Fourth Quarter and 2016 Highlights:
Fourth quarter 2016 sales were
Full Year 2016 Results
Full year 2016 GAAP EPS was
Full year 2016 sales of
Cash Flow and Other Financial Metrics
Cash provided by operating activities for the fourth quarter of 2016 was
Special Items Including Updated Asbestos Liability
The Company extended the time horizon of its estimated asbestos
liability through the generally accepted end point in 2059, reflecting
stabilization in key trends such as indemnity and defense costs, and the
number of claims filed against the Company. As a result, the fourth
quarter of 2016 included an after-tax net asbestos provision of
($ millions) |
Liability for Claims Filed Through 2021 |
Impact to Extend Liability for Claims Filed Through 2059 | ||||||||||||
Before 4Q 2016 | Balance at | |||||||||||||
Provision | 4Q 2016 Provision |
|
||||||||||||
Asbestos Liability | $ | 469 | $ | 227 | $ | 696 | ||||||||
Insurance Receivable | (108 | ) | (35 | ) | (143 | ) | ||||||||
Net Asbestos Liability | 361 | 192 | 553 | |||||||||||
Tax Benefit | (127 | ) | (67 | ) | (194 | ) | ||||||||
After-Tax Asbestos Liabilities | $ | 234 | $ | 125 | $ | 359 | ||||||||
In addition to the aforementioned asbestos provision, Special Items for
the full year 2016 included
Special Items in the fourth quarter of 2015 totaled
Segment Results
All comparisons detailed in this section refer to operating results for the fourth quarter 2016 versus the fourth quarter 2015.
Fluid Handling
Fourth Quarter |
Change |
|||||||||||||||||
(dollars in millions) |
2016 |
2015 |
||||||||||||||||
Sales | $ | 240 | $ | 259 | $ | (19 | ) | (7 | )% | |||||||||
Operating Profit | $ | 28 | $ | 29 | $ | (1 | ) | (4 | )% | |||||||||
Operating Profit, before Special Items* | $ | 28 | $ | 30 | $ | (2 | ) | (7 | )% | |||||||||
Profit Margin | 11.6 | % | 11.3 | % | ||||||||||||||
Profit Margin, before Special Items* | 11.6 | % | 11.6 | % | ||||||||||||||
*Please see the attached Non-GAAP Financial Measures tables | ||||||||||||||||||
Sales decreased
Payment & Merchandising Technologies
Fourth Quarter |
Change |
|||||||||||||||
(dollars in millions) |
2016 |
2015 |
||||||||||||||
Sales | $ | 195 | $ | 174 | $ | 21 | 12 | % | ||||||||
Operating Profit | $ | 38 | $ | 29 | $ | 10 | 33 | % | ||||||||
Operating Profit, before Special Items* | $ | 38 | $ | 30 | $ | 9 | 29 | % | ||||||||
Profit Margin | 19.7 | % | 16.6 | % | ||||||||||||
Profit Margin, before Special Items* | 19.7 | % | 17.1 | % | ||||||||||||
*Please see the attached Non-GAAP Financial Measures tables | ||||||||||||||||
Sales increased
Aerospace & Electronics
Fourth Quarter |
Change |
|||||||||||||||||
(dollars in millions) |
2016 |
2015 |
||||||||||||||||
Sales | $ | 187 | $ | 191 | $ | (4 | ) | (2 | )% | |||||||||
Operating Profit | $ | 39 | $ | 47 | $ | (8 | ) | (16 | )% | |||||||||
Operating Profit, before Special Items* | $ | 39 | $ | 45 | $ | (6 | ) | (13 | )% | |||||||||
Profit Margin | 21.0 | % | 24.6 | % | ||||||||||||||
Profit Margin, before Special Items* | 21.0 | % | 23.5 | % | ||||||||||||||
*Please see the attached Non-GAAP Financial Measures tables | ||||||||||||||||||
Sales decreased
Engineered Materials
Fourth Quarter |
Change |
||||||||||||||||||
(dollars in millions) |
2016 |
2015 |
|||||||||||||||||
Sales | $ | 60 | $ | 56 | $ | 4 | 6 | % | |||||||||||
Operating Profit | $ | 10 | $ | 10 | $ | 1 | 9 | % | |||||||||||
Profit Margin | 17.4 | % | 16.8 | % | |||||||||||||||
Sales increased
Providing Initial 2017 Guidance
Sales for 2017 are expected to be approximately
Additional guidance details will be provided at the Company's investor
conference on
Additional Information
Additional information with respect to the Company's asbestos liability and related accounting provisions and cash requirements is set forth in the Current Report on Form 8-K filed with a copy of this press release.
