Crane Company Reports Fourth Quarter 2024 Results, Initiates Full Year 2025 EPS Guidance, and Raises Annual Dividend by 12%
Crane Company (NYSE: CR) reported strong Q4 2024 results with EPS from continuing operations of $1.20, up 58%, and adjusted EPS of $1.26. Sales reached $544 million, showing 12% growth driven by 8% core sales increase. The company announced a 12% dividend increase to $0.92 per share annually.
Key highlights include core order growth of 8% and core backlog growth of 9%, primarily driven by Aerospace & Electronics strength. The company initiated its 2025 adjusted EPS guidance at $5.30-$5.60, projecting 12% growth at midpoint compared to 2024.
For full-year 2024, Crane achieved 14% sales growth, with operating profit of $356 million (up 42%) and adjusted operating profit of $383 million (up 29%). The company completed strategic acquisitions of Vian, CryoWorks and Technifab, while divesting its Engineered Materials segment effective January 1, 2025.
Crane Company (NYSE: CR) ha riportato risultati solidi per il quarto trimestre del 2024, con un utile per azione (EPS) dalle operazioni continuative di $1,20, in aumento del 58%, e un EPS rettificato di $1,26. I ricavi hanno raggiunto i $544 milioni, mostrando una crescita del 12% grazie a un aumento del 8% delle vendite core. L'azienda ha annunciato un aumento del dividendo del 12%, portandolo a $0,92 per azione all'anno.
I punti salienti includono una crescita degli ordini core dell'8% e una crescita del backlog core del 9%, principalmente sostenuti dalla forza nel settore Aerospaziale ed Elettronico. L'azienda ha avviato la sua guida EPS rettificata per il 2025 tra $5,30 e $5,60, prevedendo una crescita del 12% rispetto al punto medio del 2024.
Per l'intero anno 2024, Crane ha registrato una crescita delle vendite del 14%, con un profitto operativo di $356 milioni (in aumento del 42%) e un profitto operativo rettificato di $383 milioni (in aumento del 29%). L'azienda ha completato acquisizioni strategiche di Vian, CryoWorks e Technifab, mentre ha disinvestito il suo segmento di Materiali Ingegnerizzati con effetto dal 1 gennaio 2025.
Crane Company (NYSE: CR) reportó resultados sólidos para el cuarto trimestre de 2024, con un EPS de operaciones continuas de $1.20, un aumento del 58%, y un EPS ajustado de $1.26. Las ventas alcanzaron $544 millones, mostrando un crecimiento del 12% impulsado por un aumento del 8% en las ventas centrales. La compañía anunció un aumento del dividendo del 12%, llevándolo a $0.92 por acción anualmente.
Los aspectos más destacados incluyen un crecimiento de órdenes centrales del 8% y un crecimiento de la cartera de pedidos del 9%, principalmente impulsado por la fortaleza en Aeronáutica y Electrónica. La compañía inició su guía de EPS ajustado para 2025 en $5.30-$5.60, proyectando un crecimiento del 12% en el punto medio en comparación con 2024.
Para el año completo de 2024, Crane logró un crecimiento de ventas del 14%, con un beneficio operativo de $356 millones (un aumento del 42%) y un beneficio operativo ajustado de $383 millones (un aumento del 29%). La compañía completó adquisiciones estratégicas de Vian, CryoWorks y Technifab, mientras que desinvirtió su segmento de Materiales Ingenierizados, con efecto el 1 de enero de 2025.
Crane Company (NYSE: CR)는 2024년 4분기 실적을 발표하여 계속 운영에서 주당순이익(EPS)이 $1.20로 58% 증가했고 조정된 EPS는 $1.26이라고 보고했습니다. 매출은 5억 4400만 달러에 달해 12% 성장했으며, 이는 8%의 핵심 판매 증가에 의해 촉진되었습니다. 회사는 연간 주당 배당금을 12% 증가시켜 $0.92로 발표했습니다.
주요 하이라이트로는 8%의 핵심 주문 성장과 9%의 핵심 백로그 증가가 있으며, 이는 주로 항공우주 및 전자 분야의 강세에 의해 주도되었습니다. 회사는 2025년 조정 EPS 가이던스를 $5.30에서 $5.60로 설정하며, 2024년과 비교하여 중간값에서 12% 성장할 것으로 예측하고 있습니다.
2024년 전체 연도에 대해 Crane은 14%의 매출 성장률을 달성했으며, 운영 이익은 $3억 5600만(42% 증가), 조정 운영 이익은 $3억 8300만(29% 증가)을 기록했습니다. 회사는 Vian, CryoWorks 및 Technifab의 전략적 인수를 완료했으며, 2025년 1월 1일부로 엔지니어링 자재 부문을 매각했습니다.
Crane Company (NYSE: CR) a annoncé de solides résultats pour le quatrième trimestre 2024, avec un bénéfice par action (EPS) des opérations continues de 1,20 $, en hausse de 58 %, et un EPS ajusté de 1,26 $. Les ventes ont atteint 544 millions de dollars, montrant une croissance de 12 % grâce à une augmentation de 8 % des ventes principales. L'entreprise a annoncé une augmentation de 12 % de son dividende, le portant à 0,92 $ par action par an.
Les points saillants comprennent une croissance des commandes principales de 8 % et une croissance du carnet de commandes principal de 9 %, principalement soutenue par la force du secteur Aérospatial et Électronique. L'entreprise a lancé ses prévisions de bénéfice par action ajusté pour 2025 entre 5,30 $ et 5,60 $, projettant une croissance de 12 % au point médian par rapport à 2024.
Pour l'année complète 2024, Crane a réalisé une croissance des ventes de 14 %, avec un bénéfice d'exploitation de 356 millions $ (en hausse de 42 %) et un bénéfice d'exploitation ajusté de 383 millions $ (en hausse de 29 %). L'entreprise a complété des acquisitions stratégiques de Vian, CryoWorks et Technifab, tout en se désinvestissant de son segment de Matériaux Ingénierie effective au 1er janvier 2025.
