Crane Co. Files Q2 2024 10-Q
Ticker: CR · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 1944013
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Crane Co. 10-Q filed for Q2 2024. Financials and segment performance detailed.
AI Summary
Crane Co. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024, detailing financial performance and operational updates. Specific financial figures and segment performance are presented within the report.
Why It Matters
This filing provides investors with a detailed look at Crane Co.'s financial health and operational performance for the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Players & Entities
- Crane Co (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240731 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
The filing date is 20240731.
What is Crane Co.'s Standard Industrial Classification code?
Crane Co.'s SIC code is 3490, categorized under Miscellaneous Fabricated Metal Products.
What is Crane Co.'s state of incorporation?
Crane Co. is incorporated in Delaware (DE).
What is the fiscal year end for Crane Co.?
Crane Co.'s fiscal year ends on December 31 (1231).
Filing Stats: 4,711 words · 19 min read · ~16 pages · Grade level 7.8 · Accepted 2024-07-31 16:09:45
Key Financial Figures
- $1.00 — ich registered Common Stock, par value $1.00 CR New York Stock Exchange Indicate b
Filing Documents
- cr-20240630.htm (10-Q) — 1446KB
- cr-ex311_63024.htm (EX-31.1) — 9KB
- cr-ex312_63024.htm (EX-31.2) — 9KB
- cr-ex321_63024.htm (EX-32.1) — 5KB
- cr-ex322_63024.htm (EX-32.2) — 5KB
- 0001628280-24-033745.txt ( ) — 7568KB
- cr-20240630.xsd (EX-101.SCH) — 48KB
- cr-20240630_cal.xml (EX-101.CAL) — 89KB
- cr-20240630_def.xml (EX-101.DEF) — 206KB
- cr-20240630_lab.xml (EX-101.LAB) — 626KB
- cr-20240630_pre.xml (EX-101.PRE) — 431KB
- cr-20240630_htm.xml (XML) — 1130KB
- 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 11 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 28 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk Page 42 Item 4.
Controls and Procedures
Controls and Procedures Page 42
- Other Information
Part II - Other Information Item 1.
Legal Proceedings
Legal Proceedings Page 43 Item 1A.
Risk Factors
Risk Factors Page 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Page 43 Item 3. Defaults Upon Senior Securities Page 43 Item 4. Mine Safety Disclosures Page 43 Item 5. Other Information Page 43 Item 6. Exhibits Page 44
Signatures
Signatures Page 45 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 Six Months Ended June 30, June 30, (in millions, except per share data) 2024 2023 2024 2023 Net sales $ 581.2 $ 509.6 $ 1,146.5 $ 1,023.4 Operating costs and expenses: Cost of sales 357.3 308.5 702.1 615.4 Selling, general and administrative 127.3 138.0 258.4 267.4 Operating profit 96.6 63.1 186.0 140.6 Other (expense) income: Interest income 1.3 0.8 2.5 1.7 Interest expense ( 7.4 ) ( 5.3 ) ( 14.6 ) ( 11.8 ) Miscellaneous income (expense), net 1.1 ( 1.3 ) ( 0.2 ) ( 1.9 ) Total other expense, net ( 5.0 ) ( 5.8 ) ( 12.3 ) ( 12.0 ) Income from continuing operations before income taxes 91.6 57.3 173.7 128.6 Provision for income taxes 20.0 14.0 37.3 29.4 Net income from continuing operations attributable to common shareholders 71.6 43.3 136.4 99.2 Income from discontinued operations, net of tax (Note 3) — 2.3 — 52.1 Net income attributable to common shareholders $ 71.6 $ 45.6 $ 136.4 $ 151.3 Earnings per basic share: Earnings per basic share from continuing operations $ 1.25 $ 0.76 $ 2.39 $ 1.75 Earnings per basic share from discontinued operations — 0.04 — 0.92 Earnings per basic share $ 1.25 $ 0.80 $ 2.39 $ 2.67 Earnings per diluted share: Earnings per diluted share from continuing operations $ 1.23 $ 0.75 $ 2.34 $ 1.73 Earnings per diluted share from discontinued operations — 0.04 — 0.91 Earnings per diluted share $ 1.23 $ 0.79 $ 2.34 $ 2.64 Average shares outstanding: Basic 57.2 56.7 57.1 56.6 Diluted 58.3 57.4 58.2 57.4 Dividends per share $ 0.205 $ 0.18 $ 0.41 $ 0.18 See Notes to Condensed Consolidated Financial Statements. 3 Table of Contents CRANE COMPANY CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Net income before allocation to noncontrolling interests $ 71.6 $ 45.6 $ 136.4 $