Second Quarter 2016 Highlights:
- GAAP earnings per diluted share (EPS) of $1.15 increased 22% compared to 2015, and excluding Special Items, EPS of $1.21 increased 14% compared to 2015.
- Sales of $712 million were approximately flat compared to 2015, with core growth of 1%.
- Raising 2016 EPS guidance to $4.00-$4.20, from $3.85-$4.15, excluding Special Items. Revised GAAP EPS guidance of $3.95-$4.15, versus prior range of $3.85-$4.15.
STAMFORD, Conn.--(BUSINESS WIRE)-- Crane Co. (NYSE:CR), a diversified manufacturer of highly engineered industrial products, reported second quarter 2016 GAAP earnings of$1.15 per diluted share, compared to $0.95 per share in the second quarter of 2015. Excluding Special Items, second quarter 2016 earnings per diluted share were $1.21, compared to $1.06 per share in the second quarter of 2015.
Second quarter 2016 sales were $712 million, approximately flat compared to $711 million in the second quarter of 2015. Core sales increased $7 million, or 1%, offset by a $6 million, or 1%, impact from unfavorable foreign exchange.
Operating profit in the second quarter was $103 million, up 14% compared to $90 million in the second quarter of 2015. Excluding Special Items, operating profit was $108 million in the second quarter of 2016, up 9% compared to $99 million in the second quarter of 2015.
The effective tax rate in the second quarter was 27.0%, down from 31.5% last year. The lower rate primarily reflects the resolution of a tax audit during the quarter. Excluding Special Items, the effective tax rate was 27.4%, down from 31.0% last year.
"We are pleased with our second quarter results. We drove strong execution across all segments, order trends were consistent with our expectations, and EPS benefited from a lower tax rate. We are cautiously optimistic about the remainder of 2016 tempered only by continued economic uncertainty, including volatility in foreign exchange and commodity markets. Balancing these factors, we are raising the midpoint of our full-year adjusted EPS guidance range by $0.10," said Max Mitchell, Crane Co. President and Chief Executive Officer.
Segment Results
All comparisons detailed in this section refer to operating results for the second quarter 2016 versus the second quarter 2015, excluding Special Items.
