Crane Co. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Revises Earnings Guidance for 2016; Provides Tax Rate Guidance for the Fourth Quarter of 2016
October 24, 2016 at 05:09 pm EDT
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Crane Co. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, total net sales were $694.2 million against $669.9 million a year ago. Total operating profit was $103.8 million against $93.2 million a year ago. Income before income taxes was $95.0 million against $84.3 million a year ago. Net income attributable to common shareholders was $63.5 million against $56.9 million a year ago. Earnings per diluted share were $1.07 against $0.97 a year ago. Total cash provided by operating activities was $116.6 million against $69.7 million a year ago. Capital expenditures were $11.9 million against $8.1 million a year ago.
For nine months, total net sales were $2,066.5 million against $2,060.0 million a year ago. Total operating profit was $291.9 million against $269.4 million a year ago. Income before income taxes was $265.2 million against $242.1 million a year ago. Net income attributable to common shareholders was $186.8 million against $163.7 million a year ago. Earnings per diluted share were $3.16 against $2.78 a year ago. Total cash provided by operating activities was $168.4 million against $115.7 million a year ago. Capital expenditures were $38.5 million against $28.2 million a year ago.
The company is raising its 2016 GAAP EPS guidance to a range of $4.07-$4.15, versus a prior range of $3.95-$4.15. Excluding Special Items, EPS is now expected to be in a range of $4.12-$4.20, from the prior range of $4.00-$4.20. Management continues to expect that sales for 2016 will approximate $2.7 billion, now reflecting core sales in a range of flat to +2% compared to 2015. Full year 2016 free cash flow (cash provided by operating activities less capital spending) is now expected to be in a range of $200 to $225 million versus prior guidance of $195 to $220 million. For 2016, the company expects cash provided by operating activities of $250.0 million to $275.0 million and capital expenditures of $50.0 million.
The company expects a slightly higher tax rate in the fourth quarter of 2016.
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. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Revises Earnings Guidance for 2016; Provides Tax Rate Guidance for the Fourth Quarter of 2016
CRANE NXT, CO. 
