Welcome to our dedicated page for CRANE COMPANY news (Ticker: CR), a resource for investors and traders seeking the latest updates and insights on CRANE COMPANY stock.
Crane Company (NYSE: CR) generates a steady flow of news as an industrial manufacturing and technology business focused on highly engineered components for mission-critical applications. Its disclosures highlight activity across aerospace, defense, space and process industry end markets, organized through the Aerospace & Electronics and Process Flow Technologies platforms.
News about Crane frequently centers on quarterly earnings results, where the company reports sales, segment performance, margins, orders and backlog, along with updates to its full-year adjusted EPS outlook. These releases often include commentary on demand trends in Aerospace & Electronics and Process Flow Technologies, as well as information about dividends declared by the board of directors.
Another recurring theme in Crane’s news is portfolio evolution and acquisitions. The company has announced transactions such as the agreement to acquire Precision Sensors & Instrumentation (PSI) from Baker Hughes and later the completion of that acquisition, describing PSI as a provider of sensor-based technologies for aerospace, nuclear and process industries. Earlier communications referenced acquisitions including Vian, CryoWorks and Technifab, and the divestiture of the Engineered Materials segment.
Investors following Crane’s news can also expect updates on financing and capital allocation, including the establishment of a senior unsecured credit agreement with a delayed draw term loan and revolving credit facility to support acquisitions like PSI. The company additionally issues notices about upcoming earnings releases and teleconferences, providing schedules and access details for webcasts and slide presentations.
This news page aggregates these types of announcements so readers can review Crane’s earnings reports, strategic transactions, capital structure developments and other material events in one place. Regularly reviewing this feed can help investors and observers understand how Crane’s two strategic platforms are performing and how management is executing its strategy over time.
Crane Company (NYSE:CR), an industrial manufacturing and technology company, has completed the divestiture of its Engineered Materials business unit to KPS Capital Partners, LP. The transaction, which was previously announced, marks a significant strategic move for the company.
Crane Company (NYSE:CR) has promoted Alejandro (Alex) Alcala to Chief Operating Officer (COO), effective immediately. In this role, Alcala will oversee all Crane business segments and the Crane Business System organization. Since joining Crane in 2013, Alcala has held various leadership positions, including President of Crane Pumps & Systems, President of ChemPharma & Energy, and Senior Vice President of Process Flow Technologies, where he achieved record profitability and growth. Most recently, he served as Executive Vice President with responsibility for all Crane's businesses.
Chairman, President and CEO Max H. Mitchell praised Alcala's contributions to the company's strategic transformation and his execution of complex initiatives, from acquisition integration to operational excellence.
KPS Capital Partners has signed a definitive agreement to acquire Crane Composites, the Engineered Materials business of Crane Company (NYSE: CR), for $227 million. The transaction is expected to close in Q1 2025. Crane Composites is a leading manufacturer of fiberglass reinforced plastic composite products, including wall and ceiling panels for commercial construction, and panels for recreational vehicles and transportation. The company operates four manufacturing facilities across the US and employs approximately 430 people. Under KPS ownership, the company plans to pursue both organic growth and strategic acquisitions.
Crane Company (NYSE:CR) has announced an agreement to sell its Engineered Materials business to KPS Capital Partners for $227 million. This divestiture aligns with Crane's strategy to simplify its portfolio and focus on two strategic growth platforms: Aerospace & Electronics and Process Flow Technologies. Following recent acquisitions including Baum Lined Piping, Vian Enterprises, CryoWorks, and Technifab Products, the company expects to close this transaction in Q1 2025. Crane has updated its 2024 adjusted EPS guidance from $5.05-$5.20 to $4.71-$4.86, reflecting Engineered Materials' presentation as discontinued operations.
Crane Company (NYSE:CR) has completed the acquisition of Technifab Products, a provider of vacuum insulated pipe systems and valves for cryogenic applications, for $40.5 million. Technifab, founded in 1992 and based in Brazil, Indiana, reported trailing 12-month sales of approximately $20 million and adjusted EBITDA of $4 million through September 2024. The acquisition enhances Crane's Process Flow Technologies segment, expanding its cryogenics capabilities in semiconductor, medical, and pharmaceutical markets.
Crane Company (NYSE: CR) reported strong Q3 2024 results with EPS of $1.33, up 39%, and adjusted EPS of $1.38, up 34%. Sales reached $597 million, increasing 13% with 6% core sales growth. The company demonstrated robust performance in its Aerospace & Electronics segment, with core order growth up 6% and core backlog growth up 10%. Based on these results, Crane raised its full-year adjusted EPS guidance to $5.05-$5.20, up from $4.95-$5.15. However, performance was slightly impacted by Hurricane Helene affecting a Process Flow Technologies facility in Marion, North Carolina.
Crane Company (NYSE: CR) has announced the schedule for its third quarter 2024 earnings release and teleconference. The earnings release will be distributed on October 28, 2024 after market close, available on the company's website at www.craneco.com. A teleconference will follow on October 29, 2024 at 10:00 AM (Eastern), hosted by Max H. Mitchell, President & CEO, and Richard A. Maue, Executive Vice President & CFO.
The call will be accessible in listen-only mode via Crane Company's website, accompanied by a slide presentation. A web replay will be available shortly after the live call concludes.
Crane Company (NYSE:CR) has appointed Susan D. Lynch to its Board of Directors. Lynch brings over 25 years of financial experience, including senior leadership roles in aerospace and defense industries. She currently serves on the boards of Allegro MicroSystems and Onto Innovation Inc. Previously, Lynch was SVP and CFO at V2X (2019-2023), EVP and CFO at Sungard Availability Services (2016-2019), and EVP and CFO at Hitachi Data Systems (2007-2015). She has also held senior positions at Raytheon Technical Services and Honeywell. Crane's CEO, Max H. Mitchell, expressed enthusiasm about Lynch's appointment, highlighting her experience and potential contributions to the company's growth strategy and shareholder value.
Crane Company (NYSE: CR) reported strong Q2 2024 results, raising its full-year adjusted EPS guidance. Key highlights include:
- EPS of $1.23, up 64%; adjusted EPS of $1.30, up 18%
- Sales of $581 million, up 14% with 9% core sales growth
- Full-year adjusted EPS guidance raised to $4.95-$5.15
- Strong performance in Aerospace & Electronics and Process Flow Technologies segments
- Solid order growth and strong backlog
The company's strategic investments in growth and commercial excellence are driving above-market core sales growth. Crane's strong balance sheet provides optionality for organic investments and strategic acquisitions.
Crane Company (NYSE: CR) has announced its regular quarterly dividend for the third quarter of 2024. The company will pay $0.205 per share to shareholders of record as of August 30, 2024. The dividend payment date is set for September 11, 2024. This announcement demonstrates Crane Company's commitment to providing consistent returns to its shareholders, maintaining its dividend policy despite potential economic uncertainties.
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