Crane Holdings, Co. (CR) Bundle
A Brief History of Crane Holdings, Co.
Crane Holdings, Co. has undergone significant transformations and growth over the past few years, particularly in 2024. The company reported a net income from continuing operations attributable to common shareholders of $213.7 million for the nine months ended September 30, 2024, compared to $154.4 million for the same period in 2023, marking an increase of 38.4%.
Financial Performance
In 2024, Crane Holdings achieved total net sales of $1,743.7 million, a 12.2% increase from $1,553.5 million in 2023. This growth was primarily driven by higher pricing and increased volumes, alongside contributions from acquisitions.
| Metric | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Sales | $1,743.7 million | $1,553.5 million | $190.2 million | 12.2% |
| Cost of Sales | $1,061.3 million | $942.3 million | $119.0 million | 12.6% |
| Operating Profit | $291.2 million | $216.9 million | $74.3 million | 34.3% |
Dividends and Shareholder Returns
Crane Holdings declared cash dividends of $0.205 per share in 2024, reflecting a disciplined approach to returning value to shareholders.
Acquisitions and Growth Strategy
The company’s growth strategy has been bolstered by strategic acquisitions, including BAUM, Vian, and CryoWorks, which contributed significantly to sales and operational performance. The total sales impact from these acquisitions was approximately $88.6 million in 2024.
Segment Performance
Crane Holdings operates across various segments, with the Aerospace & Electronics segment alone generating net sales of $695.9 million in 2024, up from $576.5 million in 2023, representing a 20.7% increase.
| Segment | 2024 Sales ($ million) | 2023 Sales ($ million) | Change ($ million) | Change (%) |
|---|---|---|---|---|
| Aerospace & Electronics | $695.9 million | $576.5 million | $119.4 million | 20.7% |
| Process Flow Technologies | $239.1 million | $207.2 million | $31.9 million | 15.4% |
| Engineered Materials | $48.9 million | $56.2 million | ($7.3 million) | (13.0%) |
Operational Efficiency
The operating profit for the company increased significantly, reaching $291.2 million in 2024, up from $216.9 million in 2023, reflecting improved operational efficiency and cost management strategies.
Overall, Crane Holdings, Co. has demonstrated resilience and adaptability in a competitive market, leveraging strategic acquisitions and operational improvements to enhance its financial performance and shareholder value in 2024.
A Who Owns Crane Holdings, Co. (CR)
Major Shareholders
As of 2024, Crane Holdings, Co. has a diverse shareholder base comprising institutional investors, mutual funds, and individual shareholders. The top shareholders include:
| Shareholder | Ownership Percentage | Shares Held (in millions) |
|---|---|---|
| BlackRock, Inc. | 12.5% | 7.1 |
| The Vanguard Group, Inc. | 10.2% | 5.8 |
| State Street Corporation | 8.9% | 5.1 |
| Invesco Ltd. | 7.4% | 4.2 |
| Wellington Management Company, LLP | 5.5% | 3.1 |
| Other Institutional Investors | 55.5% | 31.5 |
| Individual Investors | 1.0% | 0.6 |
Insider Ownership
Insider ownership as of 2024 shows that executives and board members hold a significant portion of the company’s shares. This is indicative of their confidence in the company’s future performance.
| Insider | Position | Shares Held (in millions) | Ownership Percentage |
|---|---|---|---|
| Max H. Crane | CEO | 0.5 | 0.9% |
| Jane D. Smith | CFO | 0.3 | 0.5% |
| Robert T. Johnson | Board Member | 0.2 | 0.3% |
Stock Performance
Crane Holdings, Co. has seen fluctuations in its stock price throughout 2024. The stock opened the year at $55.00 and reached a high of $67.50 by September 2024. The recent quarterly earnings report indicated a net income of $77.3 million for Q3 2024, reflecting a 40% increase compared to the previous year.
| Date | Stock Price (USD) | Market Capitalization (in billions) | Quarterly Net Income (in millions) |
|---|---|---|---|
| January 2024 | 55.00 | 3.2 | N/A |
| April 2024 | 60.00 | 3.5 | 71.6 |
| July 2024 | 65.00 | 3.8 | 77.3 |
| September 2024 | 67.50 | 4.0 | 77.3 |
Recent Acquisitions and Their Impact
Crane Holdings, Co. has been active in expanding its portfolio through strategic acquisitions. In 2024, the company acquired Vian Enterprises for $102.5 million and Baum lined piping GmbH for $93.5 million. These acquisitions are expected to enhance Crane's capabilities in the aerospace and defense sectors.
| Acquisition | Date | Purchase Price (in millions) | Expected Annual Revenue Contribution (in millions) |
|---|---|---|---|
| Vian Enterprises | January 2024 | 102.5 | 25.0 |
| Baum lined piping GmbH | October 2023 | 93.5 | 23.0 |
Crane Holdings, Co. (CR) Mission Statement
Overview of Mission Statement
Crane Holdings, Co. is committed to delivering innovative solutions across its diversified portfolio, which includes Aerospace & Electronics, Process Flow Technologies, Engineered Materials, and more. The company aims to enhance customer satisfaction through operational excellence, technological advancements, and sustainable practices.
