sales growth comprised of a $124 million, benefit from acquisitions, core sales growth of $12 million and a $12 million, benefit from favorable foreign exchange. The adjusted operating profit in the second quarter grew 13% to $126 million compared to $112 million in the second quarter of 2017.
CR has declared the quarterly dividend of $0.35 per share for the third quarter of 2018. The dividend is payable on September 10, 2018 to shareholders of record as of the close of business on August 31, 2018.
CR now expects 2018 full year earnings per share, excluding special items, of $5.60-$5.80, compared to the prior range of $5.45-$5.65. The company increased its 2018 GAAP earnings per share guidance to a range of $4.90-$5.10, compared to the prior range of $4.75-$4.95.
The full year 2018 free cash flow is now expected to be in a range of $250-$280 million, compared to the prior range of $240-$270 million. The company continues to expect a full year 2018 tax rate of approximately 22%.