Crane Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Fiscal 2017
January 30, 2017 at 05:08 pm
Share
Crane Co. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total net sales were $681.4 million against $680.6 million a year ago. Operating loss was $91.6 million against profit of $103.5 million a year ago. Interest income was $0.5 million against $0.5 million a year ago. Loss before income taxes was $101.2 million against income of $94.4 million a year ago. Net loss attributable to the company was $64.0 million against income of $65.2 million a year ago. Diluted loss per share was $1.09 against income of $1.11 a year ago. Total cash provided by operating activities was $149.7 million against $113.6 million a year ago. Capital expenditure was $13.0 million against $11.4 million a year ago. Net income attributable to the common shareholders before special items was $61.1 million against income of $65.8 million a year ago. Diluted income per share before special items was $1.02 against income of $1.12 a year ago. Operating profit before special items was $100.8 million against income of $104.2 million a year ago. Core sales increased $17 million, or 2.5%, mostly offset by a $16 million, or 2.4%, impact from unfavorable foreign exchange.
For the full year, the company reported total net sales were $2,748.0 million against $2,740.5 million a year ago. Operating profit was $200.3 million against profit of $372.9 million a year ago. Interest income was $1.9 million against $1.9 million a year ago. Income before income taxes was $164.1 million against income of $336.5 million a year ago. Net income attributable to the company was $122.8 million against income of $228.9 million a year ago. Diluted income per share was $2.07 against income of $3.89 a year ago. Total cash provided by operating activities was $318.1 million against $229.3 million a year ago. Capital expenditure was $50.6 million against $35.2 million a year ago. Net income attributable to the common shareholders before special items was $251.1 million against income of $242.5 million a year ago. Diluted income per share before special items was $4.23 against income of $4.13 a year ago. Core sales growth of $56 million, or 2%, were mostly offset by a $48 million, or 2%, impact from unfavorable foreign exchange. Total debt was $745 million at December 31, 2016, compared to $794 million at December 31, 2015. Operating profit before special items was $397.7 million against income of $391.1 million a year ago.
For the fiscal 2017, sales are expected to be approximately $2.7 billion, reflecting core sales of 0% to up 2%, more than offset by unfavorable foreign exchange of approximately 3%, and a 0.5% impact from divestitures. Earnings are expected to be in a range of $4.30-$4.55 per diluted share. Full year 2017 free cash flow (cash provided by operating activities less capital spending) is expected to be in a range of $220-$250 million. Capital expenditure is expected to be $50.0 million.
Crane NXT, Co. is an industrial technology company that provides technology solutions to secure, detect, and authenticate what matters most to its customers. The Company operates through two segments: Crane Payment Innovations (CPI) and Security and Authentication Technologies. The CPI segment provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications, including verification and authentication of payment transactions. The Security and Authentication Technologies segment provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods and industrial products. The Security and Authentication Technologies segment also provides brand protection and authentication solutions. The Company operates in the United States, the United Kingdom, Mexico, Japan, Germany, Sweden, and Malta.
Crane Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Fiscal 2017