Crane $CR stock surged 4.8% on January 24, 2023, after the company reported earnings and revenue beats. The move higher took the stock through horizontal resistance. The stock is in a technical strong uptrend.
Crane Holdings Reported 2022 Results
Crane reported Q4 EPS of $2.13 on January 23, 2023, compared to the consensus estimate of $1.90. The company’s Q4 revenue was $824M as opposed to the consensus forecast of $822M. Comparatively to Q4 of last year, core sales increased by 11%, core orders by 15%, and core backlog by 28%.
CEO Max Mitchell stated: “Another outstanding quarter of execution by our global team, along with continued progress toward our planned separation. Preparations for the separation are progressing smoothly, and we remain on-track for completion in April 2023. Both organizations continue to build out strong teams that will position both Crane Company and Crane NXT to deliver consistent, differentiated execution. Further, we continue to believe that the transaction will permit each post-separation company to optimize its investments and capital allocation policies to further accelerate growth and unlock shareholder value.”