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STAMFORD, Conn. - Crane Company (NYSE:CR) shares rose 5% after the aerospace and industrial equipment manufacturer beat third quarter earnings expectations and raised its full-year outlook, driven by strong performance in its Aerospace & Electronics segment.
The company reported third quarter adjusted earnings per share of $1.64, significantly exceeding analyst estimates of $1.43, while revenue reached $589.2 million, up 7.5% YoY but below the consensus estimate of $608.47 million. Core sales growth was 5.6%, with the Technifab acquisition contributing 0.9% and favorable foreign exchange adding 1.0%.
Crane raised and narrowed its full-year adjusted EPS outlook to $5.75-$5.95 from the previous range of $5.50-$5.80, reflecting 20% YoY growth at the midpoint. The guidance exceeds the analyst consensus of $5.77.
"We are proud to report another strong quarter, with adjusted EPS up 27% and core sales growth of 5.6%," said Max Mitchell, Crane’s Chairman, President and Chief Executive Officer. "This quarter’s earnings performance was ahead of our expectations, and further highlights our differentiated technology, commercial excellence focus and consistent operational discipline."
The Aerospace & Electronics segment was particularly strong, with sales increasing 13% to $270.2 million, driven by 12.8% core sales growth. The segment’s aftermarket business grew 20% in the quarter, and its backlog increased 26.5% YoY to $1.05 billion.
Process Flow Technologies revenue rose 3.2% to $319 million, primarily from the Technifab acquisition and favorable foreign exchange. Adjusted operating profit margin improved to 22.4% from 21.8% a year ago.
The company also reported strong cash flow, with operating cash flow from continuing operations of $130.2 million and free cash flow of $116.8 million for the quarter.
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