Crane Company (NYSE:CR) Q3 2024 Earnings Call Transcript October 29, 2024 10:00 AM ET

Company Participants

Allison Poliniak - VP of IR
Max Mitchell - Chairman, President and CEO
Rich Maue - EVP and CFO

Conference Call Participants

Matt Summerville - D.A. Davidson
Justin Ages - CJS Securities
Scott Deuschle - Deutsche Bank
Damian Karas - UBS
Ron Epstein - Bank of America
Adam Farley - Stifel
Jeff Sprague - Vertical Research
Tony Bancroft - Gabelli Funds

Operator

Hello, everyone, and welcome to the Crane Company Third Quarter 2024 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation. [Operator Instructions] I would now like to turn the call over to Allison Poliniak, Vice President of Investor Relations.

Allison Poliniak

Thank you, operator, and good day, everyone. Welcome to our third quarter 2024 earnings release conference call. I'm Allison Poliniak, Vice President of Investor Relations. On our call this morning, we have Max Mitchell, our Chairman, President and Chief Executive Officer; and Rich Maue, our Executive Vice President and Chief Financial Officer; along with Jason Feldman, Senior Vice President, Treasury, Tax and Investor Relations, who's on for Q&A. We will start off our call with a few prepared remarks from Max and Rich, after which we'll respond to your questions.

And just a reminder, the comments we make on this call will 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 in 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, Allison. Thanks, everyone, for joining the call today. Crane had another excellent quarter with results outperforming expectations. Adjusted EPS was $1.38, driven by an impressive 6% core sales growth, reflecting strength across both Aerospace & Electronics and Process Flow Technologies. We also had strong leading indicators with core orders up 6% and core backlog up 10% compared to last year. And confidence in our outlook for 2024 remains high.