Conference Call
This press release may contain forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995. These
statements present management's expectations, beliefs, plans and
objectives regarding future financial performance, and assumptions or
judgments concerning such performance. Any discussions contained
in this press release, except to the extent that they contain historical
facts, are forward-looking and accordingly involve estimates,
assumptions, judgments and uncertainties. There are a number of
factors that could cause actual results or outcomes to differ materially
from those addressed in the forward-looking statements. Such
factors are detailed in the Company's Annual Report on Form 10-K for the
fiscal year ended
(CR-E)
(Financial Tables Follow)
|
||||||||||||||||||
Income Statement Data | ||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||
|
|
|||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||
|
||||||||||||||||||
Fluid Handling | $ | 240.4 | $ | 259.4 | $ | 999.5 | $ | 1,091.3 | ||||||||||
Payment & Merchandising Technologies | 194.6 | 174.0 | 745.8 | 703.0 | ||||||||||||||
Aerospace & Electronics | 186.5 | 190.9 | 745.7 | 691.3 | ||||||||||||||
Engineered Materials | 59.9 | 56.4 | 257.0 | 254.8 | ||||||||||||||
Total |
$ | 681.4 | $ | 680.6 | $ | 2,748.0 | $ | 2,740.5 | ||||||||||
Operating Profit (Loss): | ||||||||||||||||||
Fluid Handling | $ | 28.0 | $ | 29.2 | $ | 119.5 | $ | 125.4 | ||||||||||
Payment & Merchandising Technologies | 38.4 | 28.9 | 135.5 | 101.4 | ||||||||||||||
Aerospace & Electronics | 39.2 | 46.9 | 149.8 | 145.1 | ||||||||||||||
Engineered Materials | 10.4 | 9.5 | 49.0 | 48.4 | ||||||||||||||
Corporate | (15.2 | ) | (11.0 | ) | (61.1 | ) | * | (47.5 | ) | |||||||||
Asbestos Provision | (192.4 | ) | - | (192.4 | ) | - | ||||||||||||
Total Operating (Loss) Profit | (91.6 | ) | 103.5 | 200.3 | 372.9 | |||||||||||||
Interest Income | 0.5 | 0.5 | 1.9 | 1.9 | ||||||||||||||
Interest Expense | (9.0 | ) | (9.1 | ) | (36.5 | ) | (37.6 | ) | ||||||||||
Miscellaneous- Net | (1.1 | ) | (0.4 | ) | (1.6 | ) | (0.7 | ) | ||||||||||
(Loss) Income Before Income Taxes | (101.2 | ) | 94.4 | 164.1 | 336.5 | |||||||||||||
(Benefit from) Provision for Income Taxes | (37.6 | ) | 28.8 | 40.3 | 106.5 | |||||||||||||
Net (loss) income before allocation to noncontrolling interests | (63.6 | ) | 65.6 | 123.8 | 230.0 | |||||||||||||
Less: Noncontrolling interest in subsidiaries' earnings | 0.4 | 0.4 | 1.0 | 1.1 | ||||||||||||||
Net (loss) income attributable to common shareholders | $ | (64.0 | ) | $ | 65.2 | $ | 122.8 | $ | 228.9 | |||||||||
Share Data: | ||||||||||||||||||
(Loss) Earnings per Diluted Share | $ | (1.09 | ) | $ | 1.11 | $ | 2.07 | $ | 3.89 | |||||||||
Average Diluted Shares Outstanding | 58.8 | 58.7 | 59.3 | 58.8 | ||||||||||||||
Average Basic Shares Outstanding | 58.8 | 58.1 | 58.5 | 58.1 | ||||||||||||||
Supplemental Data: |
||||||||||||||||||
Cost of Sales | $ | 433.7 | $ | 441.4 | $ | 1,758.3 | $ | 1,783.4 | ||||||||||
Asbestos Provision | 192.4 | - | 192.4 | - | ||||||||||||||
Selling, General & Administrative | 146.9 | 135.0 | 597.0 | * | 566.2 | |||||||||||||
