Loading...
•
Jun 30, 2023
Crane Q2 2023 Earnings Report
Reported second quarter results with core sales growth and increased profitability, and raised full year EPS guidance.
Key Takeaways
Crane Company reported impressive second-quarter results, marked by a 5% core sales growth and a 30% increase in adjusted operating profit. The company raised its adjusted EPS guidance for the full year to a range of $3.80-$4.10. Adjusted operating margins were at or above 20% in both strategic growth platforms.
Earnings from continuing operations per diluted share (EPS) of $0.75 and adjusted EPS of $1.10.
Core year-over-year sales growth of 5% and core year-over-year backlog growth of 15%.
Year-over-year growth in operating profit from continuing operations of 44%, and year-over-year growth in adjusted operating profit from continuing operations of 30%.
Adjusted EPS guidance raised to a range of $3.80-$4.10, from prior range of $3.60-$3.90.
Revenue by Segment
Forward Guidance
Crane is raising its adjusted EPS guidance from continuing operations by $0.20 to a range of $3.80 to $4.10.
Positive Outlook
- Total sales growth of approximately 6%.
- Core sales growth of approximately 5% to 7%.
- Adjusted operating margin of approximately 15.0%.
- Corporate cost of approximately $70 million.
- Adjusted tax rate of approximately 23%.
Challenges Ahead
- Net non-operating expense of approximately $15 million.
- Diluted shares of approximately 57.3 million.
- Persistent supply chain challenges in aerospace and defense end markets.
- Slowing order activity in a handful of industrial and process flow markets and geographies.
- Balancing these factors with strong financial performance in the first half of the year.
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
Loading earnings performance data...
Loading earnings reaction data...