Crane Co
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
CR$201.06+1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-31.
0001628280-24-033745
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0001628280-24-044560
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 108 previous paragraphs and 111 current paragraphs.
34 unchanged; 52 reworded; 24 added; 21 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
Recent Transactions and Events
Current report
Marion Site Hurricane and Recovery
Current report
In September 2024, our manufacturing site in Marion, North Carolina was directly affected by flooding from Hurricane Helene. Our insurance generally covers the repair or replacement of assets that suffered damage or loss and also provides business interruption coverage, including lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered. The extent of the damage to the facility is still being assessed but the loss, net of insurance recoveries is not expected to be material. The recovery related to business interruption will be recognized when realized and received. We are working with our insurance carrier to assess the damage and ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds may lag behind actual losses incurred. For the three months ended September 30, 2024, we incurred losses of $3.7 million related to the write-off of damaged property, equipment and inventory and have recorded an insurance receivable of $3.2 million, which is net of the $0.5 million deductible. These costs and insurance recoveries are included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.
Current report
In 2024, we expect Engineered materials sales to decline in the mid-single digit range, and operating profit, and operating margin are expected to be lower compared to last year driven by the deleverage on lower volumes, partially offset by higher productivity.
Current report
Cost of sales increased by $32.3 million, or 9.9%, to $359.2 million in 2024. The increase is primarily related to the impact from the BAUM, Vian and CryoWorks acquisitions of $26.4 million, or 8.1%, unfavorable mix of $13.1 million, or 4.0%, coupled with higher material, labor and other manufacturing costs $8.6 million, or 2.6%, partially offset by strong productivity gains $13.0 million, or 4.0%, and impact from lower volumes of $3.2 million, or 1.0%.
Current report
Selling, general and administrative expenses increased by $5.9 million, or 4.6%, to $132.8 million in 2024, primarily driven by the impact from the BAUM, Vian and CryoWorks acquisitions.
Current report
Operating profit increased by $28.9 million, or 37.9%, to $105.2 million in 2024. The increase is primarily due to higher pricing net of inflation of $24.7 million, or 32.4%, strong productivity gains of $14.1 million, or 18.5%, partially offset by unfavorable mix of $13.1 million, or 17.2%.
Current report
Sales increased $31.9 million, or 15.4%, to $239.1 million in 2024, primarily due to higher pricing and higher volumes of $20.8 million, or 10.0%, and the impact of the Vian acquisition of $11.0 million, or 5.3%.
Current report
Cost of sales increased by $13.3 million, or 10.1%, to $144.8 million in 2024, primarily reflecting the impact from the Vian acquisition of $9.8 million, or 7.5%, higher material, labor and other manufacturing costs of $3.6 million, or 2.7%, increased volumes of $2.1 million, or 1.6%, unfavorable mix of $3.0 million, or 2.3%, partially offset by strong productivity gains of $5.2 million, or 4.0%.
Current report
Cost of sales increased by $24.3 million, or 16.0%, to $176.5 million, primarily related to the impact of the BAUM and CryoWorks acquisitions of $16.6 million, or 10.9%, unfavorable mix of $9.6 million, or 6.3%, higher material, labor and other manufacturing costs of $3.7 million, or 2.4%, partially offset by productivity gains of $6.9 million, or 4.5%.
Current report
Operating profit increased by $14.3 million, or 27.9%, to $65.5 million in 2024. The increase is primarily due to higher pricing net of inflation and higher volumes of $14.6 million, or 28.5%, productivity gains and other net cost savings of $7.9 million, or 15.4%, partially offset by unfavorable mix of $9.6 million, or 18.8%.
Current report
Cost of sales decreased $5.7 million, or 13.2%, to $37.6 million in 2024, primarily related to lower volumes of $6.1 million or 14.1%, partially offset by higher material, labor and other manufacturing costs of $0.8 million, or 1.8%.