Repositioning Charges (see non-GAAP measures) | - | (0.1 | ) | - | 11.6 | |||||||||||||
Acquisition Related Charges (see non-GAAP measures) | - | 0.8 | - | 6.6 | ||||||||||||||
Depreciation and Amortization ** | 16.6 | 17.1 | 67.4 | 67.0 | ||||||||||||||
Stock-Based Compensation Expense ** | 4.9 | 5.5 | 21.7 | 21.3 | ||||||||||||||
* Includes a |
||||||||||||||||||
** Amount included within cost of sales and selling, general & administrative costs. |
|
||||||||||
Condensed Balance Sheets | ||||||||||
(in millions) | ||||||||||
|
|
|||||||||
2016 | 2015 | |||||||||
ASSETS | ||||||||||
Current Assets | ||||||||||
Cash and Cash Equivalents | $ | 509.7 | $ | 363.5 | ||||||
Accounts Receivable, net |
396.4 |
397.6 | ||||||||
Current Insurance Receivable - Asbestos | 18.0 | 20.5 | ||||||||
Inventories, net | 342.5 | 376.9 | ||||||||
Other Current Assets |
49.1 |
45.0 | ||||||||
Total Current Assets |
1,315.7 |
1,203.5 | ||||||||
Property, Plant and Equipment, net | 278.9 | 276.0 | ||||||||
Long-Term Insurance Receivable - Asbestos | 125.2 | 108.7 | ||||||||
Other Assets |
559.0 |
580.8 | ||||||||
|
1,149.2 | 1,167.9 | ||||||||
Total Assets | $ |
3,428.0 |
$ | 3,336.9 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Current Liabilities | ||||||||||
Notes Payable and Current Maturities of Long-Term Debt | $ | - | $ | 49.6 | ||||||
Accounts Payable | 223.2 | 223.3 | ||||||||
Current Asbestos Liability | 71.0 | 75.0 | ||||||||
Accrued Liabilities | 223.0 | 218.6 | ||||||||
Income Taxes |
3.5 |
|
6.3 | |||||||
Total Current Liabilities |
520.8 |
572.8 | ||||||||
Long-Term Debt | 745.3 | 744.6 | ||||||||
Long-Term Deferred Tax Liability |
42.4 |
50.0 | ||||||||
Long-Term Asbestos Liability |
624.9 |
470.5 | ||||||||
Other Liabilities |
348.9 |
348.1 | ||||||||
Total Equity |
1,145.7 |
1,150.8 | ||||||||
Total Liabilities and Equity | $ |
3,428.0 |
$ | 3,336.9 |
|
|||||||||||||||||||
Condensed Statements of Cash Flows | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Operating Activities: | |||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (64.0 | ) | $ | 65.2 | $ | 122.8 | $ | 228.9 | ||||||||||
Noncontrolling interest in subsidiaries' earnings | 0.4 | 0.4 | 1.0 | 1.1 | |||||||||||||||
Net (loss) income before allocations to noncontrolling interests | (63.6 | ) | 65.6 | 123.8 | 230.0 | ||||||||||||||
Asbestos provision | 192.4 | - | 192.4 | - | |||||||||||||||
Restructuring - Non Cash | - | 0.5 | - | 2.0 | |||||||||||||||
Depreciation and amortization | 16.6 | 17.1 | 67.4 | 67.0 | |||||||||||||||
Stock-based compensation expense | 4.9 | 5.5 | 21.7 | 21.3 | |||||||||||||||
Defined benefit plans and postretirement credit | (1.8 | ) | (1.9 | ) | (9.1 | ) | (11.6 | ) | |||||||||||
Deferred income taxes | (41.2 | ) | 16.3 | (25.1 | ) | 39.7 | |||||||||||||
Cash provided by (used for) operating working capital | 61.4 | 30.5 | 27.0 | (16.1 | ) | ||||||||||||||
Defined benefit plans and postretirement contributions | (2.4 | ) | (2.5 | ) | (8.8 | ) | (17.9 | ) | |||||||||||
Environmental payments, net of reimbursements | (3.4 | ) | (4.6 | ) | (11.6 | ) | (18.2 | ) | |||||||||||
Other |
1.3 |
0.8 | (3.6 | ) | (17.0 | ) | |||||||||||||
