Diversified manufacturer Crane Co. reiterated its 2008 earnings outlook Monday, saying it still sees strong demand in its fluid handling unit and expands strong demand to continue in its aerospace and electronics unit.
Crane expects its 2008 earnings will total $3.45 to $3.60 per share.
Analysts expect earnings of $3.50 per share for the full year, on average.
The company added that it had previously predicted earnings growth would be lower during the first half of the year due to higher levels of engineering spending for some Boeing 787 new product programs, but now expects a higher level of spending on these expenses throughout the year.
Crane expects the increased spending to be offset somewhat by claim settlements on some development spending, expense controls and increases in original equipment manufacturer and aftermarket sales.
Crane shares rose 51 cents to $44 in after-hours trading, after finishing regular trading up 63 cents at $43.49.
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