Vending

Crane boosts Q4 and FY 2021 results, adjusts 2022 earnings outlook

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January 25, 2022

Crane Co. improved its sales and earnings for Q4 2021, despite a slide in year-over-year sales, according to an earnings report.

Sales rose 13% from $684 million in Q4 2020 to $770.5 million for Q4 2021. The sales increase was comprised of a $86 million, or 13%, increase in core sales and a $1 million benefit from favorable foreign exchange.

Income attributable to common shareholders rose from $46.8 million to $72.1 million in the comparable quarters.

Payments and merchandising technologies sales rose 11% from $283 million to $314 million in the comparative quarters.

Fourth quarter GAAP earnings from continuing operations per diluted share rose from 73 cents to $1.16 in the comparative quarters. Excluding special items, fourth quarter 2021 EPS from continuing operations was $1.25, compared to 92 cents in the fourth quarter of 2020.

Full year sales fell from $650.7 million to $638.3 million from 2020 to 2021, but income jumped from $181 million to $435.4 million.

Earnings per diluted share rose from $3.08 in 2020 to $7.36 in 2021, while full year GAAP earnings from continuing operations per diluted share was $6.66, compared to $2.77.

Excluding special items, full year 2021 EPS from continuing operations was $6.55, compared to $3.53 in 2020.

Shares traded at $102.01 Monday against a 52-week range of $72.47-$108.67.

The $770.5 million in quarterly revenue beat analyst expectations by $24.89 million, while the Non-GAAP EPS of $1.25 beat expectations by 13 cents, according to Seeking Alpha.

"That culture and passion was clearly apparent in our phenomenal 2021 results, with record adjusted EPS, operating margin and free cash flow despite the year's difficult and uncertain environment," Max Mitchell, president and CEO, said in the press release.

"Looking to 2022, our performance momentum continues, and we are confident in the strength of our three growth platforms and our demonstrated ability to successfully deliver strong results in the current environment.

"Despite continued uncertainty related to COVID and other operating conditions, we are introducing initial 2022 adjusted EPS from continuing operations guidance of $7.00-$7.40, reflecting 10% growth at the midpoint compared to our record 2021 earnings. That earnings momentum, along with consistently strong cash flow, will enable us to drive further value through continued organic investments, as well as through capital deployment and inorganic growth in 2022 and beyond."

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