Industrial products manufacturer Crane has announced its financial results for the fourth quarter, reporting lower profits but higher revenue. The Stamford, Conn.-based company saw a surge in demand and achieved a record backlog during this period.
Financial Performance
Crane recorded a net income of $49.4 million, or 86 cents per share, compared to a loss of $97.2 million per share in the same period last year. Analysts had expected adjusted earnings of 83 cents per share.
The company's sales for the quarter increased by 10% to $532.9 million, surpassing analysts' forecast of $521 million.
Record Backlog and Increased Operating Profit
Crane's aerospace and electronics business experienced a record backlog of $701 million. Additionally, the company achieved a significant 28% increase in adjusted operating profit.
Guidance for the Future
Crane projects an adjusted EPS of $4.55 to $4.80 for the upcoming period. The company's President and Chief Executive, Max Mitchell, believes there is potential for upside due to the easing of supply chain constraints in Aerospace & Electronics, stronger-than-expected demand at Process Flow Technologies, and additional capital deployment options.
Acquisition
In a recent development, Crane acquired Vina Enterprises, a lubrication-system maker, for $103 million.