Current report
Operating profit decreased by $1.5 million, or 19.5%, to $6.2 million in 2024, primarily reflecting the impact from lower volumes of $3.2 million, or 41.6%, and higher pricing net of inflation and productivity gains, partially offset by unfavorable mix of $1.8 million, or 23.4%.
Current report
Results from Continuing Operations – Nine Months Ended September 30,
Current report
Cost of sales increased by $119.0 million, or 12.6%, to $1,061.3 million in 2024. The increase is primarily related to the impact from the BAUM, Vian and CryoWorks acquisitions of $74.1 million, or 7.9%, coupled with higher material, labor and other manufacturing costs of $61.3 million, or 6.5%, unfavorable mix of $16.0 million, or 1.7%, and higher volumes of $4.5 million, or 0.5%, partially offset by strong productivity gains of $37.7 million, or 4.0%.
Current report
Operating profit increased by $74.3 million, or 34.3%, to $291.2 million in 2024. The increase is primarily due to strong productivity gains of $40.9 million, or 18.9%, the absence of expenses related to the Separation and net higher pricing to a lesser extent of $33.2 million, or 15.3%, coupled with higher volumes of $12.9 million, or 5.9%, and, partially offset by unfavorable mix of $16.0 million, or 7.4%.
Current report
Segment Results of Operations - Nine Months Ended September 30,
Current report
Cost of sales increased by $71.3 million, or 19.9%, to $430.4 million in 2024, primarily reflecting higher material, labor and other manufacturing costs of $36.7 million, or 10.2%, the impact from the Vian acquisition of $29.0 million, or 8.1%, increased volumes of $21.9 million, or 6.1%, partially offset by productivity gains of $15.3 million, or 4.3%, and favorable mix of $1.3 million, or 0.4%.
Current report
Selling, general and administrative expense increased by $8.3 million, or 8.2%, to $109.6 million in 2024, primarily related to higher administrative costs of $8.1 million, or 8.0%.
Current report
Sales increased by $89.9 million, or 11.2%, to $891.2 million in 2024, primarily driven by the impact of the BAUM and CryoWorks acquisitions of $57.9 million, or 7.2%, higher core sales of $30.3 million, or 3.8%, primarily driven by higher pricing.
Current report
Cost of sales increased by $59.7 million, or 13.2%, to $511.4 million, primarily related to the impact of the BAUM and CryoWorks acquisitions of $45.1 million, or 10.0%, higher material, labor and other manufacturing costs of $21.0 million, or 4.6%, unfavorable mix of $16.9 million, or 3.7%, partially offset by productivity gains of $20.0 million, or 4.4%, and the impact of lower volumes of $3.8 million, or 0.8%.
Current report
Selling, general and administrative expense increased by $13.4 million, or 7.3%, to $197.9 million, primarily driven by the impact of the BAUM and CryoWorks acquisitions of $12.6 million, or 6.8%.
Current report
Operating profit increased by $16.8 million, or 10.2%, to $181.9 million in 2024. The increase is primarily due to productivity gains and other cost savings of $25.5 million, or 15.4 %, higher net pricing of $13.3 million, or 8.1%, partially offset by unfavorable mix of $16.9 million, or 10.2%, and the impact of lower volumes of $5.3 million, or 3.2%.
Current report
Operating profit decreased by $7.3 million, or 25.3%, to $21.6 million in 2024, primarily reflecting the impact of lower volumes of $7.5 million, or 26.0%, partially offset by higher net pricing, productivity gains, net of unfavorable mix of $0.3 million, or 1.0%.
Removed paragraphs (21)
Previous report
Recent Transactions
Previous report
In 2024, we expect Engineered materials sales, operating profit, and operating margin to be approximately flat compared to 2023.