Subtotal | 164.2 | 127.3 | 374.1 | 279.2 | |||||||||||||||
Asbestos related payments, net of insurance recoveries | (14.5 | ) | (13.7 | ) | (56.0 | ) | (49.9 | ) | |||||||||||
Total provided by operating activities | 149.7 | 113.6 | 318.1 | 229.3 | |||||||||||||||
Investing Activities: | |||||||||||||||||||
Capital expenditures | (13.0 | ) | (11.4 | ) | (51.5 | ) | (39.6 | ) | |||||||||||
Proceeds from disposition of capital assets | 0.1 | 2.5 | 0.9 | 4.4 | |||||||||||||||
Total used for investing activities | (12.9 | ) | (8.9 | ) | (50.6 | ) | (35.2 | ) | |||||||||||
Financing Activities: | |||||||||||||||||||
Dividends paid | (19.4 | ) | (19.2 | ) | (77.2 | ) | (76.6 | ) | |||||||||||
Reacquisition of shares on open market | - | - | - | (25.0 | ) | ||||||||||||||
Stock options exercised - net of shares reacquired | 16.8 | 1.6 | 26.4 | 8.9 | |||||||||||||||
Excess tax shortfall from stock-based compensation | - | 0.3 | - | 0.1 | |||||||||||||||
Repayment of credit facility | - | - | - | (100.0 | ) | ||||||||||||||
(Repayment) proceeds from issuance of commercial paper | (34.0 | ) | (48.2 | ) | (49.6 | ) | 48.8 | ||||||||||||
Total used for financing activities | (36.6 | ) | (65.5 | ) | (100.4 | ) | (143.8 | ) | |||||||||||
Effect of exchange rate on cash and cash equivalents | (26.8 | ) | (10.9 | ) | (20.9 | ) | (33.1 | ) | |||||||||||
Increase in cash and cash equivalents | 73.4 | 28.3 | 146.2 | 17.2 | |||||||||||||||
Cash and cash equivalents at beginning of period | 436.3 | 335.2 | 363.5 | 346.3 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 509.7 | $ | 363.5 | $ | 509.7 | $ | 363.5 |
|
|||||||||||||||||
Order Backlog | |||||||||||||||||
(in millions) | |||||||||||||||||
|
|
|
|
|
|||||||||||||
2016 | 2016 | 2016 | 2016 | 2015 | |||||||||||||
Fluid Handling | $ | 228.3 | $ | 241.6 | $ | 246.3 | $ | 263.4 | $ | 267.2 | |||||||
Payment & Merchandising Technologies | 94.0 | 65.6 | 65.8 | 60.4 | 62.6 | ||||||||||||
Aerospace & Electronics | 353.4 | 377.1 | 435.9 | 418.7 | 436.4 | ||||||||||||
Engineered Materials | 15.7 | 12.3 | 15.4 | 16.0 | 15.2 | ||||||||||||
Total Backlog | $ | 691.4 | $ | 696.7 | $ | 763.5 | $ | 758.6 | $ | 781.5 |
|
||||||||||||||||||||||||||||
Non-GAAP Financial Measures | ||||||||||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||||||||
INCOME ITEMS |
||||||||||||||||||||||||||||
Three Months Ended |
Twelve Months Ended |
Percent Change | Percent Change | |||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | Three Months | Twelve Months | |||||||||||||||||||||||
|
$ | 681.4 | $ | 680.6 | $ | 2,748.0 | $ | 2,740.5 | 0.1 | % | 0.3 | % | ||||||||||||||||
Operating Profit (Loss) | (91.6 | ) | 103.5 | 200.3 | 372.9 | (188.5 | %) | (46.3 | %) | |||||||||||||||||||
Percentage of Sales | -13.4 | % | 15.2 | % | 7.3 | % | 13.6 | % | ||||||||||||||||||||
Special Items impacting Operating Profit: |
||||||||||||||||||||||||||||
Asbestos provision | 192.4 | - | 192.4 | - | ||||||||||||||||||||||||
MEI Acquistion related integration charges | - | 1.6 | - | 7.2 | ||||||||||||||||||||||||
MEI Acquistion related restructuring charges | - | (0.8 | ) | - | (0.6 | ) | ||||||||||||||||||||||
