Key Developments: Crane Co (CR)
60.24USD
20 May 2013
$-0.12 (-0.20%)
$60.36
$60.34
$60.91
$60.00
386,178
259,906
$60.91
$34.89
Latest Key Developments (Source: Significant Developments)
Crane Co Reaffirms FY 2013 Guidance; Declares Second Quarter Dividend
Crane Co reaffirmed its fiscal 2013 guidance which was provided on January 28, 2013. Core sales are expected to grow 1% to 3% (excluding acquisition and foreign exchange impacts). Earnings per share in 2013 are estimated to be in a range of $4.10 to $4.30, representing an increase of 11%-16% over 2012 earnings per diluted share of $3.70 (before Special Items and on a continuing operations basis, which excludes profits from discontinued operations of $0.05 per share in 2012). The 2013 guidance does not include potential impacts from the pending acquisition of MEI. The Company also announced that regular quarterly dividend of $0.28 per share for the second quarter of 2013. The dividend is payable on June 11, 2013 to shareholders of record as of the close of business on May 31, 2013. Full Article
Crane Co Lowers FY 2013 Revenue Guidance; Raises FY 2013 EPS Guidance
Crane Co updated its fiscal 2013 guidance and reflects lower pension expense associated with the curtailment of the Company's U.S. defined benefit pension plan, as well as a slightly reduced outlook for fiscal 2013 core sales growth of between 1% and 3% (excluding acquisition and foreign exchange impacts). Earnings per share (EPS) for fiscal 2013 are now estimated to be in a range of $4.10 to $4.30, representing an increase of 11%-16% over 2012 earnings per diluted share of $3.70 (before Special Items and on a continuing operations basis, which excludes profits from discontinued operations of $0.05 per share in 2012). The fiscal 2013 guidance does not include potential impacts from the pending acquisition of MEI. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $2.718 billion and EPS of $4.11 for fiscal 2013. Full Article
Crane Co Announces Management Changes; Declares First Quarter Dividend
Crane Co announced the appointment of Max H. Mitchell as President and Chief Operating Officer, effective immediately. Mr. Mitchell, has served as Executive Vice President and Chief Operating Officer. Crane Co. also announced that Andrew L. Krawitt has decided to leave the Company in May 2013 in order to pursue a doctorate in mathematics. The Company also announced its regular quarterly dividend of $0.28 per share for the first quarter of 2013. The dividend is payable on March 8, 2013 to shareholders of record as of the close of business on February 28, 2013. Full Article
Crane Co To Acquire MEI Conlux Holdings
Crane Co announced that it has signed an agreement to purchase 100% of the equity interests in MEI Conlux Holdings (U.S.), Inc. and its affiliate MEI Conlux Holdings (Japan), Inc. (together MEI) from Bain Capital and Advantage Partners. The purchase price is approximately $820 million on a cash free and debt free basis, representing 9.6 times MEI`s estimated 2012 EBITDA of $85 million. MEI, a provider of payment solutions for unattended transaction systems, serves customers in the transportation, gaming, retail, service payment and vending markets. Commitments are in place to cover 100% of the financing needs in order to facilitate the closing of the transaction, which is expected to be in the second quarter of 2013. Full Article
Crane Co Reaffirms FY 2012 EPS Guidance; Comments On FY 2013 Revenue Guidance; Issues FY 2013 EPS Guidance In Line With Analysts' Estimates
Crane Co announced that it continues to expect 2012 EPS to be in the lower half of the previously communicated guidance range of $3.75-$3.85, excluding Special Items. The EPS guidance includes $0.04 associated with the first half profits from discontinued operations, but excludes the following Special Items: the gain from the previously announced sale of two businesses ($0.33 per share) and repositioning costs ($0.26 per share). The Company's preliminary outlook for 2013 includes core sales growth (excluding acquisition and foreign exchange impacts) of between 2% and 4%, and earnings per share in a range of $4.05 to $4.20. 2013 EPS guidance also assumes the restoration of the R&D tax credit ($0.05 per share). Preliminary 2013 guidance does not include potential impacts from the pending acquisition of MEI. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $3.75 for fiscal 2012; and revenue of $2.724 billion and EPS of $4.13 for fiscal 2013. Full Article
Crane Co Updates On FY 2012 Guidance
Crane Co announced that for fiscal 2012, it expects sales to increase approximately 4%, or at the low end of the prior sales guidance range of 4-5% and EPS to be in the lower half of the previously communicated guidance range of $3.75 - $3.85. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $2.33 billion and EPS of $2.79 for fiscal 2012. Full Article
Crane Co Reaffirms FY 2012 Guidance-Conference Call
Crane Co announced that for fiscal 2012, it expects sales from continuing operations to increase 4-5%, earnings per share (EPS) excluding special items is $3.75-$3.85. Full Article
Crane Co Declares Third Quarter Dividend
Crane Co announced its Board of Directors declared an 8% increase in its quarterly dividend, to $0.28 per share from $0.26 per share. The dividend is payable on September 11, 2012 to shareholders of record as of the close of business on August 31, 2012. The indicated annual dividend rate will now be $1.12 per share. Full Article
Crane Co Raises Low End Of Prior FY 2012 Revenue Guidance; Lowers High End Of Prior FY 2012 EPS Guidance To A Range In Line With Analysts' Estimates
Crane Co announced that for fiscal 2012, it expects sales from continuing operations to increase 4-5%, earnings per share (EPS) excluding special items is $3.75-$3.85 a reduction of $0.05 to the midpoint of the previously communicated guidance range ($3.75-$3.95), EPS on a GAAP basis is $3.80-$3.90. The Company reported total sales of $2.55 billion in fiscal 2011. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $2.68 billion and EPS of $3.83 for fiscal 2012. Full Article
Crane Co Reaffirms FY 2012 Guidance; Announces Second Quarter Dividend
Crane Co announced that for fiscal 2012, it expects revenue to increase approximately 3-5% and earnings guidance is a range of $3.75 - $3.95 per diluted share (EPS). The Company reported total sales of $2.55 billion in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company revenue of $2.68 billion and EPS of $3.89 for fiscal 2012. The Company also announced its regular quarterly dividend of $0.26 per share for the second quarter of 2012. The dividend is payable on June 8, 2012 to shareholders of record as of the close of business on May 31, 2012. Full Article
UPDATE 1-Magellan says reversed Longhorn oil pipeline starting up
HOUSTON, April 16 - Magellan Midstream Partners has begun shipping crude oil in its reversed Longhorn pipeline, wrapping up a project to bring cheaper West Texas crude oil to Houston-area refineries, the company said.
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