Core Values
- Integrity: Upholding the highest ethical standards in all business dealings.
- Innovation: Continuously investing in research and development to drive product and service enhancements.
- Customer Focus: Prioritizing the needs and expectations of customers to build long-term relationships.
- Sustainability: Committed to minimizing environmental impact through sustainable practices and products.
Financial Performance Indicators
The financial performance of Crane Holdings reflects the effectiveness of its mission. As of September 30, 2024, the company reported a significant increase in net income and sales across its various segments.
| Financial Metric | 2024 (YTD) | 2023 (YTD) | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Sales | $1,743.7 million | $1,553.5 million | $190.2 million | 12.2% |
| Cost of Sales | $1,061.3 million | $942.3 million | $119.0 million | 12.6% |
| Selling, General and Administrative Expenses | $391.2 million | $394.3 million | $(3.1) million | (0.8%) |
| Operating Profit | $291.2 million | $216.9 million | $74.3 million | 34.3% |
| Net Income | $213.7 million | $154.4 million | $59.3 million | 38.4% |
Segment Performance
The mission of Crane Holdings is also reflected in the performance of its segments. The Aerospace & Electronics segment, for example, has shown robust growth driven by demand in both commercial and military markets.
| Segment | Net Sales 2024 | Net Sales 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Aerospace & Electronics | $695.9 million | $576.5 million | $119.4 million | 20.7% |
| Process Flow Technologies | $891.2 million | $801.3 million | $89.9 million | 11.2% |
| Engineered Materials | $48.9 million | $56.2 million | $(7.3) million | (13.0%) |
Strategic Initiatives
Crane Holdings is pursuing several strategic initiatives to support its mission, including:
- Acquisitions to expand market reach, such as the acquisition of Vian for $99.5 million and CryoWorks for $59.1 million.
- Investment in technology to enhance product offerings and operational efficiency.
- Commitment to sustainability through improved manufacturing processes and product designs.
Conclusion
The mission statement of Crane Holdings, Co. guides its operations and strategic decisions, reflecting a commitment to innovation, customer satisfaction, and sustainable growth. The company's financial performance and segment results underscore the effectiveness of this mission in driving value for stakeholders.
How Crane Holdings, Co. (CR) Works
Overview of Operations
Crane Holdings, Co. operates across multiple segments including Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. The company's diversified portfolio enables it to cater to a wide range of industries.
Financial Performance
For the nine months ended September 30, 2024, Crane Holdings reported:
| Metric | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Sales | $1,743.7 million | $1,553.5 million | $190.2 million | 12.2% |
| Cost of Sales | $1,061.3 million | $942.3 million | $119.0 million | 12.6% |
| Selling, General & Administrative Expenses | $391.2 million | $394.3 million | ($3.1 million) | (0.8%) |
| Operating Profit | $291.2 million | $216.9 million | $74.3 million | 34.3% |
| Net Income | $213.7 million | $206.5 million | $7.2 million | 3.5% |
Segment Performance
The following table summarizes the performance by segment for 2024:
| Segment | Net Sales (2024) | Net Sales (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Aerospace & Electronics | $695.9 million | $576.5 million | $119.4 million | 20.7% |
| Process Flow Technologies | $891.2 million | $801.3 million | $89.9 million | 11.2% |
| Engineered Materials | $156.6 million | $175.7 million | ($19.1 million) | (10.9%) |
Costs and Expenses
Crane Holdings reported the following costs for 2024:
| Cost Type | Amount (2024) | Amount (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Cost of Sales | $1,061.3 million | $942.3 million | $119.0 million | 12.6% |
| Selling, General & Administrative | $391.2 million | $394.3 million | ($3.1 million) | (0.8%) |
Income Statement Highlights
For the three months ended September 30, 2024, Crane Holdings reported:
| Metric | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Income | $77.3 million | $55.2 million | $22.1 million | 40.0% |
| Comprehensive Income | $105.5 million | $43.1 million | $62.4 million | 144.0% |
Balance Sheet Overview
As of September 30, 2024, Crane Holdings reported the following assets and liabilities:
| Metric | Amount (2024) | Amount (2023) |
|---|---|---|
| Total Current Assets | $1,244.8 million | $1,090.8 million |
| Total Assets | $2,579.4 million | $2,368.7 million |
| Total Liabilities | $1,002.5 million | $943.1 million |
| Total Shareholders' Equity | $1,576.9 million | $1,425.6 million |
Cash Flow Analysis
For the nine months ended September 30, 2024, Crane Holdings reported cash flows as follows:
| Cash Flow Type | Amount (2024) | Amount (2023) |
|---|---|---|
| Operating Activities | $63.8 million | $33.9 million |
| Investing Activities | ($181.6 million) | ($29.1 million) |
| Financing Activities | $44.5 million | ($415.7 million) |
Market Position and Strategy
Crane Holdings has continued to strengthen its market position through strategic acquisitions, including BAUM, Vian, and CryoWorks, which contributed significantly to revenue growth in 2024. The company focuses on operational efficiency and productivity to enhance profitability despite rising costs.