Previous report
Cost of sales increased by $48.8 million, or 15.8%, to $357.3 million in 2024. The increase is primarily related to the impact from the BAUM, Vian and CryoWorks acquisitions of $25.8 million, or 8.4%, coupled with higher material, labor and other manufacturing costs of $22.0 million, or 7.1%, driven by the higher sales, and unfavorable mix of $7.4 million or 2.4%, partially offset by strong productivity gains and other cost savings of $12.7 million, or 4.1%.
Previous report
Selling, general and administrative expenses decreased by $10.7 million, or 7.8%, to $127.3 million in 2024, primarily driven by a decrease in administrative expenses of $14.0 million, or 10.1%, related to the absence of expenses related to the Separation, partially offset by the higher selling costs of $4.5 million, or 3.3%.
Previous report
Operating profit increased by $33.5 million, or 53.1%, to $96.6 million in 2024. The increase is primarily due to higher pricing net of inflation and higher volumes of $27.1 million, or 43%, strong productivity gains of $13.6 million, or 21.6%, and the absence of expenses related to the Separation, partially offset by unfavorable mix of $7.4 million, or 11.7%.
Previous report
Sales increased $41.7 million, or 22.0%, to $230.9 million in 2024, primarily due to higher volumes and pricing of $31.1 million, or 16.4%, and the impact of the Vian acquisition of $10.6 million, or 5.6%.
Previous report
Cost of sales increased by $27.3 million, or 23.4%, to $143.9 million in 2024, primarily reflecting higher material, labor and other manufacturing costs of $13.9 million, or 11.9%, the impact from the Vian acquisition of $9.8 million, or 8.4%, increased volumes of $7.5 million, or 6.4%, partially offset by productivity gains of $4.7 million, or 4.0%.
Previous report
Cost of sales increased by $23.8 million, or 15.9%, to $173.2 million, primarily related to the impact of the BAUM and CryoWorks acquisitions of $15.9 million, or 10.6%, higher material, labor and other manufacturing costs of $6.3 million, or 4.2%, unfavorable mix of $6.0 million, or 4.0%, and higher volumes of $2.9 million, or 1.9%, partially offset by net productivity gains and favorable foreign currency translation of $7.3 million, or 4.9%.
Previous report
Operating profit increased by $8.9 million, or 17.6%, to $59.5 million in 2024. The increase is primarily due to higher pricing net of inflation and higher volumes of $7.5 million, or 14.8%, productivity gains of $7.3 million, or 14.4%, partially offset by unfavorable mix and foreign currency translation of $6.4 million, or 12.6%.
Previous report
Cost of sales decreased $2.3 million, or 5.4%, to $40.2 million in 2024, primarily related to lower volumes.
Previous report
Operating profit decreased by $2.5 million, or 25.5%, to $7.3 million in 2024, primarily reflecting the impact from lower volumes.
Previous report
Results from Continuing Operations – Six Months Ended June 30,
Previous report
Cost of sales increased by $86.7 million, or 14.1%, to $702.1 million in 2024. The increase is primarily related to the higher material, labor and other manufacturing costs of $52.8 million, or 8.6%, driven by the higher sales, coupled with impact from the BAUM, Vian and CryoWorks acquisitions of $47.7 million, or 7.8%, and higher volumes of $7.8 million, or 1.3%, partially offset by strong productivity gains of $24.6 million, or 4.0%.
Previous report
Operating profit increased by $45.4 million, or 32.3%, to $186.0 million in 2024. The increase is primarily due to strong productivity gains of $26.8 million, or 19.1%, coupled with higher volumes of $12.2 million, or 8.7%, and higher pricing net of inflation of $8.5 million, or 6.0%, and the absence of expenses related to the Separation, partially offset by unfavorable mix of $2.9 million, or 2.0%.
