CR - Crane raises full-year 2022 earnings outlook

Crane (NYSE:CR) has raised its full-year 2022 earnings guidance to reflect the inclusion of engineered materials' earnings contribution. FY22 GAAP EPS is projected to be between $6.80-$7.20 (prior guidance: $6.35-$6.75), which now includes ~$0.45 EPS contribution from engineered materials business. Excluding special items, full-year EPS is seen at $7.45-$7.85 vs. $7.31 consensus (prior guidance: $7.00-$7.40), including ~$0.45 EPS contribution from engineered materials. The company estimates annual sales of ~$3.4B vs. $3.20B consensus and adjusted operating margins of ~17%.  Q1 adj. EPS is now expected to be $1.99 compared to $1.81 previously. In March 2022, the U.S. Dept. of Justice challenged Crane's (CR) proposed $360M divesture of its engineered materials business to Group Verzatec on antitrust grounds. On May 26, 2022, Grupo Verzatec terminated the deal, and will pay a $7.5M termination fee to Crane as a result. Following the termination, the business no longer meets the criteria for discontinued operations

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Crane raises full-year 2022 earnings outlook