Crane Company (NYSE: CR) hat im vierten Quartal 2024 starke Ergebnisse gemeldet, mit einem Gewinn pro Aktie (EPS) aus fortgeführten Betrieben von 1,20 $, was einem Anstieg von 58 % entspricht, sowie einem bereinigten EPS von 1,26 $. Der Umsatz erreichte 544 Millionen $, was einem Wachstum von 12 % entspricht, das durch einen Anstieg der Kernverkäufe um 8 % angetrieben wurde. Das Unternehmen kündigte eine Dividendenerhöhung um 12 % auf 0,92 $ pro Aktie jährlich an.
Zu den wichtigsten Punkten gehören ein Wachstum der Kernaufträge von 8 % und ein Wachstum des Kernauftragsbestands von 9 %, was hauptsächlich durch die Stärke im Bereich Luft- und Raumfahrt sowie Elektronik unterstützt wird. Das Unternehmen hat seine bereinigte EPS-Prognose für 2025 mit 5,30 $ bis 5,60 $ gestartet und plant ein Wachstum von 12 % im Mittelwert im Vergleich zu 2024.
Für das gesamte Jahr 2024 erzielte Crane ein Umsatzwachstum von 14 %, mit einem operativen Gewinn von 356 Millionen $ (plus 42 %) und einem bereinigten operativen Gewinn von 383 Millionen $ (plus 29 %). Das Unternehmen hat strategische Übernahmen von Vian, CryoWorks und Technifab abgeschlossen, während es seinen Geschäftszweig für technische Materialien zum 1. Januar 2025 veräußert hat.
- Q4 2024 EPS increased 58% to $1.20
- Sales grew 12% to $544 million with 8% core growth
- Operating profit margin expanded 290bps to 15.8%
- Strong cash position with $307 million balance
- 12% dividend increase announced
- Aerospace & Electronics backlog up 23% to $864 million
- Mixed industrial demand signals noted in outlook
- 1% foreign exchange headwind expected in 2025 guidance
Insights
Crane Company's Q4 2024 results demonstrate robust operational execution and strategic portfolio optimization. The standout 8% core sales growth and 58% EPS growth underscore strong fundamentals across both major segments.
The Aerospace & Electronics segment shows particular strength with a $864M backlog, up significantly from $701M year-over-year, indicating strong future revenue visibility. The segment's margin expansion of 290 basis points to 23.1% (adjusted) reflects successful pricing actions and operational efficiency improvements.
Process Flow Technologies delivered impressive results with 9% core growth and margin expansion of 330 basis points to 20.3% (adjusted), demonstrating effective integration of recent acquisitions (CryoWorks and Technifab) and pricing power despite mixed industrial demand signals.
The balance sheet remains robust with $307M cash and $247M total debt, further strengthened by $208M in proceeds from the Engineered Materials divestiture. Strong free cash flow generation of $234M for 2024 provides ample flexibility for organic growth initiatives and strategic acquisitions.
The 2025 guidance of
Fourth Quarter 2024 Highlights
-
Earnings per diluted share (EPS) from continuing operations of
$1.20 58% , and adjusted EPS from continuing operations of$1.26 58% . -
Sales of
$544 million 12% driven by8% core sales growth. -
Core order growth up
8% and core backlog growth up9% , driven primarily by ongoing strength at Aerospace & Electronics. -
Declaring first quarter 2025 regular dividend of
$0.23 12% to$0.92
2025 Outlook
-
Initiating our full year 2025 adjusted EPS outlook with a range of
$5.30 -$5.60 12% growth at the midpoint compared to 2024 adjusted EPS.
Max Mitchell, Crane's Chairman, President and Chief Executive Officer, stated: "Crane Company had an exceptional year with both segments executing at a high level. As a result, we delivered
Mr. Mitchell concluded: "As we look to 2025, I remain excited about the momentum we continue to build at Crane and the performance we continue to drive within the businesses. Demand trends remain strong within Aerospace & Electronics and we continue to outperform in Process Flow Technologies even as industrial demand signals remain mixed giving us confidence as we start 2025. In setting our initial view for the year, the macro backdrop remains largely unchanged, and consistent with our customary convention, our initial 2025 adjusted EPS guidance of
Fourth Quarter 2024 Results
Fourth quarter 2024 GAAP EPS from continuing operations of
Fourth quarter sales increased
Summary of Fourth Quarter 2024 Results
|
|
Fourth Quarter |
|
Change |
|||||
(unaudited, dollars in millions) |
|
2024 |
|
2023 |
|
$ |
|
% |
|
Net sales |
|
|
|
|
|
$ |
60 |
|
|
Core sales |
|
|
|
|
|
|
37 |
|
|
Acquisitions |
|
|
|
|
|
|
22 |
|
|
Foreign exchange |
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
|
|
|
$ |
24 |
|
|
Adjusted operating profit* |
|
|
|
|
|
$ |
26 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit margin |
|
|
|
|
|
|
|
290bps |
|
Adjusted operating profit margin* |
|
|
|
|
|
|
|
320bps |
|
*Please see the attached Non-GAAP Financial Measures tables |
|||||||||
Full Year 2024 Results
Full year 2024 GAAP EPS from continuing operations of
Sales in 2024 increased
Cash Flow, Financing Activities and Other Financial Metrics
During the fourth quarter of 2024, cash provided by operating activities from continuing operations was
As of December 31, 2024, the Company's cash balance was
Rich Maue, Crane's Executive Vice President and Chief Financial Officer, added: "As we enter 2025, our balance sheet along with solid expected cash flow, position us well to invest in our organic growth initiatives and pursue strategic acquisitions to drive long-term value creation."
Fourth Quarter 2024 Segment Results
All comparisons detailed in this section refer to operating results for the fourth quarter 2024 versus the fourth quarter 2023.
