STAMFORD, CONNECTICUT - April 27, 2015 - Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported first quarter 2015 earnings of $0.87 per diluted share, compared to $0.82 per share in the first quarter of 2014. First quarter 2015 results included Special Items of $3 million in after-tax charges, or $0.05 per diluted share. First quarter 2014 results included Special Items of $14 million in after-tax charges, or $0.23 per diluted share. Excluding these Special Items in both years, first quarter 2015 earnings per diluted share were $0.92, compared to $1.05 in the first quarter of 2014.
Special Items in the first quarter of 2015 included $2 million in after-tax charges, or $0.03 per share, related to repositioning activities, and $1 million, or $0.02 per share, of after-tax restructuring and integration-related charges associated with the MEI acquisition. Special Items in the first quarter of 2014 included after-tax charges of $9 million, or $0.16 per share, related to the acquisition of MEI, and after-tax charges of $4 million, or $0.07 per share, related to repositioning activities.
First quarter 2015 sales were $679 million, a decrease of 5% compared to $717 million in the first quarter of 2014. The sales decline was comprised of a $34 million, or 5% impact from unfavorable foreign exchange; a divestiture impact of $5 million, or 1%; partially offset by slightly positive core sales growth of $1 million.
Operating profit in the first quarter increased to $86 million, up 6% compared to the first quarter of 2014. Excluding Special Items, first quarter operating profit decreased to $90 million, down 10% compared to the first quarter of 2014.
First Quarter 2015 Highlights:
- Excluding Special Items, earnings per diluted share (EPS) of $0.92 decreased 12% compared to 2014 (GAAP EPS of $0.87 increased 6% compared to 2014)
- Sales of $679 million declined 5% compared to 2014, with core sales up slightly, and a 5% impact from unfavorable foreign exchange
- Reducing 2015 EPS guidance to $4.30-$4.50, from $4.45-$4.65, excluding Special Items, solely reflecting the impact of foreign exchange (revised GAAP EPS guidance of $4.17-$4.37)
- Completed $25 million of share repurchases during the first quarter of 2015
Payment & Merchandising Technologies
Sales of $172 million increased $3 million driven by core sales growth of $16 million, or 9%, partially offset by $11 million, or 7%, of unfavorable foreign exchange and a $2 million, or 1%, divestiture impact related to the end of a previously disclosed transition services agreement. Adjusted operating margins expanded 160 basis points to 13.3%, driven primarily by higher volume, acquisition synergies and productivity initiatives. View the full report here.
