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Jun 30, 2024
Crane Q2 2024 Earnings Report
Reported second quarter earnings with adjusted EPS growth driven by core sales growth and solid core operating leverage.
Key Takeaways
Crane Company reported strong second quarter 2024 results, with sales of $581 million, up 14% driven by 9% core sales growth. Adjusted EPS grew by 18% to $1.30, and the company raised its full-year adjusted EPS guidance to a range of $4.95-$5.15.
Earnings per diluted share (EPS) of $1.23, up 64% and adjusted EPS of $1.30, up 18%.
Sales of $581 million, up 14% driven by 9% core sales growth.
Operating profit of $97 million increased 53% compared to last year, and adjusted operating profit of $103 million increased 22% compared to last year.
Raising the midpoint of our full-year adjusted EPS guidance by $0.15 and narrowing the full year adjusted EPS outlook to a range of $4.95-$5.15, from prior range of $4.75-$5.05.
Revenue by Segment
Forward Guidance
Crane is raising the midpoint of its full-year adjusted EPS guidance by $0.15 and narrowing the adjusted EPS outlook to a range of $4.95 to $5.15.
Positive Outlook
- Total sales growth of approximately 11% driven by core sales growth.
- Core sales growth of approximately 5% to 7%.
- Acquisition benefit of approximately 5%.
- Adjusted segment operating margin of ~20.7%.
- Net non-operating expense of $20 million.
Challenges Ahead
- Corporate cost of $80 million.
- Adjusted tax rate of 23.0%.
- Macroeconomic fluctuations may harm our business, results of operation and stock price
- Information systems and technology networks failures and breaches in data security, theft of personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information
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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