Crane Company Reports 14.5% Revenue Growth to $2.131 Billion for Fiscal Year 2024

Crane Company reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total net sales reaching $2.131 billion, a 14.5% increase from $1.862 billion in 2023. The company's operating profit also saw a substantial rise, climbing to $355.8 million, up 42.1% from $250.4 million the previous year. This growth was driven by a combination of core sales growth, acquisitions, and favorable pricing strategies, with core sales alone contributing $156 million, or 8.4%, to the overall increase.

The company experienced notable changes compared to the previous fiscal period, particularly in its Aerospace & Electronics segment, which generated $932.7 million in sales, an 18.2% increase from $789.3 million in 2023. This growth was attributed to strong demand in both commercial and military markets, bolstered by the acquisition of Vian Enterprises, which added $40.6 million to the segment's revenue. Meanwhile, the Process Flow Technologies segment reported sales of $1.198 billion, an 11.7% increase, primarily due to contributions from recent acquisitions, including Technifab and CryoWorks.

Strategically, Crane Company has been active in expanding its portfolio through acquisitions, completing four significant transactions in 2024. These include the acquisition of Technifab Products, Inc. for $38.8 million, CryoWorks, Inc. for $60.7 million, and Vian Enterprises, Inc. for $102.5 million, all of which have been integrated into the Process Flow Technologies and Aerospace & Electronics segments. Additionally, the company completed the divestiture of its Engineered Materials segment for approximately $208 million, marking a strategic shift to focus on its core operations.

Operationally, Crane Company reported a workforce of approximately 7,300 employees as of December 31, 2024, with a diverse global presence across 23 countries. The company also noted a backlog of $1.240 billion, indicating strong future demand. The financial outlook for 2025 is positive, with expectations of a 5% increase in sales driven by core growth and contributions from recent acquisitions, although foreign exchange rates may pose a slight headwind. The company anticipates improvements in operating profit, primarily due to productivity gains and higher pricing, despite potential challenges in product mix.

Overall, Crane Company's 2024 performance reflects a robust recovery and strategic repositioning following its separation from Crane Holdings, Co. in April 2023, as it continues to focus on innovation and growth in its key segments.