Aerospace & Electronics
|
|
Fourth Quarter |
|
Change |
||||||||||
(unaudited, dollars in millions) |
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
% |
||
Net sales |
|
$ |
237 |
|
|
$ |
213 |
|
|
$ |
24 |
|
11 |
% |
Core sales |
|
|
|
|
|
|
14 |
|
7 |
% |
||||
Acquisitions |
|
|
|
|
|
|
10 |
|
4 |
% |
||||
|
|
|
|
|
|
|
|
|
||||||
Operating profit |
|
$ |
53 |
|
|
$ |
43 |
|
|
$ |
10 |
|
24 |
% |
Adjusted operating profit* |
|
$ |
55 |
|
|
$ |
43 |
|
|
$ |
12 |
|
28 |
% |
|
|
|
|
|
|
|
|
|
||||||
Operating profit margin |
|
|
22.4 |
% |
|
|
20.2 |
% |
|
|
|
220bps |
||
Adjusted operating profit margin* |
|
|
23.1 |
% |
|
|
20.2 |
% |
|
|
|
290bps |
||
*Please see the attached Non-GAAP Financial Measures tables |
||||||||||||||
Sales of
Process Flow Technologies
|
|
Fourth Quarter |
|
Change |
||||||||||
(unaudited, dollars in millions) |
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
% |
||
Net sales |
|
$ |
307 |
|
|
$ |
272 |
|
|
$ |
36 |
|
13 |
% |
Core sales |
|
|
|
|
|
|
23 |
|
9 |
% |
||||
Acquisitions |
|
|
|
|
|
|
12 |
|
4 |
% |
||||
Foreign exchange |
|
|
|
|
|
|
1 |
|
0 |
% |
||||
|
|
|
|
|
|
|
|
|
||||||
Operating profit |
|
$ |
58 |
|
|
$ |
43 |
|
|
$ |
15 |
|
34 |
% |
Adjusted operating profit* |
|
$ |
62 |
|
|
$ |
46 |
|
|
$ |
16 |
|
36 |
% |
|
|
|
|
|
|
|
|
|
||||||
Operating profit margin |
|
|
19.0 |
% |
|
16.0 |
% |
|
|
|
300bps |
|||
Adjusted operating profit margin* |
|
|
20.3 |
% |
|
|
17.0 |
% |
|
|
|
330bps |
||
*Please see the attached Non-GAAP Financial Measures tables |
||||||||||||||
Sales of
Initiating 2025 Guidance
We are initiating our full-year adjusted EPS outlook with a range of
Key assumptions for our guidance include:
-
Total sales growth of approximately
5% , driven by core sales growth of approximately4% to6% and an acquisition benefit of approximately 1-2% , partially offset by a1% headwind from foreign exchange. -
Adjusted segment operating margin of
22.5% + (up from21.9% ). -
Corporate cost of
$80 million -
Net non-operating expense of
$10 million -
Adjusted tax rate of
23.5% . - Diluted shares of ~59 million.
Additional details of our outlook and guidance are included in the presentation that accompanies this earnings release available on our website at www.craneco.com in the "investors" section.
Declaring First Quarter Dividend
Crane's Board of Directors has declared a
Additional Information
References to changes in “core sales” or "core growth" in this report include the change in sales excluding the impact of foreign currency translation and acquisitions and divestitures from closing up to the first anniversary of such acquisitions or divestitures.
Following the completion of the Engineered Materials divestiture effective on January 1, 2025, results for the fourth quarter of 2024 and all prior periods have been recast with the Engineered Materials segment presented as discontinued operations.
Conference Call
Crane has scheduled a conference call to discuss the fourth quarter financial results on Tuesday, January 28, 2025 at 10:00 A.M. (Eastern). All interested parties may listen to a live webcast of the call at www.craneco.com. An archived webcast will also be available to replay this conference call directly from the Company’s website under Investors, Events & Presentations. Slides that accompany the conference call will be available on the Company’s website.
About Crane Company
Crane Company has delivered innovation and technology-led solutions for customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company has two strategic growth platforms: Aerospace & Electronics and Process Flow Technologies. Crane has approximately 7,500 employees in the
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: benefits and synergies of the separation transaction; strategic and competitive advantages of Crane; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. We caution investors not to place undue reliance on any such forward-looking statements.
These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.
Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our businesses, results of operations, and cash flows; information systems and technology networks failures and breaches in data security, theft of personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the
Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2023 and the other documents Crane files from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Crane assumes no (and disclaims any) obligation to revise or update any forward-looking statements.
We make no representations or warranties as to the accuracy of any projections, statements or information contained in this press release. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.
(Financial Tables Follow)
Source: Crane Company
CRANE COMPANY
(unaudited, in millions, except per share data) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales: |
|
|
|
|
|
|
|
||||||||
Aerospace & Electronics |
$ |
236.8 |
|
|
$ |
212.8 |
|
|
$ |
