UBS Downgrades Crane (CR) to Neutral

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Go back to UBS Downgrades Crane (CR) to Neutral

Crane Co. Reports First Quarter Results

April 25, 2016 5:00 PM EDT

STAMFORD, Conn.--(BUSINESS WIRE)-- Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported first quarter 2016 earnings of $0.93 per diluted share, compared to $0.87 per share in the first quarter of 2015. Excluding Special Items, first quarter 2015 earnings per diluted share were $0.92. (Please see the attached Non-GAAP Financial Measures tables.)

First quarter 2016 sales were $660 million, a decrease of 3% compared to $679 million in the first quarter of 2015. The sales decline was comprised of a $13 million, or 2%, impact from unfavorable foreign exchange, and a core sales decline of $6 million, or 1%.

Operating profit... More