Q3 2024 Crane Co Earnings Call Transcript
Key Points
- Crane Co (CR) reported an impressive 6% core sales growth, driven by strength in aerospace, electronics, and process flow technologies.
- The company raised its full-year earnings outlook, expecting adjusted EPS to be in the range of $5.05 to $5.20, reflecting a 19% growth.
- Crane Co (CR) achieved a 35% increase in adjusted operating profit, supported by strong net pricing and productivity.
- The aerospace and electronics segment saw a record backlog increase of 23% year over year, indicating strong demand.
- Crane Co (CR) has substantial financial flexibility with approximately $1 billion in M&A capacity, potentially reaching $4 billion by 2028.
- Crane Co (CR) faced operational disruptions due to Hurricane Helene, impacting its Marion, North Carolina site and causing production downtime.
- The company experienced power outages at a South Carolina site and lost a week of output from its aerospace electronics site in Taiwan due to Typhoon Krathon.
- The timing of insurance recoveries related to Hurricane Helene is expected to extend into 2025, affecting cash flow.
- Crane Co (CR) is dealing with ongoing working capital headwinds in aerospace and electronics, impacting free cash flow expectations.
- The company anticipates some shipment reductions related to the Boeing strike and continued supply chain constraints.
Hello, everyone, and welcome to the Crane Company third-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to Allison Poliniak, Vice President of Investor Relations.
Thank you, operator, and good day, everyone. Welcome to our third-quarter 2024 earnings release conference call. I'm Allison Poliniak, Vice President of Investor Relations. On our call this morning, we have Max Mitchell, our Chairman, President, and Chief Executive Officer; and Rich Maue, our Executive Vice President and Chief Financial Officer, along with Jason Feldman, Senior Vice President in Treasury, Tax, and Investor Relations who's on for Q&A.
We will start up our call with a few prepared remarks from Max and Rich after which we'll respond to your questions. And just a reminder, the comments we make on this call will include some forward-looking statements. We refer you to the cautionary language at the bottom of our earnings release and also
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