932.7 |
|
|
$ |
789.3 |
|
Process Flow Technologies |
|
307.3 |
|
|
|
271.5 |
|
|
|
1,198.5 |
|
|
|
1,072.8 |
|
Total net sales |
$ |
544.1 |
|
|
$ |
484.3 |
|
|
$ |
2,131.2 |
|
|
$ |
1,862.1 |
|
|
|
|
|
|
|
|
|
||||||||
Operating profit: |
|
|
|
|
|
|
|
||||||||
Aerospace & Electronics |
$ |
53.1 |
|
|
$ |
42.9 |
|
|
$ |
209.0 |
|
|
$ |
159.0 |
|
Process Flow Technologies |
|
58.4 |
|
|
|
43.4 |
|
|
|
240.3 |
|
|
|
208.5 |
|
Corporate |
|
(25.3 |
) |
|
|
(23.9 |
) |
|
|
(93.5 |
) |
|
|
(117.1 |
) |
Total operating profit |
$ |
86.2 |
|
|
$ |
62.4 |
|
|
$ |
355.8 |
|
|
$ |
250.4 |
|
|
|
|
|
|
|
|
|
||||||||
Interest income |
$ |
1.5 |
|
|
$ |
1.9 |
|
|
$ |
5.5 |
|
|
|
5.1 |
|
Interest expense |
|
(5.3 |
) |
|
|
(6.0 |
) |
|
|
(27.2 |
) |
|
|
(22.7 |
) |
Miscellaneous income, net |
|
3.5 |
|
|
|
1.4 |
|
|
|
4.4 |
|
|
|
0.3 |
|
Income from continuing operations before income taxes |
|
85.9 |
|
|
|
59.7 |
|
|
|
338.5 |
|
|
|
233.1 |
|
Provision for income taxes |
|
15.6 |
|
|
|
16.1 |
|
|
|
70.3 |
|
|
|
57.2 |
|
Net income from continuing operations attributable to common shareholders |
|
70.3 |
|
|
|
43.6 |
|
|
|
268.2 |
|
|
|
175.9 |
|
Income from discontinued operations, net of tax |
|
10.7 |
|
|
|
5.8 |
|
|
|
26.5 |
|
|
|
80.0 |
|
Net income attributable to common shareholders |
$ |
81.0 |
|
|
$ |
49.4 |
|
|
$ |
294.7 |
|
|
$ |
255.9 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per diluted share from continuing operations |
$ |
1.20 |
|
|
$ |
0.76 |
|
|
$ |
4.60 |
|
|
$ |
3.06 |
|
Earnings per diluted share from discontinued operations |
|
0.18 |
|
|
|
0.10 |
|
|
|
0.45 |
|
|
|
1.39 |
|
Earnings per diluted share |
$ |
1.38 |
|
|
$ |
0.86 |
|
|
$ |
5.05 |
|
|
$ |
4.45 |
|
|
|
|
|
|
|
|
|
||||||||
Average diluted shares outstanding |
|
58.4 |
|
|
|
57.6 |
|
|
|
58.3 |
|
|
|
57.5 |
|
Average basic shares outstanding |
|
57.3 |
|
|
|
56.9 |
|
|
|
57.2 |
|
|
|
56.7 |
|
|
|
|
|
|
|
|
|
||||||||
Supplemental data: |
|
|
|
|
|
|
|
||||||||
Cost of sales |
$ |
321.6 |
|
|
$ |
300.4 |
|
|
$ |
1,263.4 |
|
|
$ |
1,111.1 |
|
Selling, general & administrative |
|
136.3 |
|
|
|
121.5 |
|
|
|
512.0 |
|
|
|
500.6 |
|
Transaction related expenses (a) |
|
7.4 |
|
|
|
6.3 |
|
|
|
23.7 |
|
|
|
42.8 |
|
Repositioning related charges, net (a) |
|
2.8 |
|
|
|
1.4 |
|
|
|
3.5 |
|
|
|
3.8 |
|
Depreciation and amortization (a) |
|
13.5 |
|
|
|
10.0 |
|
|
|
51.0 |
|
|
|
35.4 |
|
Stock-based compensation expense (a) |
|
7.2 |
|
|
|
4.2 |
|
|
|
25.6 |
|
|
|
25.8 |
|
|
|
|
|
|
|
|
|
||||||||
(a) Amounts included within Cost of sales and/or Selling, general & administrative costs. |
|||||||||||||||
CRANE COMPANY
(unaudited, in millions) |
||||||
|
|
December 31,
|
|
December 31,
|
||
|
|
|
|
|
||
Assets |
|
|
|
|
||
Current assets |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
306.7 |
|
$ |
329.6 |
Accounts receivable, net |
|
|
339.1 |
|
|
297.7 |
Inventories, net |
|
|
380.4 |
|
|
343.9 |
Other current assets |
|
|
135.8 |
|
|
100.3 |
Current assets held for sale |
|
|
217.9 |
|
|
19.3 |
Total current assets |
|
|
1,379.9 |
|
|
1,090.8 |
|
|
|
|
|
||
Property, plant and equipment, net |
|
|
261.3 |
|
|
244.5 |
Other assets |
|
|
315.9 |
|
|
240.8 |
Goodwill |
|
|
661.6 |
|
|
576.4 |
Long-term assets held for sale |
|
|
— |
|
|
198.9 |
Total assets |
|
$ |
2,618.7 |
|
$ |
2,351.4 |
|
|
|
|
|
||
Liabilities and Equity |
|
|
|
|
||
Current liabilities |
|
|
|
|
||
Accounts payable |
|
$ |
188.2 |
|
$ |
156.9 |
Accrued liabilities |
|
|
279.9 |
|
|
260.5 |
Income taxes |
|
|
7.9 |
|
|
14.3 |
Current liabilities held for sale |
|
|
44.1 |
|
|
35.4 |
Total current liabilities |
|
|
520.1 |
|
|
467.1 |
|
|
|
|
|
||
Long-term debt |
|
|
247.0 |
|
|
248.5 |
Long-term deferred tax liability |
|
|
34.8 |
|
|
36.1 |
Other liabilities |
|
|
175.8 |
|
|
220.2 |
Long-term liabilities held for sale |
|
|
— |
|
|
19.2 |
Total liabilities |
|
|
977.7 |
|
|
991.1 |
Total equity |
|
|
1,641.0 |
|
|
1,360.3 |
Total liabilities and equity |
|
$ |
2,618.7 |
|
$ |
2,351.4 |
CRANE COMPANY
(unaudited, in millions) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating activities: |
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders |
$ |
81.0 |
|
|
$ |
49.4 |
|
|
$ |
294.7 |
|
|
$ |
255.9 |
|
Less: Income from discontinued operations, net of tax |
|
10.7 |
|
|
|
5.8 |
|
|
|
26.5 |
|
|
|
80.0 |
|
Net income from continuing operations attributable to common shareholders |
|
70.3 |
|
|
|
43.6 |
|
|
|
268.2 |
|
|
|
175.9 |
|
Depreciation and amortization |
|
13.5 |
|
|
|
10.0 |
|
|
|
51.0 |
|
|
|
35.4 |
|
Stock-based compensation expense |
|
7.2 |
|
|
|
4.2 |
|
|
|
25.6 |
|
|
|
25.8 |
|
Defined benefit plans and postretirement cost |
|
1.0 |
|
|
|
1.9 |
|
|
|
3.5 |
|
|
|
8.9 |
|
Deferred income taxes |
|
(8.5 |
) |
|
|
(19.4 |
) |
|
|
(11.6 |
) |
|
|
(18.8 |
) |
Cash provided by (used for) operating working capital |
|
125.2 |
|
|
|
100.6 |
|
|
|
(51.8 | ) |
|
|
(51.3 |
) |
Defined benefit plans and postretirement contributions |
|
(0.6 |
) |
