Crane Co. (NYSE: CR) rose Tuesday after the company reported upbeat results for its second quarter and raised its FY18 outlook.
The Stamford, Connecticut-based Crane, a diversified manufacturer of highly engineered industrial products, reported second-quarter 2018 earnings per diluted share (EPS) of $1.32, compared to $1.14 per diluted share in the second quarter of 2017. Excluding Special Items, second-quarter 2018 EPS increased 20% to $1.41.
Second quarter sales came in at a record $851 million, an increase of 21% compared to $703 million in the second quarter of 2017. The sales increase was comprised of a $124 million, or 18%, benefit from acquisitions, core sales growth of $12 million, or 2%, and a $12 million, or 2%, benefit from favorable foreign exchange.
Operating profit in the second quarter was $113 million, an increase of 7% compared to $106 million in the second quarter of 2017. Excluding Special Items, operating profit in the second quarter was $126 million, an increase of 13% compared to $112 million in the second quarter of 2017.
Crane CEO Max Mitchell commented: "We delivered another quarter of strong operating results. Most major end markets are performing as or better than expected, with solid demand across Aerospace & Electronics, Crane Payment Innovations, Crane Currency and Fluid Handling.
"We are also making continued progress across our various initiatives including previously announced repositioning activities and the integration of Crane Currency"
Shares hiked $2.56, or 3.1%, to $85.04.
