Crane Co. Q4 sales fall amid shipping delays related to COVID-19 spike


Crane Co.
shares fell in the extended session Monday after the industrial company reported an adjusted quarterly profit below Wall Street expectations. Crane said it earned $47 million, or 80 cents a share, in the fourth quarter, contrasting with a loss of $1.89 a share in the year-ago quarter. Adjusted for one-time items, Crane earned $1, compared with $1.58 a year ago. Sales fell 13% to $726 million, with the decline in core sales “attributable to COVID-19 related macroeconomic factors,” Crane said. Analysts polled by FactSet had expected the company to report adjusted earnings of $1.10 a share on sales of $726 million. Crane said it expects 2021 adjusted EPS in a range between $4.90 and $5.10, with the midpoint being a 30% growth compared with last year, thanks in part to strengthening at the end of 2020 and more orders, with December orders higher than in any other month of 2020, the company said. “Although these trends improve our confidence in a strong 2021 recovery, we are still managing through sporadic and isolated ongoing COVID-19 related logistics and supply chain disruptions due to the recent global spike in infection rates that resulted in some shipment delays at the end of the fourth quarter,” the company said.


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