|
|
(2.2 |
) |
|
|
(17.1 |
) |
|
|
(18.3 |
) |
Environmental payments, net of reimbursements |
|
(0.7 |
) |
|
|
(0.9 |
) |
|
|
(4.2 |
) |
|
|
(3.9 |
) |
Other |
|
(5.4 |
) |
|
|
4.1 |
|
|
|
(5.8 |
) |
|
|
8.4 |
|
Total provided by operating activities from continuing operations |
|
202.0 |
|
|
|
141.9 |
|
|
|
257.8 |
|
|
|
162.1 |
|
Investing activities: |
|
|
|
|
|
|
|
||||||||
Payment for acquisitions - net of cash acquired and working capital adjustments |
|
(38.8 |
) |
|
|
(90.5 |
) |
|
|
(200.5 |
) |
|
|
(90.5 |
) |
Capital expenditures |
|
(13.8 |
) |
|
|
(11.6 |
) |
|
|
(36.6 |
) |
|
|
(39.0 |
) |
Proceeds from insurance recoveries for damaged property, plant and equipment |
|
1.0 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
— |
|
Other investing activities |
|
0.5 |
|
|
|
0.1 |
|
|
|
6.1 |
|
|
|
0.7 |
|
Total used for investing activities from continuing operations |
|
(51.1 |
) |
|
|
(102.0 |
) |
|
|
(230.0 |
) |
|
|
(128.8 |
) |
Financing activities: |
|
|
|
|
|
|
|
||||||||
Dividends paid |
|
(11.8 |
) |
|
|
(10.3 |
) |
|
|
(46.9 |
) |
|
|
(57.3 |
) |
Net proceeds (payments) related to employee stock plans |
|
2.6 |
|
|
|
6.1 |
|
|
|
(0.9 |
) |
|
|
21.8 |
|
Debt issuance costs |
|
— |
|
|
|
(1.5 |
) |
|
|
— |
|
|
|
(9.0 |
) |
Proceeds from debt |
|
— |
|
|
|
— |
|
|
|
190.0 |
|
|
|
300.0 |
|
Proceeds from term facility of discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
350.0 |
|
Repayments of debt |
|
(85.0 |
) |
|
|
(1.8 |
) |
|
|
(191.9 |
) |
|
|
(450.6 |
) |
Distribution of Crane NXT, Co. |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(578.1 |
) |
Total used for financing activities from continuing and discontinued operations |
|
(94.2 |
) |
|
|
(7.5 |
) |
|
|
(49.7 |
) |
|
|
(423.2 |
) |
Discontinued operations: |
|
|
|
|
|
|
|
||||||||
Total provided by operating activities |
|
7.0 |
|
|
|
17.8 |
|
|
|
15.0 |
|
|
|
66.1 |
|
Total used for investing activities |
|
(0.5 |
) |
|
|
(1.4 |
) |
|
|
(3.2 |
) |
|
|
(7.8 |
) |
Increase in cash and cash equivalents from discontinued operations |
|
6.5 |
|
|
|
16.4 |
|
|
|
11.8 |
|
|
|
58.3 |
|
Effect of exchange rate on cash and cash equivalents |
|
(13.2 |
) |
|
|
7.0 |
|
|
|
(11.3 |
) |
|
|
3.6 |
|
Increase (decrease) in cash and cash equivalents |
|
50.0 |
|
|
|
55.8 |
|
|
|
(21.4 |
) |
|
|
(328.0 |
) |
Cash and cash equivalents at beginning of period (a) |
|
258.2 |
|
|
|
273.8 |
|
|
|
329.6 |
|
|
|
657.6 |
|
Cash and cash equivalents at end of period |
$ |
308.2 |
|
|
$ |
329.6 |
|
|
$ |
308.2 |
|
|
$ |
329.6 |
|
Less: Cash and cash equivalents of discontinued operations |
|
1.5 |
|
|
|
— |
|
|
|
1.5 |
|
|
|
— |
|
Cash and cash equivalents of continuing operations at end of period |
$ |
306.7 |
|
|
$ |
329.6 |
|
|
$ |
306.7 |
|
|
$ |
329.6 |
|
(a) 2023 Includes cash and cash equivalents of discontinued operations. |
|||||||||||||||
CRANE COMPANY
(unaudited, in millions) |
|||||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|||||
|
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
Aerospace & Electronics (a) |
|
$ |
863.8 |
|
$ |
833.3 |
|
$ |
814.9 |
|
$ |
791.8 |
|
$ |
700.9 |
Process Flow Technologies(b) (c) |
|
|
376.4 |
|
|
392.0 |
|
|
399.9 |
|
|
393.3 |
|
|
379.0 |
Total backlog |
|
$ |
1,240.2 |
|
$ |
1,225.3 |
|
$ |
1,214.8 |
|
$ |
1,185.1 |
|
$ |
1,079.9 |
(a) Includes
(b) Includes
(c) Includes |
|||||||||||||||
CRANE COMPANY
(unaudited, in millions, except per share data) |
|||||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
|||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
|||||||||||
|
|
$ |
|
Per Share |
|
$ |
|
Per Share |
|
(on $) |
|||||||||
Net sales (GAAP) |
|
$ |
544.1 |
|
|
|
|
$ |
484.3 |
|
|
|
|
12.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Operating Profit and Adjusted Operating Profit Margin |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating profit (GAAP) |
|
$ |
86.2 |
|
|
|
|
$ |
62.4 |
|
|
|
|
38.1 |
% |
||||
Operating profit margin (GAAP) |
|
|
15.8 |
% |
|
|
|
|
12.9 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Special items impacting operating profit: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Transaction related expenses(a)(b) |
|
|
7.4 |
|
|
|
|
|
6.3 |
|
|
|
|
|
|||||
Repositioning related charges, net |
|
|
2.8 |
|
|
|
|
|
1.4 |
|
|
|
|
|
|||||
Adjusted operating profit (Non-GAAP) |
|
$ |
96.4 |
|
|
|
|
$ |
70.1 |
|
|
|
|
37.5 |
% |
||||
Adjusted operating profit margin (Non-GAAP) |
|
|
17.7 |
% |
|
|
|
|
14.5 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Net Income and Adjusted Net Income per Share |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income from continuing operations attributable to common shareholders (GAAP) |
|
$ |
70.3 |
|
|
$ |
1.20 |
|
|
$ |
43.6 |
|
|
$ |
0.76 |
|
|
61.2 |
% |
Transaction related expenses(a)(b) |
|
|
2.9 |
|
|
|
0.05 |
|
|
|
3.1 |
|
|
|
0.05 |
|
|
|
|
Repositioning related charges, net |
|
|
2.8 |
|
|
|
0.05 |
|
|
|
1.4 |
|
|
|
0.02 |
|
|
|
|
Impact of pension non-service costs |