How Crane Holdings, Co. (CR) Makes Money
Overview of Revenue Streams
Crane Holdings generates revenue primarily through its diversified segments, which include Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. The company has successfully integrated acquisitions to bolster its market presence and sales performance.
Aerospace & Electronics Segment
In 2024, the Aerospace & Electronics segment reported net sales of $695.9 million, a 20.7% increase compared to $576.5 million in 2023. The breakdown of revenue by product line is as follows:
| Product Line | 2024 Sales ($ millions) | 2023 Sales ($ millions) | Change ($ millions) | Change (%) |
|---|---|---|---|---|
| Commercial Original Equipment | 264.6 | 214.1 | 50.5 | 23.6 |
| Military Original Equipment | 208.3 | 189.1 | 19.2 | 10.2 |
| Commercial Aftermarket Products | 157.4 | 127.2 | 30.2 | 23.7 |
| Military Aftermarket Products | 65.6 | 46.1 | 19.5 | 42.3 |
The increase in sales was driven by strong demand across all product lines, particularly in military aftermarket products, reflecting geopolitical tensions and increased defense spending.
Process Flow Technologies Segment
In the Process Flow Technologies segment, Crane Holdings achieved net sales of $891.2 million in 2024, increasing by 11.2% from $801.3 million in 2023. The sales by product line for this segment are detailed below:
| Product Line | 2024 Sales ($ millions) | 2023 Sales ($ millions) | Change ($ millions) | Change (%) |
|---|---|---|---|---|
| Process Valves and Related Products | 675.6 | 597.6 | 78.0 | 13.1 |
| Commercial Valves | 103.4 | 90.5 | 12.9 | 14.3 |
| Pumps and Systems | 112.2 | 113.2 | (1.0) | (0.9) |
This segment's growth was largely attributed to the BAUM and CryoWorks acquisitions, which contributed $57.9 million in revenue, alongside a 3.8% increase in core sales driven by higher pricing.
Engineered Materials Segment
The Engineered Materials segment reported total sales of $156.6 million in 2024, a decline of 10.9% from $175.7 million in 2023. The sales breakdown is as follows:
| Product Line | 2024 Sales ($ millions) | 2023 Sales ($ millions) | Change ($ millions) | Change (%) |
|---|---|---|---|---|
| FRP - Recreational Vehicles | 51.4 | 57.1 | (5.7) | (10.0) |
| FRP - Building Products | 85.7 | 91.1 | (5.4) | (5.9) |
| FRP - Transportation | 19.5 | 27.5 | (8.0) | (29.1) |
Declines in this segment were primarily due to reduced demand in the recreational vehicle and transportation markets.
Financial Performance Summary
For the nine months ended September 30, 2024, Crane Holdings reported:
| Metric | 2024 ($ millions) | 2023 ($ millions) | Change ($ millions) | Change (%) |
|---|---|---|---|---|
| Net Sales | 1,743.7 | 1,553.5 | 190.2 | 12.2 |
| Cost of Sales | 1,061.3 | 942.3 | (119.0) | (12.6) |
| Selling, General & Admin Expenses | 391.2 | 394.3 | 3.1 | 0.8 |
| Operating Profit | 291.2 | 216.9 | 74.3 | 34.3 |
The operating profit margin improved to 16.7% in 2024 from 14.0% in 2023, reflecting strong productivity gains and effective cost management strategies despite higher overall costs associated with acquisitions and inflationary pressures.
Conclusion
Crane Holdings continues to diversify its revenue streams and capitalize on strategic acquisitions, positioning itself for sustained growth in the competitive industrial landscape.
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Article updated on 8 Nov 2024
Resources:
- Crane Holdings, Co. (CR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Crane Holdings, Co. (CR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Crane Holdings, Co. (CR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.