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Mar 31, 2024
Crane Q1 2024 Earnings Report
Reported strong first quarter results with core sales growth and raised full-year EPS guidance.
Key Takeaways
Crane Company reported a strong start to 2024 with a 10% increase in net sales, driven by 5% core sales growth and contributions from acquisitions. The company raised its full-year adjusted EPS guidance to $4.75-$5.05. They also announced an agreement to acquire CryoWorks, Inc.
Earnings per diluted share (EPS) of $1.12 and adjusted EPS of $1.22.
Year-over-year core sales growth of 5%, core orders growth of 11%, and core backlog growth of 11%.
Raising full-year adjusted EPS guidance to a range of $4.75-$5.05, from prior range of $4.55-$4.85.
Announced agreement to acquire CryoWorks, Inc. for approximately $61 million.
Crane
Crane
Crane Revenue by Segment
Revenue by Segment
Aerospace & Electronics Revenue
CapyFin.comProcess Flow Tech Revenue
CapyFin.com Forward Guidance
Crane is raising its full-year adjusted EPS guidance by $0.20 to a range of $4.75 to $5.05.
Positive Outlook
- Total sales growth of approximately 10% driven by core sales growth.
- Core sales growth of approximately 4% to 6%.
- Acquisition benefit of approximately 5%.
- Adjusted segment operating margin of ~20.5%.
- Diluted shares of 58 million.
Challenges Ahead
- Corporate cost of $75 million.
- Net non-operating expense of $23 million.
- Adjusted tax rate of 23.5%.
- Some persistent supply chain challenges at Aerospace & Electronics.
- Ongoing weakness in the European Chemical markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income