Research Desk Line-up: Ingersoll-Rand Post Earnings Coverage

LONDON, UK / ACCESSWIRE / October 31, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Crane Co. (NYSE: CR), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CR, following the Company's posting of its third quarter fiscal 2017 operating results on October 23, 2017. The diversified manufacturer of highly engineered industrial products outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Discover more of our free reports coverage from other companies within the Diversified Machinery industry. Pro-TD has currently selected Ingersoll-Rand PLC (NYSE: IR) for due-diligence and potential coverage as the Company reported on October 25, 2017, its financial results for Q3 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Ingersoll-Rand when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CR; also brushing on IR. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

For the quarter ended September 30, 2017, Crane's sales were $696 million, slightly higher compared to sales of $694 million in Q3 2016. The Company's core sales declined 1.5% on a y-o-y basis, approximately offset by a $7 million net acquisition benefit and a $5 million favorable foreign exchange. Crane's reported sales numbers beat analysts' estimates of $683.3 million.

During Q3 2017, Crane's operating profit grew 2% to $105 million compared to $104 million in Q3 2016. Excluding special items, the Company's operating profit totaled $106 million for the reported quarter, up 2% on a y-o-y basis.

Crane reported earnings of $68.2 million, or $1.13 per diluted share, for Q3 2017 compared to a net income of $63.5 million, or $1.07 per share, in Q3 2016. The Company's earnings beat Wall Street's estimates of $1.09 per share.

Segment Results

During Q3 2017, Crane's Fluid Handling segment's sales increased 9% to $267 million, driven by a core growth of 4%; a contribution from an acquisition of 3%; and a favorable foreign exchange of 2%. The division's operating margin declined to 12.2% compared to 12.5% in the year-ago same period, primarily reflecting an unfavorable mix and M&A related costs. The Fluid Handling segment's order backlog was $269 million at September 30, 2017, compared to $228 million at December 31, 2016.

For Q3 2017, Crane's Payment & Merchandising Technologies segment's sales gained 1% to $189 million versus sales of $187 million in Q3 2016. The segment's operating margin expanded 340 basis points to 22.0% in the reported quarter, primarily due to productivity, higher core sales, and a favorable mix.

During Q3 2017, Crane's Aerospace & Electronics segment's sales totaled $172 million compared to $198 million in Q3 2016, down 13% primarily as a result of unfavorable comparisons related to shipments for a large military program in Q3 2016. The segment's operating margin increased 60 basis points to 20.2% in the reported quarter, driven by productivity and an improved mix, partially offset by lower volumes. The Aerospace & Electronics segment's order backlog was $348 million at September 30, 2017, compared to $328 million at June 30, 2017, and $377 million at September 30, 2016.

For Q3 2017, Crane's Engineered Materials segment's sales advanced 7% to $68 million versus $64 million in Q3 2016, primarily driven by higher sales to the Recreational Vehicle market. The division's operating margin increased 10 basis points to 17.8%, as the higher volumes and productivity were approximately offset by higher material costs and an unfavorable mix.

Cash Matters

Crane's 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. During Q3 2017, Crane completed $25 million of share repurchases.

In a separate press release on October 23, 2017, Crane announced its regular quarterly dividend of $0.33 per share for Q4 2017. The dividend is payable on December 08, 2017, to shareholders of record as of the close of business on November 30, 2017.

Earnings Guidance

Crane raised its earnings guidance for FY17, and is now expecting GAAP earnings to be in the band of $4.41 - $4.51 per diluted share compared to its prior guidance range of $4.31 - $4.51. Excluding special items, the Company is estimating earnings in the band of $4.45 - $4.55 per diluted share compared to its prior guidance range of $4.35 - $4.55.

Stock Performance

At the closing bell, on Monday, October 30, 2017, Crane's stock slipped 2.94%, ending the trading session at $82.82. A total volume of 365.53 thousand shares have exchanged hands, which was higher than the 3-month average volume of 325.31 thousand shares. The Company's stock price rallied 9.05% in the last three months, 4.40% in the past six months, and 21.42% in the previous twelve months. Moreover, the stock surged 14.84% since the start of the year. The stock is trading at a PE ratio of 37.04 and has a dividend yield of 1.59%. The stock currently has a market cap of $4.98 billion.

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