Repositioning charges | - | (0.1 | ) | - | 11.6 | |||||||||||||||||||||||
Legal settlement charge | - | - | 5.0 | - | ||||||||||||||||||||||||
Operating Profit before Special Items | $ | 100.8 | $ | 104.2 | $ | 397.7 | $ | 391.1 | (3.2 | %) | 1.7 | % | ||||||||||||||||
Percentage of Sales | 14.8 | % | 15.3 | % | 14.5 | % | 14.3 | % | ||||||||||||||||||||
Net Income (Loss) Attributable to Common Shareholders | $ | (64.0 | ) | $ | 65.2 | $ | 122.8 | $ | 228.9 | |||||||||||||||||||
Per Share | $ | (1.09 | ) | $ | 1.11 | $ | 2.07 | $ | 3.89 | NM | (46.8 | %) | ||||||||||||||||
Special Items Impacting Net Income Attributable to Common Shareholders: |
||||||||||||||||||||||||||||
Asbestos provision - Net of Tax | 125.1 | - | 125.1 | - | ||||||||||||||||||||||||
Per Share | $ | 2.13 | $ | 2.11 | ||||||||||||||||||||||||
MEI acquisition related integration charges - Net of Tax | - | 1.0 | - | 4.8 | ||||||||||||||||||||||||
Per Share | $ | 0.02 | $ | 0.08 | ||||||||||||||||||||||||
MEI acquisition related restructuring charges - Net of Tax | - | (0.6 | ) | - | (0.3 | ) | ||||||||||||||||||||||
Per Share | $ | (0.01 | ) | $ | (0.01 | ) | ||||||||||||||||||||||
Repositioning charges - Net of Tax | - | 0.2 | - | 9.2 | ||||||||||||||||||||||||
Per Share | $ | 0.00 | $ | 0.16 | ||||||||||||||||||||||||
Legal settlement charge - Net of Tax | - | - | 3.3 | - | ||||||||||||||||||||||||
Per Share | $ | 0.05 | ||||||||||||||||||||||||||
Net Income Attributable To Common Shareholders Before Special Items | $ | 61.1 | $ | 65.8 | 251.1 | $ | 242.5 | (7.2 | %) | 3.6 | % | |||||||||||||||||
Per Basic Share | $ | 1.04 | $ | 1.13 | $ | 4.30 | $ | 4.18 | ||||||||||||||||||||
Per Diluted Share | $ | 1.02 | $ | 1.12 | $ | 4.23 | $ | 4.13 | (8.8 | %) | 2.6 | % | ||||||||||||||||
In the three months ended |
||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Average Basic Shares Outstanding | 58,768 | |||||||||||||||||||||||||||
Effect of Diluted Stock Options | 991 | |||||||||||||||||||||||||||
Average Shares Outstanding including the effect of Stock Options | 59,759 | |||||||||||||||||||||||||||
When considering the effect of dilutive stock options on shares
outstanding, Net Income Attributable To Common Shareholders Before
Special Items is |
||||||||||||||||||||||||||||
Special Items Impacting Provision for Income Taxes |
||||||||||||||||||||||||||||
Provision for Income Taxes - GAAP Basis | $ | (37.6 | ) | $ | 28.8 | $ | 40.3 | $ | 106.5 | |||||||||||||||||||
Tax effect of asbestos provision | 67.3 | - | 67.3 | - | ||||||||||||||||||||||||
Tax effect of MEI acquisition related integration charges | - | 0.6 | - | 2.3 | ||||||||||||||||||||||||
Tax effect of MEI acquisition related restructuring charges | - | (0.2 | ) | - | - | |||||||||||||||||||||||
Tax effect of repositioning charges | - | (0.3 | ) | - | 2.4 | |||||||||||||||||||||||
Tax effect of legal settlement charge | - | - | 1.8 | - | ||||||||||||||||||||||||
Provision for Income Taxes - non-GAAP Basis | $ | 29.7 | $ | 29.0 | $ | 109.4 | $ | 111.2 |
Segment Information: |
For the three months ended |
||||||||||||||||||||||||||||
Fluid Handling |
Payment & Merchandising Technologies |
