Crane Q3 2023 Earnings Report
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.
Crane
Crane
Crane 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income