By Dhirendra Tripathi
Investing.com – Crane Company stock (NYSE:CR) soared 11% Tuesday as the company overcame inflationary pressures and supply chain challenges to take its third-quarter sales and profits past analysts’ estimates.
The company’s board also approved a $300 million share repurchase program.
Riding on the outperformance in the third quarter, the maker of industrial products like cabin seats for airplanes, boosted its full-year net sales target to $3.15 billion and adjusted profit per share to $6.40 at midpoint. Its previous forecasts pegged net sales at $3.10 billion and EPS at $6.05 at the center of the range.
The company said the midpoint of its guidance range is also now well above its prior-peak 2019 adjusted EPS of $6.02 despite discontinuing operations of its engineered materials business, and many of its end markets are still in the very early stages of recovery.
Third-quarter sales were 21% higher, at $834 million. Core sales rose 20%. Net profit more than doubled to $116.6 million.
The company closed September with an order book of $1.21 billion, 2% stronger from end-June.
Orders grew most strongly in the company’s payment and merchandising technologies division, which makes electronic payment solutions and vending equipment.
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