Welcome to our dedicated page for Crane Company news (Ticker: CR), a resource for investors and traders seeking the latest updates and insights on Crane Company stock.
Crane Company (NYSE: CR) is a diversified industrial firm that has been a leader in engineering and manufacturing since its establishment in 1855. The company operates through three main segments: aerospace and electronics, process flow technologies, and engineered materials. Each segment plays a critical role in addressing the needs of various industries, ranging from aerospace to chemical processing.
In the aerospace and electronics segment, Crane specializes in producing high-performance components essential for aviation and defense systems. From valves and actuators to sophisticated control systems, Crane's innovations ensure reliability and efficiency in some of the most demanding environments.
The process flow technologies segment is anchored by Crane ChemPharma & Energy, which recently announced a partnership with Total Valve Systems to distribute and provide authorized service for a range of valve products. These products include well-known brands such as Aloyco®, Xomox®, Pacific Valves®, and Saunders®, among others. This segment focuses on designing and manufacturing high-performance valves, pipes, actuation systems, and fittings, serving industries like biotechnology, pharmaceutical, oil and gas, and power generation.
In the engineered materials segment, Crane produces fiberglass-reinforced plastic panels and other advanced materials that meet the precise requirements of modern engineering projects. These materials are integral to a variety of applications, offering strength, durability, and lightweight properties.
Financially, Crane generated approximately $2.1 billion in revenue in 2023, underscoring its robust market presence and operational efficiency. The company's continuous innovation and strategic partnerships have cemented its reputation as a trusted provider of high-quality industrial products.
To stay updated with Crane's latest developments, partnerships, and financial performance, visit their official website or consult financial news platforms for the most recent updates.
Crane Company (NYSE:CR) has promoted Alejandro (Alex) Alcala to Chief Operating Officer (COO), effective immediately. In this role, Alcala will oversee all Crane business segments and the Crane Business System organization. Since joining Crane in 2013, Alcala has held various leadership positions, including President of Crane Pumps & Systems, President of ChemPharma & Energy, and Senior Vice President of Process Flow Technologies, where he achieved record profitability and growth. Most recently, he served as Executive Vice President with responsibility for all Crane's businesses.
Chairman, President and CEO Max H. Mitchell praised Alcala's contributions to the company's strategic transformation and his execution of complex initiatives, from acquisition integration to operational excellence.
KPS Capital Partners has signed a definitive agreement to acquire Crane Composites, the Engineered Materials business of Crane Company (NYSE: CR), for $227 million. The transaction is expected to close in Q1 2025. Crane Composites is a leading manufacturer of fiberglass reinforced plastic composite products, including wall and ceiling panels for commercial construction, and panels for recreational vehicles and transportation. The company operates four manufacturing facilities across the US and employs approximately 430 people. Under KPS ownership, the company plans to pursue both organic growth and strategic acquisitions.
Crane Company (NYSE:CR) has announced an agreement to sell its Engineered Materials business to KPS Capital Partners for $227 million. This divestiture aligns with Crane's strategy to simplify its portfolio and focus on two strategic growth platforms: Aerospace & Electronics and Process Flow Technologies. Following recent acquisitions including Baum Lined Piping, Vian Enterprises, CryoWorks, and Technifab Products, the company expects to close this transaction in Q1 2025. Crane has updated its 2024 adjusted EPS guidance from $5.05-$5.20 to $4.71-$4.86, reflecting Engineered Materials' presentation as discontinued operations.
Crane Company (NYSE:CR) has completed the acquisition of Technifab Products, a provider of vacuum insulated pipe systems and valves for cryogenic applications, for $40.5 million. Technifab, founded in 1992 and based in Brazil, Indiana, reported trailing 12-month sales of approximately $20 million and adjusted EBITDA of $4 million through September 2024. The acquisition enhances Crane's Process Flow Technologies segment, expanding its cryogenics capabilities in semiconductor, medical, and pharmaceutical markets.
Crane Company (NYSE: CR) reported strong Q3 2024 results with EPS of $1.33, up 39%, and adjusted EPS of $1.38, up 34%. Sales reached $597 million, increasing 13% with 6% core sales growth. The company demonstrated robust performance in its Aerospace & Electronics segment, with core order growth up 6% and core backlog growth up 10%. Based on these results, Crane raised its full-year adjusted EPS guidance to $5.05-$5.20, up from $4.95-$5.15. However, performance was slightly impacted by Hurricane Helene affecting a Process Flow Technologies facility in Marion, North Carolina.
Crane Company (NYSE: CR) has announced the schedule for its third quarter 2024 earnings release and teleconference. The earnings release will be distributed on October 28, 2024 after market close, available on the company's website at www.craneco.com. A teleconference will follow on October 29, 2024 at 10:00 AM (Eastern), hosted by Max H. Mitchell, President & CEO, and Richard A. Maue, Executive Vice President & CFO.
The call will be accessible in listen-only mode via Crane Company's website, accompanied by a slide presentation. A web replay will be available shortly after the live call concludes.
Crane Company (NYSE:CR) has appointed Susan D. Lynch to its Board of Directors. Lynch brings over 25 years of financial experience, including senior leadership roles in aerospace and defense industries. She currently serves on the boards of Allegro MicroSystems and Onto Innovation Inc. Previously, Lynch was SVP and CFO at V2X (2019-2023), EVP and CFO at Sungard Availability Services (2016-2019), and EVP and CFO at Hitachi Data Systems (2007-2015). She has also held senior positions at Raytheon Technical Services and Honeywell. Crane's CEO, Max H. Mitchell, expressed enthusiasm about Lynch's appointment, highlighting her experience and potential contributions to the company's growth strategy and shareholder value.
Crane Company (NYSE: CR) reported strong Q2 2024 results, raising its full-year adjusted EPS guidance. Key highlights include:
- EPS of $1.23, up 64%; adjusted EPS of $1.30, up 18%
- Sales of $581 million, up 14% with 9% core sales growth
- Full-year adjusted EPS guidance raised to $4.95-$5.15
- Strong performance in Aerospace & Electronics and Process Flow Technologies segments
- Solid order growth and strong backlog
The company's strategic investments in growth and commercial excellence are driving above-market core sales growth. Crane's strong balance sheet provides optionality for organic investments and strategic acquisitions.
Crane Company (NYSE: CR) has announced its regular quarterly dividend for the third quarter of 2024. The company will pay $0.205 per share to shareholders of record as of August 30, 2024. The dividend payment date is set for September 11, 2024. This announcement demonstrates Crane Company's commitment to providing consistent returns to its shareholders, maintaining its dividend policy despite potential economic uncertainties.
Crane Company (NYSE: CR) has announced the schedule for its second quarter 2024 earnings release and subsequent teleconference. The earnings release is scheduled for July 29, 2024, after the market closes. A teleconference will follow on July 30, 2024, at 10:00 AM (Eastern), hosted by President & CEO Max H. Mitchell and Executive VP & CFO Richard A. Maue. The call will be accessible in a listen-only mode via the company’s website, where an accompanying slide presentation will also be available. A web replay of the call will be available shortly after its completion.
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