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Sep 30, 2023
Crane Q3 2023 Earnings Report
Reported strong Q3 2023 results, driven by core sales growth and margin improvement.
Key Takeaways
Crane Company reported a strong third quarter in 2023, with a 10% increase in sales and a 42% increase in adjusted operating profit. The company is raising and narrowing its adjusted EPS guidance for the full year to $4.05-$4.20.
Earnings from continuing operations per diluted share (EPS) of $0.96 and adjusted EPS of $1.03.
Core year-over-year sales growth of 9% and core year-over-year backlog growth of 7%.
Year-over-year growth in operating profit from continuing operations of 165%, and year-over-year growth in adjusted operating profit from continuing operations of 42%.
Announced acquisition of Baum lined piping GmbH for approximately $91 million as a strategic bolt-on for the Chemical business within the Process Flow Technologies segment.
Revenue by Segment
Forward Guidance
Crane is raising and narrowing its adjusted EPS guidance to a range of $4.05 to $4.20.
Positive Outlook
- Total sales growth of approximately 7.5% driven by core sales growth of approximately 6% to 8%.
- Acquisition benefit of approximately 0.5%.
- Adjusted operating margin of ~15.5%.
- Adjusted tax rate of ~23% (unchanged).
- Diluted shares of ~57.5 million.
Challenges Ahead
- Corporate cost of ~$72 million.
- Net non-operating expense of ~$16 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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