|
|
— |
|
|
|
— |
|
|
|
1.5 |
|
|
|
0.03 |
|
|
|
|
Tax effect of the Non-GAAP adjustments |
|
|
(2.3 |
) |
|
|
(0.04 |
) |
|
|
(3.6 |
) |
|
|
(0.06 |
) |
|
|
|
Adjusted net income (Non-GAAP) |
|
$ |
73.7 |
|
|
$ |
1.26 |
|
|
$ |
46.0 |
|
|
$ |
0.80 |
|
|
60.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA and Adjusted EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income from continuing operations attributable to common shareholders (GAAP) |
|
$ |
70.3 |
|
|
|
|
$ |
43.6 |
|
|
|
|
61.2 |
% |
||||
Net income margin (GAAP) |
|
|
12.9 |
% |
|
|
|
|
9.0 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjustments to net income: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense, net |
|
|
3.8 |
|
|
|
|
|
4.1 |
|
|
|
|
|
|||||
Income tax expense |
|
|
15.6 |
|
|
|
|
|
16.1 |
|
|
|
|
|
|||||
Depreciation |
|
|
8.7 |
|
|
|
|
|
8.0 |
|
|
|
|
|
|||||
Amortization |
|
|
4.8 |
|
|
|
|
|
2.0 |
|
|
|
|
|
|||||
Miscellaneous income, net |
|
|
(3.5 |
) |
|
|
|
|
(1.4 |
) |
|
|
|
|
|||||
Repositioning related charges, net |
|
|
2.8 |
|
|
|
|
|
1.4 |
|
|
|
|
|
|||||
Transaction related expenses(a)(b) |
|
|
5.4 |
|
|
|
|
|
6.0 |
|
|
|
|
|
|||||
Adjusted EBITDA (Non-GAAP) |
|
$ |
107.9 |
|
|
|
|
$ |
79.8 |
|
|
|
|
35.2 |
% |
||||
Adjusted EBITDA Margin (Non-GAAP) |
|
|
19.8 |
% |
|
|
|
|
16.5 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(a) 2024 transaction-related expenses are primarily associated with the Technifab acquisition and the divestiture of the Engineered Materials business. |
|||||||||||||||||||
(b) 2023 transaction-related expenses are primarily associated with the separation and the Baum acquisition. |
|||||||||||||||||||
Totals may not sum due to rounding |
|||||||||||||||||||
CRANE COMPANY Non-GAAP Financial Measures (in millions, except per share data) |
|||||||||||||||||||
|
|
Twelve Months Ended December 31, |
|
|
|||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
|||||||||||
|
|
$ |
|
Per Share |
|
$ |
|
Per Share |
|
(on $) |
|||||||||
Net sales (GAAP) |
|
$ |
2,131.2 |
|
|
|
|
$ |
1,862.1 |
|
|
|
|
14.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Operating Profit and Adjusted Operating Profit Margin |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating profit (GAAP) |
|
$ |
355.8 |
|
|
|
|
$ |
250.4 |
|
|
|
|
42.1 |
% |
||||
Operating profit margin (GAAP) |
|
|
16.7 |
% |
|
|
|
|
13.4 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Special items impacting operating profit: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Transaction related expenses(a)(b) |
|
|
23.7 |
|
|
|
|
|
42.8 |
|
|
|
|
|
|||||
Repositioning related charges, net |
|
|
3.5 |
|
|
|
|
|
3.8 |
|
|
|
|
|
|||||
Adjusted operating profit (Non-GAAP) |
|
$ |
383.0 |
|
|
|
|
$ |
297.0 |
|
|
|
|
29.0 |
% |
||||
Adjusted operating profit margin (Non-GAAP) |
|
|
18.0 |
% |
|
|
|
|
15.9 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Net Income and Adjusted Net Income per Share |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income from continuing operations attributable to common shareholders (GAAP) |
|
$ |
268.2 |
|
|
$ |
4.60 |
|
|
$ |
175.9 |
|
|
$ |
3.06 |
|
|
52.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Transaction related expenses(a)(b) |
|
|
18.7 |
|
|
|
0.32 |
|
|
|
39.6 |
|
|
|
0.69 |
|
|
|
|
Repositioning related charges, net |
|
|
3.5 |
|
|
|
0.06 |
|
|
|
3.8 |
|
|
|
0.06 |
|
|
|
|
Impact of pension non-service costs |
|
|
— |
|
|
|
— |
|
|
|
4.0 |
|
|
|
0.07 |
|
|
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
5.9 |
|
|
|
0.10 |
|
|
|
|
Tax effect of the Non-GAAP adjustments |
|
|
(6.0 |
) |
|
|
(0.10 |
) |
|
|
(10.6 |
) |
|
|
(0.18 |
) |
|
|
|
Adjusted net income (Non-GAAP) |
|
$ |
284.4 |
|
|
$ |
4.88 |
|
|
$ |
218.6 |
|
|
$ |
3.80 |
|
|
30.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA and Adjusted EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income from continuing operations attributable to common shareholders (GAAP) |
|
$ |
268.2 |
|
|
|
|
$ |
175.9 |
|
|
|
|
52.5 |
% |
||||
Net income margin (GAAP) |
|
|
12.6 |
% |
|
|
|
|
9.4 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjustments to net income: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense, net |
|
|
21.7 |
|
|
|
|
|
17.6 |
|
|
|
|
|
|||||
Income tax expense |
|
|
70.3 |
|
|
|
|
|
57.2 |
|
|
|
|
|
|||||
Depreciation |
|
|
33.4 |
|
|
|
|
|
29.3 |
|
|
|
|
|
|||||
Amortization |
|
|
17.6 |
|
|
|
|
|
6.1 |
|
|
|
|
|
|||||
Miscellaneous income, net |
|
|
(4.4 |
) |
|
|
|
|
(0.3 |
) |
|
|
|
|
|||||
Repositioning related charges, net |
|
|
3.5 |
|
|
|
|
|
3.8 |
|
|
|
|
|
|||||
Transaction related expenses(a)(b) |
|
|
16.4 |
|
|
|
|
|
42.5 |
|
|
|
|
|
|||||
Adjusted EBITDA (Non-GAAP) |
|
$ |
426.7 |
|
|
|
|
$ |
332.1 |
|
|
|
|
28.5 |
% |
||||
Adjusted EBITDA Margin (Non-GAAP) |
|
|
20.0 |
% |
|
|
|
|
17.8 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(a) 2024 transaction-related expenses are primarily associated with the Vian, CryoWorks, and Technifab acquisitions and the divestiture of the Engineered Materials business. |
