By Kimberly Chin
Crane Co. /zigman2/quotes/210025168/composite CR -0.67% swung to a loss in the fiscal fourth quarter as the company set aside millions of dollars for pending asbestos liabilities as well as an environmental provision.
The industrial products company reported a quarterly loss of $112.6 million, or $1.89 a share, compared with a quarterly profit of $89.2 million, or $1.46 a share, a year earlier. Adjusted earnings were $1.58 a share. This was in line with analysts polled by FactSet's estimate of $1.58 a share.
Total net sales for the quarter was $837.5 million, slightly down from $839.7 million in the same quarter a year ago. Analysts expected revenue of $825 million.
For fiscal 2019 and the fourth quarter, Crane said it has set aside an asbestos provision of $181 million, or $2.98 a share, for the full year. Additionally, it has set aside an environmental provision of $14.9 million, or 25 cents a share, for the year.
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