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Mar 31, 2023
Crane Q1 2023 Earnings Report
Announced first quarter results and updated full year guidance.
Key Takeaways
Crane Company reported strong first quarter results with 8% core sales growth and a record 18.5% adjusted operating profit margin. Adjusted EPS guidance was raised to a range of $3.60-$3.90. The company is well-positioned for growth and value creation following the separation from Crane NXT, Co.
Pro forma earnings per diluted share (EPS) of $1.08, and Adjusted EPS of $1.25.
Core year-over-year sales growth of 8% and core year-over-year backlog growth of 17%.
GAAP operating profit margin of 16.8%, and record adjusted operating profit margin of 18.5%.
Raising Adjusted EPS guidance to a range of $3.60-$3.90, from prior range of $3.40-$3.70.
Revenue by Segment
Forward Guidance
Crane Company raised its adjusted EPS guidance for 2023 to a range of $3.60 to $3.90, reflecting confidence in their portfolio of strong technology-driven businesses and consistent execution.
Positive Outlook
- Total sales growth of approximately 5%.
- Core sales growth of approximately 4% to 6%.
- Adjusted operating margin of ~14.5%.
- Net non-operating expense of ~$16 million.
- Adjusted tax rate of ~23%.
Challenges Ahead
- Corporate cost of ~$70 million.
- Mixed demand signals in certain end markets.
- Ongoing supply chain challenges in aerospace and defense end markets.
- Unspecified risks related to global economic conditions and geopolitical risks.
- Unspecified risks related to governmental regulations and compliance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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