Crane Company - CR STOCK NEWS

Crane Holdings, Co. (NYSE: CR) announced the filing of a Form 10 Registration Statement with the SEC to facilitate a planned separation into two publicly traded companies: Crane Company and Crane NXT. The separation is on track for completion on April 3, 2023, aiming to optimize investments and accelerate growth. Crane Company expects approximately $1.9 billion in sales with an 18.5% EBITDA margin, while Crane NXT anticipates $1.4 billion in sales and a 30% EBITDA margin. Shareholders will own both post-separation companies, with Crane NXT's shares expected to trade under the symbol CXT.

Crane Holdings (NYSE:CR) reported a GAAP net loss of $1.06 per share for Q3 2022, impacted by a $2.89 per share loss from asbestos-related divestitures. Adjusted EPS decreased to $1.86 from $1.98 year-over-year. Total sales fell 9% to $815 million, with core sales growth of 2% overshadowed by divestiture impacts. The company reaffirmed 2022 adjusted EPS guidance at $7.58-$7.72. Despite challenges, including supply chain constraints, Crane reported strong order and backlog growth, indicating potential for future revenue acceleration.

Crane Holdings, Co. (NYSE: CR) announced the upcoming separation of its business into two independent publicly traded companies, anticipated to be completed in early April 2023. Following this separation, Crane NXT will focus on Industrial Technology, projected to achieve $1.4 billion in sales with a 30% Adjusted EBITDA margin. Aaron W. Saak has been appointed as President and CEO of Crane NXT. Additionally, Crane Company will continue as a global provider of engineered products, expected to generate $1.9 billion in annual sales with an 18.5% EBITDA margin.

Crane Holdings, Co. (NYSE: CR) announced the schedule for its Q3 2022 earnings release, set for October 24, 2022, after market close. The teleconference will occur on October 25, 2022, at 10:00 AM Eastern, featuring President & CEO Max H. Mitchell and CFO Richard A. Maue. Investors can access the call via the company’s website, where a slide presentation will also be available. Crane, a diversified manufacturer with a history dating back to 1855, operates in various industrial sectors with approximately 11,000 employees globally.

Crane Holdings, Co. (NYSE:CR) declared a quarterly dividend of $0.47 per share for Q4 2022. This dividend will be paid on December 14, 2022, to shareholders on record by the close of business on November 30, 2022. Crane, a diversified manufacturer since 1855, operates in sectors including aerospace and defense, with approximately 11,000 employees globally. The company focuses on engineered industrial products across four segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials.

Crane Holdings, Co. (NYSE: CR) has announced the divestiture of its subsidiary Redco Corporation, which holds all asbestos liabilities and related insurance assets, to Spruce Lake Liability Management. Crane has contributed approximately $550 million in cash to Redco, while Spruce Lake has made a capital contribution of $83 million. This transaction eliminates all asbestos liabilities from Crane's balance sheet, enhancing annual free cash flow and allowing greater focus on core business strategies.

Crane Holdings, Co. (NYSE: CR) reported a strong second quarter 2022, with GAAP earnings per share (EPS) of $4.93, including a $3.58 gain from the sale of Crane Supply. Core sales growth was 7%, while order growth reached 14%. The company raised its GAAP EPS guidance for the year to $9.80-$10.20, reflecting this gain. Adjusted operating margins were 17.3%, despite challenges from higher costs and lower volumes. The outlook remains positive, with solid demand across end markets, and a separation planned for early 2023 to enhance growth and shareholder value.

Crane Holdings, Co. has announced a quarterly dividend of $0.47 per share for Q3 2022. This dividend is set to be paid on September 14, 2022, to shareholders on record by the close of business on August 31, 2022. Crane Holdings is a diversified manufacturer, with approximately 11,000 employees, providing industrial products across various sectors including aerospace, defense, and chemical. The company is traded on the New York Stock Exchange under the symbol CR.

Crane Holdings, Co. (NYSE: CR) has scheduled its second quarter 2022 earnings release for July 25, 2022, after market close. The earnings report will be accessible on the company's website. A teleconference is set for July 26, 2022, at 10:00 AM (Eastern), hosted by President & CEO Max H. Mitchell and Senior VP & CFO Richard A. Maue. A web replay will be available post-call. Crane Holdings is a diversified manufacturer with a significant global presence, serving multiple industries including aerospace, defense, and payment automation.