Charles J. Laurent
Crane Co. (CR) witnessed a significant boost in its stock price, with shares rising over 5% during the extended session on Monday. The industrials company exceeded expectations with its third-quarter earnings report and revealed its intention to pursue further acquisitions.
In contrast to the year-ago quarter's loss of $59 million, or $1.06 per share, Crane Co. achieved a profit of $55 million, or 85 cents per share, in the quarter under review. When adjusted for one-time items, the company's earnings reached $1.03 per share, outperforming analysts' forecast of 85 cents per share. The company also announced that sales increased by 10% to $530 million.
Crane Co. not only delivered impressive Q3 results but also raised its 2023 earnings per share (EPS) guidance. The updated range is now between $4.05 and $4.20, compared to the previous projection of $3.80 to $4.10.
Furthermore, the company revealed its latest acquisition endeavor, with plans to acquire Baum GmbH, a German piping company, for a total of $91 million. In addition to this deal, Crane Co. is actively exploring other potential acquisitions, affirming its commitment to further expand its portfolio.
Despite experiencing a 1.7% decline in share price during regular trading hours, Crane Co.'s positive earnings report and growth prospects have sparked investor optimism, leading to a significant surge in after-hours trading.
Stay updated with Crane Co.'s latest news on their journey towards success and potential acquisitions in the pipeline.
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