Crane Provides 2007 Financial Outlook

19.12.2006

Crane provides its 2007 financial performance outlook and discuss its earnings per share (EPS) guidance for 2006 and 2007.

Sales are expected to grow 14% in 2007 to approximately $2.6 billion, with acquisitions made in 2006 contributing 8% and organic growth providing 6%. Earnings per share in 2007 are expected to be in the range of $2.80 to $2.95, the third consecutive year of record earnings. Crane will note that results from its recent Dixie-Narco acquisition are expected to improve significantly from the losses incurred in the fourth quarter to breakeven in 2007 reflecting extensive cost reduction initiatives, procurement and manufacturing savings, and improved selling prices.

Full year 2006 EPS is expected to be in the range of $2.60 - $2.64 per share, which will be a record for the company, surpassing 2005's previous record EPS of $2.25 by approximately 15%. Earnings are expected to be $.54 - $.58 per share in the fourth quarter of 2006, down slightly from previous guidance of $.58 - $.64 per share. The reduced earnings include higher projected losses at Dixie-Narco resulting from a temporary plant closure, reduced demand and throughput efficiencies in the Pumps business, and the benefit of the Congressional extension of the U.S. research and development tax credit.

Eric Fast, president and chief executive officer, stated, "The acquisitions in 2006 have exceeded our performance expectations and substantially strengthened our strategic positions in those industries. The acquisitions, combined with our continued focus and progress on improving our existing businesses, provide us with a solid base for another record year in 2007."

Source: Crane Co.

More articles about this topic

Directly to the product selection

PumpSelector

LATEST NEWS

  • Advertisement
  • Events

    « April 2020 » loading...
    MTWTFSS
    30
    31
    1
    2
    3
    4
    5
    6
    7
    8
    9
    10
    11
    12
    13
    14
    15
    16
    17
    18
    19
    20
    21
    22
    23
    24
    25
    26
    27
    28
    29
    30
    1
    2
    3
  • JOB MARKET