Strong Core Sales and Earnings Growth
Adjusted EPS was $1.49 with a 6.5% core sales growth, driven by Aerospace & Electronics and Process Flow Technologies. Core orders were up nearly 20%.
Acquisition of PSI Businesses from Baker Hughes
Crane announced the acquisition of Precision Sensors & Instrumentation businesses, adding proprietary technologies and strengthening the portfolio.
Increased Full-Year Earnings Outlook
Crane raised its full-year adjusted earnings outlook to a range of $5.50 to $5.80, up from the prior view of $5.30 to $5.60.
Record Backlog in Aerospace & Electronics
The Aerospace & Electronics segment had a record backlog of just over $1 billion, increasing 29% year-over-year.
Strong Aftermarket Sales
Total aftermarket sales in Aerospace & Electronics increased 18%, with commercial aftermarket up 9% and military aftermarket up 37%.