Crane (CR) Q4 FY2023 earnings: revenue $484 million, up 112.9% on the year

Crane Co. (CR) reported revenue of $484 million for Q4 FY2023, the quarter ended 31 December 2023, up 112.9% on the same quarter a year earlier. Net income was $49 million, down 66.6% on the year, and diluted earnings per share $0.86. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue$484 millionup 112.9%

Net income$49 milliondown 66.6%

Diluted EPS$0.86

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	484	474	n/a	n/a
Cost of revenue	300	284	n/a	n/a
Gross profit	184	190	n/a	n/a
Gross margin	38.0%	40.2%	n/a
Selling, general and administrative	136	127	n/a	n/a
Operating income	62.4	68.6	n/a	n/a
Operating margin	12.9%	14.5%	n/a
Interest expense	6.0	4.8	n/a	n/a
Pre-tax income	56.1	74.3	n/a	n/a
Income tax	12.6	19.1	n/a	n/a
Effective tax rate	22.5%	25.7%	n/a
Net income	49.4	55.2	n/a	n/a
Net margin	10.2%	11.6%	n/a
Diluted EPS	$0.86	$0.96	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Capital expenditure	13.0	8.9	n/a	n/a
Cash from financing	-7.5	-20.1	n/a	n/a
Depreciation and amortisation	10.3	9.4	n/a	n/a
Share-based compensation	4.2	7.9	n/a	n/a
Buybacks	n/a	0.0	n/a	n/a
Dividends paid	10.3	10.2	n/a	n/a
Dividend per share	n/a	$0.18	n/a	n/a
Diluted shares, weighted	n/a	58m	n/a	n/a
Shares outstanding at period end	57m	57m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,358	1,284	n/a	n/a
Non-controlling interest	2.5	2.4	n/a	n/a
Short-term borrowings	n/a	0.0	n/a	n/a
Debt	248	250	n/a	n/a
Operating lease liabilities	56.3	n/a	n/a	n/a
Other liabilities	668	655	n/a	n/a
Total liabilities and equity	2,334	2,192	n/a	n/a
Fixed assets	270	253	n/a	n/a
Goodwill	748	689	n/a	n/a
Intangible assets	87.9	67.4	n/a	n/a
Cash and equivalents	330	274	n/a	n/a
Receivables	306	324	n/a	n/a
Inventory	353	351	n/a	n/a
Other assets	238	234	n/a	n/a
Total assets	2,334	2,192	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	474	484	510	529	548	544	558	577	589	581	696	725
Cost of revenue	284	300	303	317	321	322	320	335	338	339	415	417
Gross profit	190	184	207	212	227	222	238	242	251	242	281	308
Gross margin	40%	38%	41%	40%	41%	41%	43%	42%	43%	42%	40%	42%
SG&A	127	136	126	127	133	n/a	136	n/a	n/a	n/a	n/a	n/a
Operating income	68.6	62.4	81.3	89.3	99.0	86.2	101	103	118	102	100	144
Operating margin	14%	13%	16%	17%	18%	16%	18%	18%	20%	18%	14%	20%
Interest expense	4.8	6.0	7.2	7.4	7.3	5.3	4.5	4.3	1.0	1.5	16.8	16.6
Pre-tax income	74.3	56.1	74.1	84.5	94.0	85.9	98.8	105	120	109	85.1	128
Tax rate	26%	22%	21%	22%	23%	18%	21%	23%	24%	25%	21%	25%
Net income	55.2	49.4	64.8	71.6	77.3	81.0	107	86.4	91.4	81.7	67.1	95.9
Net margin	12%	10%	13%	14%	14%	15%	19%	15%	16%	14%	10%	13%
Diluted EPS	$0.96	$0.86	$1.12	$1.23	$1.33	$1.38	$1.83	$1.47	$1.56	$1.39	$1.14	$1.63
Operating cash flow	n/a	n/a	n/a	n/a	n/a	n/a	-46.2	105	n/a	n/a	-29.5	122
Capital expenditure	8.9	13.0	9.1	7.4	9.0	11.1	14.2	16.1	13.4	9.8	10.7	14.6
Free cash flow	n/a	n/a	n/a	n/a	n/a	n/a	-60.4	88.9	n/a	n/a	-40.2	108
Buybacks	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	10.2	10.3	11.7	11.7	11.7	11.8	13.2	13.2	13.3	13.2	14.7	14.7
Shares outstanding	57m	57m	57m	57m	57m	57m	57m	58m	58m	58m	58m	58m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2025, accession 0001628280-25-008728: the filing on EDGAR. All of Crane Co.'s filings: EDGAR company page.

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