Crane Co., parent group of materials supplier Crane Composites, reported first quarter 2017 earnings of $1.05 per diluted share, compared to $0.93 per share in the first quarter of 2016.
First quarter 2017 sales were $673 million, up 2 percent compared to $660 million in 2016. Core sales increased $28 million, or 4 percent, partially offset by a $12 million, or 2 percent, impact from unfavorable foreign exchange, and a small divestiture impact.
Max Mitchell, Crane Co. president and CEO, stated: “We are pleased with our strong start to the year, with first quarter operating results that were slightly better than anticipated. End market demand is generally as expected, and we continue to drive productivity, with strong execution evident across our businesses. We are also making consistent progress on growth initiatives throughout the organization. Our performance in the first quarter gives us the confidence to raise the low end of our EPS guidance range by $0.05, and we now expect full year EPS of $4.35 to $4.55.”