STAMFORD, Conn.--(BUSINESS WIRE)-- Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported third quarter 2017 earnings of $1.13 per diluted share, compared to $1.07 per share in the third quarter of 2016.
Third quarter 2017 sales were $696 million, up slightly compared to $694 million in 2016. Core sales declined $10 million, or 1.5%, approximately offset by a $7 million net acquisition benefit and $5 million of favorable foreign exchange.
Operating profit in the third quarter was $105 million, up 2% compared to $104 million in the third quarter of 2016. Excluding Special Items, operating profit was $106 million in the third quarter of 2017, up 2% compared to the third quarter of 2016. (Please see the attached Non-GAAP Financial Measures tables.)
The effective tax rate in the third quarter was 29.4% compared to 33.0% last year. Excluding Special Items, the effective tax rate in the third quarter of 2017 was 29.5%, down from 33.0% last year. (Please see the attached Non-GAAP Financial Measures tables.)
Cash provided by operating activities for the nine months ended September 30, 2017 was $174 million, compared to $168 million for the nine months ended September 30, 2016. The company's cash and debt positions were $572 million and $746 million, respectively, at September 30, 2017, compared to $510 million and $745 million, respectively, at December 31, 2016. The company completed $25 million of share repurchases during the third quarter.
Max Mitchell, Crane Co. President and Chief Executive Officer, stated: "We delivered another solid quarter. End market demand remains in line with our expectations, and we benefited in the quarter from continued execution on our growth and productivity initiatives, as well as a lower tax rate. With only one quarter left in 2017 and based on our performance to date, we are raising our adjusted EPS guidance range to $4.45-$4.55."
Third Quarter 2017 Highlights:
- Earnings per diluted share (EPS) of $1.13, up 6% compared to $1.07 last year.
- Raising midpoint of full year GAAP EPS guidance range to $4.41-$4.51, from $4.31-$4.51; excluding Special Items, the revised range is $4.45-$4.55, from $4.35-$4.55.
- Completed $25 million of share repurchases during the third quarter.