Crane Co. reported first quarter 2014 earnings of $0.82 per diluted share, compared to $0.99 per share in the first quarter of 2013. First quarter 2014 results included after-tax items of $9.2 million, or $0.16 per share, related to the recent acquisition of MEI, and after-tax charges of $4.3 million, or $0.07 per share, related to previously disclosed repositioning activities. First quarter 2013 results included after-tax transaction costs of $2.9 million, or $0.05 per share, related to the MEI acquisition. Excluding these special items in both years, first quarter 2014 earnings per diluted share increased 1 percent to $1.05, compared to $1.04 in the first quarter of 2013.
First quarter 2014 sales of $716.8 million increased $89.3 million, or 14.2 percent, compared to $627.6 million in the first quarter of 2013, resulting from a core sales increase of $6.3 million, or 1.0 percent, sales related to the MEI transaction of $84.1 million, or 13.4 percent, and unfavorable foreign exchange of $1.2 million, or -0.2 percent. Full report.