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.
Q3 Earnings Surpass Wall Street Estimates
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.
Positive 2023 Outlook and Expansion Plans
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.