Crane Co. Reports Second Quarter Results
Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported second quarter 2019 GAAP earnings per diluted share (EPS) of $1.50, compared to $1.32 per diluted share in the second quarter of 2018. Excluding Special Items, second quarter 2019 EPS increased 12% to $1.58, compared to $1.41 in the second quarter of 2018. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)
Second quarter 2019 sales were $842 million, a decrease of 1% compared to the second quarter of 2018. The sales decrease was comprised of $16.0 million, or 1.9%, of unfavorable foreign exchange and a $1.5 million, or 0.2%, impact from divestitures, partially offset by $8.1 million, or 1%, increase from core growth.
Second quarter 2019 operating profit was $123 million, an increase of 9% compared to $113 million in the second quarter of 2018. Operating profit margin was 14.6% compared to 13.3% last year. Excluding Special Items, second quarter 2019 operating profit was $132 million, an increase of 9% compared to $121 million in the second quarter of 2018. Excluding Special Items, operating profit margin of 15.6% compared to 14.2% last year. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)
Max Mitchell, Crane Co. President and Chief Executive Officer commented: "We had another strong quarter with operating results again slightly better than expected. All of our businesses are executing well, and we continue to drive both growth and productivity initiatives across our businesses."
Mr. Mitchell continued: "Our offer to acquire CIRCOR was certainly a notable event during the last quarter. While disappointed with the result, our attempt to acquire CIRCOR should give our investors confidence that we will continue to aggressively pursue acquisitions, yet remain disciplined on valuation. We have a full funnel of opportunities that we will continue to pursue in the quarters ahead, and our rigorous approach to capital deployment remains focused on our three primary growth platforms. We are also firmly committed to, and are executing on, our longstanding strategy as a diversified manufacturer of highly engineered industrial products with proprietary technology, and deploying the Crane Business System as a competitive differentiator. I am pleased with our results year-to-date, and excited about the organic and inorganic growth opportunities that we have ahead of us."