Crane Co. CR kept its earnings steak alive in the first quarter of 2018, reporting better-than-expected results. Adjusted earnings for the quarter came in at $1.31 per share, surpassing the Zacks Consensus Estimate of $1.27. Also, the bottom line increased 24.8% from the year-ago tally of $1.05.The company’s revenues totaled a record $799.1 million, up 18.7% year over year. However, the reported figure missed the Zacks Consensus Estimate of $805 million. The improvement in the metric was driven by a 15% benefit from acquired assets and a 4% gain from favorable foreign currency movements, partially offset by 1% decline in core sales.At the quarter end, total order backlog was $976.8 million, up an impressive 38.4% year over year.Segmental DetailsCrane generates revenues from its four segments, which are briefly discussed below.Crane Company Price, Consensus and EPS Surprise Crane Company Price, Consensus and EPS Surprise | Crane Company QuoteRevenues from Aerospace & Electronics segment totaled $170.4 million, up 4.3% year over year. It represented 21.3% of first-quarter revenues. Order backlog was $381.2 million, up 8.2% year over year.Payment & Merchandising Technologies segment generated revenues of $292.4 million, up 49% year over year. It represented 36.5% of first-quarter revenues. Order backlog was $301 million (including backlog related to the acquired Crane Currency business and Microtronic business) compared with $85.8 million in the prior-year quarter.Engineered Materials segment’s revenues were $69.7 million, down 6.7% year over year. It represented 8.8% of first-quarter revenues. Order backlog at the segment decreased 24.7% year over year to $13.4 million.Revenues from Fluid Handling increased 11.3% year over year to $266.6 million. It represented 33.4% of first-quarter revenues. Order backlog was $281.2 million, up 12.6% year over year.Costs & MarginsIn the reported quarter, Crane’s cost of goods sold increased 21.4% year over year. The same metric, as a percentage of revenues, came in at 65.2% compared with 63.8% in the prior-year quarter. Selling, general and administrative expenses, as a percentage of revenues, were 22.2% compared with 21.9% in the year-ago quarter.Operating margin, before special items, expanded 80 bps year over year to 12.1%. Operating margin was 10.5%, up 30 bps from the year-ago quarter.Balance Sheet and Cash FlowAs of Mar 31, 2018, Crane’s cash and cash equivalents were $642.3 million than $504.8 million in the year-ago quarter. Long-term debt increased to $1,138.5 million from $494.1 million as of Dec 31, 2017.In the quarter, the company’s net cash generated from operating activities totaled $74.2 million compared with $3.5 million in the year-ago quarter. Free cash flow was $46.7 million in the same period. Dividend paid in the quarter was approximately $20.9 million.Concurrent with the earnings release, Crane announced that its board of directors has approved the payment of a quarterly dividend of 35 cents to shareholders for second-quarter 2018. The dividend will be paid on Jun 8, 2018.OutlookFor 2018, Crane anticipates earnings, excluding special items, to be within the $5.45-$5.65 per share range compared with $5.35-$5.55 guided earlier. GAAP earnings are envisioned to be in the band of $4.75-$4.95 than the earlier projected range of $4.65-$4.85 per share.Free cash flow is projected to lie within the $240-$270 million range compared with 220-$250 million anticipated earlier.Zacks Rank & Key PicksCrane carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the same space include Federal Signal Corp. FSS, Raven Industries, Inc. RAVN and Danaher Corp. DHR. While Federal Signal sports a Zacks Rank #1 (Strong Buy), Raven Industries and Danaher carry the same bullish rank as Crane. You can see the complete list of today’s Zacks #1 Rank stocks here.Federal Signal has an impressive earnings surprise history. The company outpaced estimates in the trailing four quarters, with an average beat of 16.5%.Raven Industries has a modest earnings surprise history. The company exceeding estimates thrice in the trailing four quarters, with an average beat of 20.2%.Danaher has an excellent earnings surprise history. The company surpassed estimates in the trailing four quarters, with an average beat of 4.1%.Will You Make a Fortune on the Shift to Electric Cars?Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.It's not the one you think.See This Ticker Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Danaher Corporation (DHR): Free Stock Analysis Report Raven Industries, Inc. (RAVN): Free Stock Analysis Report Federal Signal Corporation (FSS): Free Stock Analysis Report Crane Company (CR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research