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Sep 30, 2024
Crane Q3 2024 Earnings Report
Reported excellent third quarter results with adjusted EPS growth driven by core sales growth.
Key Takeaways
Crane Company reported a strong third quarter in 2024, with a 13% increase in sales and a 34% increase in adjusted EPS. The company is raising its full-year adjusted EPS outlook to $5.05-$5.20.
Earnings per diluted share (EPS) of $1.33, up 39%, and adjusted EPS of $1.38, up 34%.
Sales of $597 million, up 13% driven by 6% core sales growth.
Core order growth up 6% and core backlog growth up 10%, driven primarily by ongoing strength at Aerospace & Electronics.
Raising and narrowing full year adjusted EPS outlook to a range of $5.05-$5.20, up from $4.95-$5.15.
Crane
Crane
Crane Revenue by Segment
Revenue by Segment
Aerospace & Electronics Revenue
CapyFin.comProcess Flow Tech Revenue
CapyFin.com Forward Guidance
Crane is raising and narrowing its full-year adjusted EPS outlook to a range of $5.05 to $5.20.
Positive Outlook
- Total sales growth of approximately 11% (unchanged).
- Core sales growth of approximately 5% to 7% (unchanged, but now expected to be at the higher end of the range).
- Acquisition benefit of approximately 5% (unchanged).
- Adjusted segment operating margin of ~20.8% (up from 20.7%).
- Adjusted tax rate of 22.5% (prior 23.0%).
Challenges Ahead
- Corporate cost of $80 million (unchanged).
- Net non-operating expense of $20 million (unchanged).
- Diluted shares of ~58 million (unchanged).
- Includes the negative impact from the production downtime resulting from Hurricane Helene.
- Free cash flow to fall at the lower end of estimated $255-$275 million range, primarily due to working capital headwinds commercial aerospace suppliers are facing, now coupled with the timing of hurricane-related insurance recoveries.
Revenue & Expenses
Visualization of income flow from segment revenue to net income