Crane Co. reported significant financial growth in its third quarter and year-to-date results for 2024, reflecting a robust performance across its segments. For the three months ended September 30, 2024, net sales reached $597.2 million, a 12.7% increase from $530.1 million in the same period of 2023. Year-to-date net sales totaled $1,743.7 million, up 12.2% from $1,553.5 million in 2023. This growth was driven by core sales increases and contributions from recent acquisitions, including Vian Enterprises and CryoWorks.
Operating profit for the third quarter was $105.2 million, a 37.9% increase compared to $76.3 million in the prior year. For the nine months ended September 30, 2024, operating profit rose to $291.2 million, up 34.3% from $216.9 million in 2023. The increase in operating profit was attributed to strong productivity gains and higher pricing, which offset inflationary pressures.
Net income from continuing operations attributable to common shareholders for the third quarter was $77.3 million, a 40.0% increase from $55.2 million in the same quarter of 2023. Year-to-date net income also saw a substantial rise to $213.7 million, compared to $154.4 million in the previous year. Earnings per share from continuing operations for the third quarter increased to $1.35, up from $0.97 in 2023, while year-to-date earnings per share rose to $3.74 from $2.72.
Crane Co. completed several strategic acquisitions in 2024, including Vian Enterprises for $102.5 million and CryoWorks for $60.7 million, enhancing its capabilities in aerospace, defense, and cryogenic applications. These acquisitions contributed to the overall sales increase and were integrated into the Aerospace & Electronics and Process Flow Technologies segments, respectively.
The company’s balance sheet showed total current assets of $1,244.8 million as of September 30, 2024, up from $1,090.8 million at the end of 2023. Total liabilities increased to $1,075.0 million from $973.3 million, while total shareholders’ equity rose to $1,574.4 million, compared to $1,357.8 million at the end of 2023.
Crane Co. also faced challenges, including a $3.7 million loss related to property damage from Hurricane Helene, which is expected to be covered by insurance. The company continues to manage its debt effectively, with a total debt structure that includes a $500 million revolving credit facility and a $300 million term loan facility. As of September 30, 2024, Crane Co. was in compliance with all covenants of its credit agreements.
About Crane Co
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.