Hardware

Crane Co lifts Q3 2023 sales, earnings

Logo: Crane Co.

October 24, 2023

Crane Co., a manufacturer of engineered industrial products, reported improved sales and earnings for Q3 2023, according to an earnings report. The company separated from Crane NXT Co., a provider of industrial technology, earlier this year.

Highlights include:

• Sales rose 10% from $480 million in Q3 2022 to $530.1 million in Q3 2023.
• Net income rose from a $59.3 million loss to $55.2 million in the comparative quarters.
• EPS rose from a $1.06 loss to 96 cents.
• Adjusted EPS for the quarter was $1.03.
• Aerospace and electronics sales rose 24% from $167 million to $207 million.
• Process flow technologies rose 7% from $250 million to $267 million.
• Engineered materials fell 11% from $63 million to $56 million.

Shares traded today at $93.95 against a 52-week range of $67.28-$95.21.

The $530.1 million in quarterly revenue beat analyst expectations by $20.92 million while the non-GAAP EPS of $1.03 beat expectations by 16 cents, according to Seeking Alpha.

"Crane delivered yet another strong quarter, consistently demonstrating our differentiated execution and accelerating results from growth initiatives," Max Mitchell, president and CEO, said in the press release. "Core year-over-year sales growth of 9% drove a 42% increase in adjusted operating profit from continuing operations, with strong operational performance across all businesses."

The company raised its 2023 adjusted EPS guidance to $4.05-$4.20 from the prior range of $3.80-$4.10.