Crane Holdings, Co. (NYSE:CR) Q2 2022 Earnings Conference Call July 26, 2022 10:00 AM ET

CompanyParticipants

Jason Feldman - Vice President of Investor Relations

Max Mitchell - President & Chief Executive Officer

Rich Maue - Senior Vice President & Chief Financial Officer

Conference Call Participants

Matt Summerville - D.A. Davidson

Nathan Jones - Stifel

Damian Karas - UBS

Elizabeth Grenfell - Bank of America

Kristine Liwag - Morgan Stanley

Operator

Greetings. Welcome to Crane's Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Jason Feldman, Vice President of Investor Relations. Thank you. You may begin.

Jason Feldman

Thank you, operator and good day, everyone. Welcome to our second quarter 2022 earnings release conference call. I'm Jason Feldman, Vice President of Investor Relations. On our call this morning, we have Max Mitchell, our President and Chief Executive Officer; and Rich Maue, our Senior Vice President and Chief Financial Officer.

We will start off our call with a few prepared remarks, after which we will respond to questions. Just a reminder that the comments we make on this call may include some forward-looking statements. We refer you to the cautionary language at the bottom of our earnings release and also in our annual report, 10-K and subsequent filings pertaining to forward-looking statements. Also during the call, we will be using some non-GAAP numbers which are reconciled to the comparable GAAP numbers and tables at the end of our press release and accompanying slide presentation, both of which are available on our website at www.craneco.com in the Investor Relations section.

Now, let me turn the call over to Max.

Max Mitchell

Thank you, Jason and good morning, everyone. Thanks for joining the call today. Another strong quarter with solid results across the board. Second quarter adjusted EPS was $1.90, consistent with our expectations and our guidance commentary and compared to $1.93 in the second quarter of 2021. Remember that the May divestiture of Crane Supply reduced EPS by approximately $0.05, both sequentially and compared to the prior year.

We also delivered core sales growth of 7%, with further strength in demand reflected in core order growth of 14% and core backlog growth of 21% compared to last year, continued solid underlying trends in our primary end markets. Clearly, momentum continues with another quarter of strong results, differentiated execution despite a challenging operational environment as well as further evidence of our success in driving accelerating growth.