Aerospace & Electronics | Engineered Materials | Corporate | Asbestos Provision |
|
|||||||||||||||||||||||
|
$ | 240.4 | $ | 194.6 | $ | 186.5 | $ | 59.9 | - | - | $ | 681.3 | |||||||||||||||||
Operating Profit (Loss)- GAAP | 28.0 | 38.4 | 39.2 | 10.4 | (15.2 | ) | (192.4 | ) | (91.6 | ) | |||||||||||||||||||
Asbestos Provision | - | - | - | - | - | 192.4 | 192.4 | ||||||||||||||||||||||
Operating Profit before Special Items | 28.0 | 38.4 | 39.2 | 10.4 | (15.2 | ) | - | 100.8 | |||||||||||||||||||||
Percentage of Sales | 11.6 | % | 19.7 | % | 21.0 | % | 17.4 | % | 14.8 | % | |||||||||||||||||||
For the three months ended |
|||||||||||||||||||||||||||||
Fluid Handling |
Payment & Merchandising Technologies |
Aerospace & Electronics | Engineered Materials | Corporate |
|
||||||||||||||||||||||||
|
$ | 259.4 | $ | 174.0 | $ | 190.9 | $ | 56.4 | - | $ | 680.6 | ||||||||||||||||||
Operating Profit - GAAP | 29.2 | 28.9 | 46.9 | 9.5 | (11.0 | ) | 103.5 | ||||||||||||||||||||||
Acquisition related integration charges | - | 0.8 | - | - | - | 0.8 | |||||||||||||||||||||||
Repositioning Charges | 1.0 | - | (2.0 | ) | - | 1.0 | (0.1 | ) | |||||||||||||||||||||
Operating Profit before Special Items | 30.2 | 29.7 | 44.9 | 9.5 | (10.1 | ) | 104.2 | ||||||||||||||||||||||
Percentage of Sales | 11.6 | % | 17.1 | % | 23.5 | % | 16.8 | % | 15.3 | % |
|
|||||||||||||||||||||||||||
Guidance | |||||||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||||||
CASH FLOW ITEMS | |||||||||||||||||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||||||||||
|
|
2017 Full Year Guidance | |||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | Low | High | ||||||||||||||||||||||
Cash Provided by Operating Activities | |||||||||||||||||||||||||||
before Asbestos - Related Payments | $ | 164.2 | $ | 127.3 | $ | 374.1 | $ | 279.2 | $ | 325.0 | $ | 355.0 | |||||||||||||||
Asbestos Related Payments, Net of Insurance Recoveries | (14.5 | ) | (13.7 | ) | (56.0 | ) | (49.9 | ) | (55.0 | ) | (55.0 | ) | |||||||||||||||
Cash Provided by Operating Activities | 149.7 | 113.6 | 318.1 | 229.3 | 270.0 | 300.0 | |||||||||||||||||||||
Less: Capital Expenditures | (13.0 | ) | (11.4 | ) | (51.5 | ) | (39.6 | ) | (50.0 | ) | (50.0 | ) | |||||||||||||||
Free Cash Flow | $ | 136.7 | $ | 102.1 | $ | 266.6 | $ | 189.6 | $ | 220.0 | $ | 250.0 | |||||||||||||||
Certain non-GAAP measures have been provided to facilitate comparison with the prior year. |
The Company reports its financial results in accordance with |
In addition, Free Cash Flow provides supplemental information to assist management and investors in analyzing the Company's ability to generate liquidity from its operating activities. The measure of Free Cash Flow does not take into consideration certain other non-discretionary cash requirements such as, for example, mandatory principal payments on the Company's long-term debt. Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company's reported results prepared in accordance with GAAP. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20170130006149/en/
Director, Investor
Relations
www.craneco.com
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