|||||||||||||||||||
(b) 2023 transaction-related expenses are primarily associated with the separation and the Baum acquisition. |
|||||||||||||||||||
Totals may not sum due to rounding |
|||||||||||||||||||
CRANE COMPANY
(unaudited, in millions) |
|||||||||||||||
Three Months Ended December 31, 2024 |
Aerospace &
|
|
Process Flow
|
|
Corporate |
|
Total Company |
||||||||
Net sales |
$ |
236.8 |
|
|
$ |
307.3 |
|
|
$ |
— |
|
|
$ |
544.1 |
|
|
|
|
|
|
|
|
|
||||||||
Operating profit (GAAP) |
$ |
53.1 |
|
|
$ |
58.4 |
|
|
$ |
(25.3 |
) |
|
$ |
86.2 |
|
Operating profit margin (GAAP) |
|
22.4 |
% |
|
|
19.0 |
% |
|
|
|
|
15.8 |
% |
||
|
|
|
|
|
|
|
|
||||||||
Special items impacting operating profit: |
|
|
|
|
|
|
|
||||||||
Transaction related expenses(a) |
|
1.3 |
|
|
|
1.8 |
|
|
|
4.3 |
|
|
|
7.4 |
|
Repositioning related charges, net |
|
0.3 |
|
|
|
2.3 |
|
|
|
0.2 |
|
|
|
2.8 |
|
Adjusted operating profit (Non-GAAP) |
$ |
54.7 |
|
|
$ |
62.5 |
|
|
$ |
(20.8 |
) |
|
$ |
96.4 |
|
Adjusted operating profit margin (Non-GAAP) |
|
23.1 |
% |
|
|
20.3 |
% |
|
|
|
|
17.7 |
% |
||
|
|
|
|
|
|
|
|
||||||||
Three Months Ended December 31, 2023 |
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
212.8 |
|
|
$ |
271.5 |
|
|
$ |
— |
|
|
$ |
484.3 |
|
|
|
|
|
|
|
|
|
||||||||
Operating profit (GAAP) |
$ |
42.9 |
|
|
$ |
43.4 |
|
|
$ |
(23.9 |
) |
|
$ |
62.4 |
|
Operating profit margin (GAAP) |
|
20.2 |
% |
|
|
16.0 |
% |
|
|
|
|
12.9 |
% |
||
|
|
|
|
|
|
|
|
||||||||
Special items impacting operating profit: |
|
|
|
|
|
|
|
||||||||
Transaction related expenses(b) |
|
— |
|
|
|
1.3 |
|
|
|
5.0 |
|
|
$ |
6.3 |
|
Repositioning related charges, net |
|
— |
|
|
|
1.4 |
|
|
|
— |
|
|
$ |
1.4 |
|
Adjusted operating profit (Non-GAAP) |
$ |
42.9 |
|
|
$ |
46.1 |
|
|
$ |
(18.9 |
) |
|
$ |
70.1 |
|
Adjusted operating profit margin (Non-GAAP) |
|
20.2 |
% |
|
|
17.0 |
% |
|
|
|
|
14.5 |
% |
||
(a) 2024 transaction-related expenses are primarily associated with the Technifab acquisition and the divestiture of the Engineered Materials business. |
|||||||||||||||
(b) 2023 transaction-related expenses are primarily associated with the separation and the Baum acquisition. |
|||||||||||||||
Totals may not sum due to rounding |
|||||||||||||||
CRANE COMPANY Non-GAAP Financial Measures by Segment (in millions) |
|||||||||||||||
Twelve Months Ended December 31, 2024 |
Aerospace &
|
|
Process Flow
|
|
Corporate |
|
Total Company |
||||||||
Net sales |
$ |
932.7 |
|
|
$ |
1,198.5 |
|
|
$ |
— |
|
|
$ |
2,131.2 |
|
|
|
|
|
|
|
|
|
||||||||
Operating profit (GAAP) |
$ |
209.0 |
|
|
$ |
240.3 |
|
|
$ |
(93.5 |
) |
|
$ |
355.8 |
|
Operating profit margin (GAAP) |
|
22.4 |
% |
|
|
20.1 |
% |
|
|
|
|
16.7 |
% |
||
|
|
|
|
|
|
|
|
||||||||
Special items impacting operating profit: |
|
|
|
|
|
|
|
||||||||
Transaction related expenses(a) |
|
7.3 |
|
|
|
6.6 |
|
|
|
9.8 |
|
|
|
23.7 |
|
Repositioning related charges , net |
|
0.3 |
|
|
|
3.0 |
|
|
|
0.2 |
|
|
|
3.5 |
|
Adjusted operating profit (Non-GAAP) |
$ |
216.6 |
|
|
$ |
249.9 |
|
|
$ |
(83.5 |
) |
|
$ |
383.0 |
|
Adjusted operating profit margin (Non-GAAP) |
|
23.2 |
% |
|
|
20.9 |
% |
|
|
|
|
18.0 |
% |
||
|
|
|
|
|
|
|
|
||||||||
Twelve Months Ended December 31, 2023 |
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
789.3 |
|
|
$ |
1,072.8 |
|
|
$ |
— |
|
|
$ |
1,862.1 |
|
|
|
|
|
|
|
|
|
||||||||
Operating profit (GAAP) |
$ |
159.0 |
|
|
$ |
208.5 |
|
|
$ |
(117.1 |
) |
|
$ |
250.4 |
|
Operating profit margin (GAAP) |
|
20.1 |
% |
|
|
19.4 |
% |
|
|
|
|
13.4 |
% |
||
|
|
|
|
|
|
|
|
||||||||
Special items impacting operating profit: |
|
|
|
|
|
|
|
||||||||
Transaction related expenses(b) |
|
— |
|
|
|
1.3 |
|
|
|
41.5 |
|
|
|
42.8 |
|
Repositioning related charges, net |
|
— |
|
|
|
3.8 |
|
|
|
— |
|
|
|
3.8 |
|
Adjusted operating profit (Non-GAAP) |
$ |
159.0 |
|
|
$ |
213.6 |
|
|
$ |
(75.6 |
) |
|
$ |
297.0 |
|
Adjusted operating profit margin (Non-GAAP) |
|
20.1 |
% |
|
|
19.9 |
% |
|
|
|
|
15.9 |
% |
||
(a) 2024 transaction-related expenses are primarily associated with the Vian, CryoWorks, and Technifab acquisitions and the divestiture of the Engineered Materials business. |
|||||||||||||||
(b) 2023 transaction-related expenses are primarily associated with the separation and the Baum acquisition. |
|||||||||||||||
Totals may not sum due to rounding |
|||||||||||||||
CRANE COMPANY
(unaudited, in millions, except per share data) |
||||||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
Cash Flow Items |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash provided by operating activities from continuing operations |
|
$ |
202.0 |
|
|
$ |
141.9 |
|
|
$ |
257.8 |
|
|
$ |
162.1 |
|
Less: Capital expenditures |
|
|
(13.8 |
) |
|
|
(11.6 |
) |
|
|
(36.6 |
) |
|
|
(39.0 |
) |
Free cash flow |
|
$ |
188.2 |
|
|
$ |
130.3 |
|
|
$ |
221.2 |
|
|
$ |
123.1 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Transaction-related expenses |
