Crane Co. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Year 2016
January 25, 2016 at 10:17 pm
Share
Crane Co. reported earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total net sales of $680.6 million compared to $730.7 million a year ago. Total operating profit was $103.5 million compared to $89.6 million a year ago. Income before income taxes was $94.4 million compared to $83.8 million a year ago. Net income attributable to common shareholders was $65.2 million or $1.11 per diluted share compared to $6.2 million or $0.95 per diluted share a year ago. Total cash provided by operating activities was $113.6 million compared to $150.5 million a year ago. Capital expenditures were $11.4 million compared to $11.6 million a year ago. Free cash flow was $102.2 million compared to $138.9 million a year ago.
For the year, the company reported total net sales of $2,740.5 million compared to $2,925.0 million a year ago. Total operating profit was $372.9 million compared to $316.3 million a year ago. Income before income taxes was $336.5 million compared to $281.2 million a year ago. Net income attributable to common shareholders was $228.9 million or $3.89 per diluted share compared to $192.7 million or $3.23 per diluted share a year ago. Total cash provided by operating activities was $229.3 million compared to $264.0 million a year ago. Capital expenditures were $39.6 million compared to $43.7 million a year ago. Free cash flow was $189.7 million compared to $220.2 million a year ago.
The company provided earnings guidance for the year 2016. For the year 2016, the company expects cash provided by operating activities to be in the range of $240.0 million to $270.0 million and free cash flow to be in the range of $190.0 million compared to $220.0 million a year ago. Sales for 2016 are expected to approximate $2.7 billion, reflecting core sales in a range of -1.5% to +1.5%, and an approximate -2% impact from unfavorable foreign exchange. Earnings are expected to be in the range of $3.85-$4.15 per diluted share, which reflects EPS that is approximately flat to down 7% compared to 2015 EPS, excluding Special Items, of $4.13 per diluted share.
Crane NXT, Co. is an industrial technology company that provides technology solutions to secure, detect, and authenticate what matters most to its customers. The Company operates through two segments: Crane Payment Innovations (CPI) and Security and Authentication Technologies. The CPI segment provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications, including verification and authentication of payment transactions. The Security and Authentication Technologies segment provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods and industrial products. The Security and Authentication Technologies segment also provides brand protection and authentication solutions. The Company operates in the United States, the United Kingdom, Mexico, Japan, Germany, Sweden, and Malta.
CRANE NXT, CO. 
