Crane Q1 adj. EPS $1.25 beats; core sales +8%; raises FY adj. EPS guidance

Crane Co

2024-Q1 EPS reported $1.84 revenue$513,800,000

Q1 pro forma EPS $1.08; adjusted EPS $1.25; GAAP operating margin 16.8% vs 13.0% YoY.
Core sales +8% YoY offset by -11% from Crane Supply divestiture and -2% FX; total sales $514M (-5%).
Record adjusted operating margin 18.5%, up 460 bps YoY; adj. operating profit $95M (+27%).
FY2023 adjusted EPS guidance raised to $3.60-$3.90 from $3.40-$3.70; Q2 dividend $0.18/share declared.
Crane separation from Crane Holdings completed April 3; now a standalone independent company.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Crane Co reported the first quarter of 2023 results: revenue $514, EPS $1.08. Guidance raised.

Period: the first quarter of 2023
Revenue: $514
EPS: $1.08
Guidance: raised
Result: reported results

Exact text from the filing

operating profit margin increased 460 basis points to 18.5%. Summary of First Quarter 2023 Results First Quarter Change (unaudited, dollars in millions) 2023 2022 $ % Net sales $514 $539 $ (25) (5) % Core sales 45 8 % Foreign exchange (9) (2) % Divestiture impact (62) (11) % Operating profit $86 $70 $ 16 23 % Adjusted operating profit* $95 $75 $ 20 27 %

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Source: SEC EDGAR

accession 0001628280-23-017263

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