|
|
3.9 |
|
|
|
5.0 |
|
|
|
11.4 |
|
|
|
41.5 |
|
Proceeds from insurance recoveries for damaged property, plant and equipment |
|
|
1.0 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
— |
|
Adjusted free cash flow from continuing operations |
|
$ |
193.1 |
|
|
$ |
135.3 |
|
|
$ |
233.6 |
|
|
$ |
164.6 |
|
Free cash flow from Engineered Materials |
|
|
6.5 |
|
|
|
16.4 |
|
|
|
11.8 |
|
|
|
27.8 |
|
Adjusted free cash flow |
|
$ |
199.6 |
|
|
$ |
151.7 |
|
|
$ |
245.4 |
|
|
$ |
192.4 |
|
Crane Company reports its financial results in accordance with
Reconciliations of certain forward-looking and projected non-GAAP measures for Crane Company, including Adjusted EPS, and Adjusted segment margin to the closest corresponding GAAP measure are not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, which could have a potentially significant impact on our future GAAP results. For Crane Company, these forward looking and projected non-GAAP measures are calculated as follows:
- "Adjusted operating margin" is calculated as adjusted operating profit divided by sales. Adjusted operating profit is calculated as operating profit before Special Items which include transaction related expenses such as professional fees, and incremental costs related to the separation; and repositioning related charges. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics.
- "Adjusted EPS" is calculated as adjusted net income divided by diluted shares. Adjusted net income is calculated as net income adjusted for Special Items which include transaction related expenses such as professional fees, and incremental costs related to the separation; repositioning related charges; and, the impact of pension non-service costs. We believe that non-GAAP financial measures adjusted for these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics.
We believe that each of the following non-GAAP measures provides useful information to investors regarding the Company’s financial conditions and operations:
- "Adjusted Operating Profit" and "Adjusted Operating Profit Margin" add back to Operating Profit items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the interpretation of the Company’s underlying earnings and operational performance. These items include income and expense such as: transaction related expenses and repositioning related (gains) charges. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics.
- "Adjusted Net Income" and "Adjusted EPS" exclude items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the presentation of the Company’s underlying earnings and operational performance. These measures include income and expense items that impacted Operating Profit such as: transaction related expenses and repositioning related (gains) charges. Additionally, these non-GAAP financial measures exclude income and expense items that impacted Net Income and Earnings per Diluted Share such as the impact of pension non-service costs. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics.
- "Adjusted EBITDA" adds back to net income: net interest expense, income tax expense, depreciation and amortization, miscellaneous (income) expense, net, and Special Items including transaction related expenses. "Adjusted EBITDA Margin" is calculated as adjusted EBITDA divided by net sales. We believe that adjusted EBITDA and adjusted EBITDA margin provide investors with an alternative metric that may be a meaningful indicator of our performance and provides useful information to investors regarding our financial conditions and results of operations that is complementary to GAAP metrics.
- “Free Cash Flow” and “Adjusted Free Cash Flow” provide supplemental information to assist management and investors in analyzing the Company’s ability to generate liquidity from its operating activities. The measure of free cash flow does not take into consideration certain other non-discretionary cash requirements such as, for example, mandatory principal payments on the Company’s long-term debt. Free Cash Flow is calculated as cash provided by operating activities less capital spending. Adjusted Free Cash Flow is calculated as Free Cash Flow adjusted for certain cash items which we believe may complicate the interpretation of the Company’s underlying free cash flow performance such as certain transaction related cash flow items related to acquisitions, the separation transaction, and insurance proceeds related to damaged property, plant and equipment caused by natural disasters and including Free Cash Flow from Engineered Materials. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future cash flows that are complementary to GAAP metrics.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127136917/en/
Jason D. Feldman
Senior Vice President, Investor Relations, Treasury & Tax
Allison Poliniak-Cusic
Vice President, Investor Relations
IR@craneco.com
www.craneco.com
Source: Crane Company
FAQ
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