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Dec 31, 2023
Crane Q4 2023 Earnings Report
Reported impressive Q4 2023 results with strong operational performance and progress on capital deployment.
Key Takeaways
Crane Company reported a strong fourth quarter in 2023, with a 10% increase in sales and a 38% increase in operating profit. The company also provided 2024 guidance and raised the annual dividend by 14%.
EPS of $0.86 and adjusted EPS of $0.90.
Core year-over-year sales growth of 5% and core year-over-year backlog growth of 8%.
Year-over-year growth in operating profit from continuing operations of 38%, and year-over-year growth in adjusted operating profit from continuing operations of 14%.
Introduced 2024 adjusted EPS guidance of $4.55-$4.85 reflecting 10% growth compared to 2023 adjusted EPS.
Revenue by Segment
Forward Guidance
The company introduced full year 2024 EPS guidance in a range of $4.55-$4.85, and free cash flow guidance of $240-$265 million.
Positive Outlook
- Sales of approximately $2.25 billion, up 8% compared to 2023
- Core sales growth of approximately 3% to 5% (10% at Aerospace & Electronics, and flat at Process Flow Technologies and Engineered Materials)
- Acquisition benefit of approximately 4% (4.5% at each Aerospace & Electronics and Process Flow Technologies)
- Operating margins of approximately 20.1%
- Diluted shares of ~58 million
Challenges Ahead
- Corporate cost of ~$75 million
- Net non-operating expense of ~$20 million
- Tax rate of ~23.5%
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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