Crane Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Crane Co. has filed its Q1 2024 10-Q report, detailing financial performance and operational updates.</b>

AI Summary

Crane Co (CR) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Crane Co. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. Crane Co. is incorporated in Delaware. The company's principal business address is in Stamford, CT.

Why It Matters

For investors and stakeholders tracking Crane Co, this filing contains several important signals. This filing provides investors and analysts with the latest financial data and disclosures for Crane Co. for the first quarter of 2024, enabling informed investment decisions. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, operational performance, and future outlook.

Risk Assessment

Risk Level: low — Crane Co shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Crane Co.'s performance drivers and any emerging trends.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly period of report)
• 2024-05-01 — Filing Date (Date the report was filed)
• 12/31 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• Crane Co (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date
• DE (jurisdiction) — State of incorporation
• CT (state) — State of business address
• Stamford (city) — City of business address
• 06902 (zip_code) — Zip code of business address
• Vian Enterprises Inc. (company) — Acquired entity

FAQ

Industry Context

Crane Co. operates in the miscellaneous fabricated metal products industry, as indicated by its SIC code.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, which governs the reporting requirements for public companies.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended March 31, 2024.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial reporting period covered by the 10-Q.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 CR New York Stock Exchange Indicate b

Filing Documents

• cr-20240331.htm (10-Q) — 1054KB
• cr-ex311_3312024.htm (EX-31.1) — 9KB
• cr-ex312_3312024.htm (EX-31.2) — 9KB
• cr-ex321_3312024.htm (EX-32.1) — 5KB
• cr-ex322_3312024.htm (EX-32.2) — 5KB
• 0001628280-24-019638.txt (&nbsp;) — 6266KB
• cr-20240331.xsd (EX-101.SCH) — 47KB
• cr-20240331_cal.xml (EX-101.CAL) — 86KB
• cr-20240331_def.xml (EX-101.DEF) — 205KB
• cr-20240331_lab.xml (EX-101.LAB) — 523KB
• cr-20240331_pre.xml (EX-101.PRE) — 381KB
• cr-20240331_htm.xml (XML) — 847KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations Page 3 Condensed Consolidated Statements of Comprehensive Income Page 4 Condensed Consolidated Balance Sheets Page 5 Condensed Consolidated Statements of Cash Flows Page 7 Condensed Consolidated Statements of Changes in Equity Page 9 Notes to Condensed Consolidated Financial Statements Page 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Page 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk Page 35 Item 4.

Controls and Procedures

Controls and Procedures Page 35

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings Page 36 Item 1A.

Risk Factors

Risk Factors Page 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Page 36 Item 3. Defaults Upon Senior Securities Page 36 Item 4. Mine Safety Disclosures Page 36 Item 5. Other Information Page 36 Item 6. Exhibits Page 37

Signatures

Signatures Page 38 2 Table of Contents P ART I: F INANCIAL I NFORMATION

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS CRANE COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, (in millions, except per share data) 2024 2023 Net sales $ 565.3 $ 513.8 Operating costs and expenses: Cost of sales 344.8 306.9 Selling, general and administrative 131.1 129.4 Operating profit 89.4 77.5 Other (expense) income: Interest income 1.2 0.9 Interest expense ( 7.2 ) ( 6.6 ) Miscellaneous expense, net ( 1.3 ) ( 0.5 ) Total other expense, net ( 7.3 ) ( 6.2 ) Income from continuing operations before income taxes 82.1 71.3 Provision for income taxes 17.3 15.4 Net income from continuing operations attributable to common shareholders 64.8 55.9 Income from discontinued operations, net of tax (Note 3) — 49.8 Net income attributable to common shareholders $ 64.8 $ 105.7 Earnings per basic share: Earnings per basic share from continuing operations $ 1.14 $ 0.99 Earnings per basic share from discontinued operations — 0.88 Earnings per basic share $ 1.14 $ 1.87 Earnings per diluted share: Earnings per diluted share from continuing operations $ 1.12 $ 0.98 Earnings per diluted share from discontinued operations — 0.86 Earnings per diluted share $ 1.12 $ 1.84 Average shares outstanding: Basic 57.0 56.5 Diluted 58.1 57.3 Dividends per share $ 0.205 $ 0.47 See Notes to Condensed Consolidated Financial Statements. 3 Table of Contents CRANE COMPANY CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended March 31, (in millions) 2024 2023 Net income before allocation to noncontrolling interests $ 64.8 $ 105.7 Components of other comprehensive (loss) income, net of tax Currency translation adjustment ( 12.4 ) 12.7 Changes in pension and postretirement plan assets and benefit obligation, net of tax 3.0 2.7 Other comprehensive income, net of tax ( 9.4 ) 15.4 Comprehensive income before allocation to noncontrolling interests 55.4 121.1 Less: Noncontrolling in

View Full Filing

View this 10-Q filing on SEC EDGAR