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Investing.com -- Crane Company (NYSE:CR) shares surged 4.2% after the industrial products manufacturer reported second-quarter earnings that exceeded analyst expectations and raised its full-year outlook, driven by strong performance in its aerospace business.
The company reported adjusted earnings per share of $1.49 for the second quarter, significantly beating the analyst consensus of $1.32. Revenue came in at $577.2 million, surpassing the consensus estimate of $570.99 million and representing a 9.2% increase from the same period last year. Core sales grew 6.5% YoY, with acquisitions contributing 1.8% and favorable foreign exchange adding 0.9%.
"My thanks and appreciation to the global Crane team for delivering another excellent quarter, with 24% adjusted EPS growth on 6.5% core sales growth resulting from our focus on exceeding our customers’ expectations with exceptional technology and service," said Max Mitchell, Crane’s Chairman, President and Chief Executive Officer.
The company’s Aerospace & Electronics segment was particularly strong, with sales increasing 11.8% to $258.2 million, driven by 11.6% core sales growth. The segment’s aftermarket business grew 17.9% in the quarter. Process Flow Technologies sales rose 7.2% to $319.0 million, with 2.6% core sales growth.
Crane reported robust order growth of 19.6% and backlog growth of 18.2% YoY, indicating continued strong demand. The company also announced an agreement in June to acquire Precision Sensors & Instrumentation from Baker Hughes (NASDAQ:BKR), which is expected to close by year-end.
Based on its strong performance, Crane raised its full-year adjusted EPS outlook to $5.50-$5.80 from its previous guidance of $5.30-$5.60, representing 16% growth at the midpoint compared to 2024. The new guidance exceeds the analyst consensus of $5.54.
"While the macroeconomic backdrop remains unpredictable, our backlog, consistently strong execution, along with our performance year-to-date, gives us the confidence to raise our full-year adjusted earnings outlook," Mitchell added.
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