crane co raised its fullyear earnings guidance and said it plans to restate its prior financial reports to reflect its aborted deal to sell its engineeredmaterials unit to grupo verzatec sa de cv the company confirmed that verzatec abandoned the deal on thursday after the justice department in march sued to block the deal arguing it would harm competition in the production and sale of pebbled fiberglass reinforced plastic wall panels as a result verzatec will pay a 75 million termination fee to crane engineered materials has been presented as discontinued operations since the second quarter of 2021 the company said in a statement the business no longer meets the criteria for discontinued operations accounting treatment and it will be included in continuing operations starting in the second quarter of 2022 with prior periods restated accordingly the company raised its 2022 earnings guidance to 680 a share to 720 a share up from prior guidance of 635 a share to 675 a share the company also lifted its adjusted pershare earnings guidance by 45 cents on both ends to between 745 and 785 the stock was unchanged in afterhours trading chief executive max mitchell said the doj had repeated objections over a minor overlap in a small segment of the engineeredmaterials unit separately he said the companys deal to sell its crane supply unit is on track to close at the end of may the company also still plans to separate into two public companies he added when the company announced plans to separate in march it said it expected to complete the unwinding within about 12 months write to will feuer at willfeuerwsjcom