Previous report
Segment Results of Operations - Six Months Ended June 30,
Previous report
Cost of sales increased by $58.0 million, or 25.5%, to $285.6 million in 2024, primarily reflecting higher material, labor and other manufacturing costs of $33.1 million, or 14.5%, increased volumes of $19.9 million, or 8.7%, the impact from the Vian acquisition of $19.2 million, or 8.4%, partially offset by productivity gains of $10.0 million, or 4.4%, and favorable mix of $4.3 million, or 1.9%
Previous report
Sales increased by $47.4 million, or 8.9%, to $582.0 million in 2024, primarily driven by the impact of the BAUM and CryoWorks acquisitions of $35.0 million, or 6.5%, higher core sales of $12.0 million, or 2.2%, primarily driven by higher pricing.
Previous report
Cost of sales increased by $35.4 million, or 11.8%, to $334.9 million, primarily related to the impact of the BAUM and CryoWorks acquisitions of $28.5 million, or 9.5%, higher material, labor and other manufacturing costs of $17.2 million, or 5.7%, unfavorable mix of $7.3 million, or 2.4%, partially offset by productivity gains of $13.1 million, or 4.4%, and the impact of lower volumes of $4.6 million, or 1.5%.
Previous report
Selling, general and administrative expense increased by $9.5 million, or 7.8%, to $130.7 million, primarily driven by the impact of the BAUM and CryoWorks acquisitions of $7.4 million, or 6.1%, and to a lesser extent, higher selling costs.
Previous report
Operating profit increased by $2.5 million, or 2.2%, to $116.4 million in 2024. The increase is primarily due to productivity gains and other net savings of $15.9 million, or 14.0 %, partially offset by unfavorable mix of $7.3 million, or 6.4%, and the impact of lower volumes of $6.5 million, or 5.7%.
Previous report
Operating profit decreased by $5.8 million, or 27.4%, to $15.4 million in 2024, primarily reflecting the impact of lower volumes of $4.3 million, or 20.3%, and higher material, labor and other manufacturing costs, net of productivity gains and favorable mix of $1.5 million, or 7.1%.
Reworded paragraphs (52)
Previous wording
Effective May 1, 2024, the Company completed the acquisition of CryoWorks, Inc. (“CryoWorks”) for $60.7 million on a cash-free and debt-free basis, subject to a net working capital adjustment. On April 29, 2024, we borrowed approximately $50 million under the Company’s existing Revolving Facility to fund the Cryoworks acquisition. CryoWorks, a leading supplier of vacuum insulated pipe systems for hydrogen and cryogenic applications, has been integrated into the Process Flow Technologies segment.
Current wording
Effective May 1, 2024, the Company completed the acquisition of CryoWorks, Inc. (“CryoWorks”) for $60.7 million on a cash-free and debt-free basis. On April 29, 2024, we borrowed approximately $50 million under the Company’s existing Revolving Facility to fund the CryoWorks acquisition. During the third quarter of 2024, the Company received $1.6 million from the seller related to a final working capital adjustment. CryoWorks, a leading supplier of vacuum insulated pipe systems for hydrogen and cryogenic applications, has been integrated into the Process Flow Technologies segment.
Previous wording
On January 2, 2024, the Company completed the acquisition of Vian Enterprises, Inc. (“Vian”) for $102.5 million on a cash-free and debt-free basis, subject to a net working capital adjustment and potential additional payments of up to $7.5 million depending on the resolution of outstanding contingencies. On January 2, 2024, we borrowed $100 million under the Company’s existing Revolving Facility to fund the Vian acquisition. Vian, a global designer and manufacturer of multi-stage lubrication pumps and lubrication system components technology for critical aerospace and defense applications with sole-sourced and proprietary content on the highest volume commercial and military aircraft platforms, has been integrated into the Aerospace & Electronics segment.
Current wording
On January 2, 2024, the Company completed the acquisition of Vian Enterprises, Inc. (“Vian”) for $102.5 million on a cash-free and debt-free basis subject to potential additional payments of up to $7.5 million depending on the resolution of outstanding contingencies. On January 2, 2024, we borrowed $100 million under the Company’s existing Revolving Facility to fund the Vian acquisition. During the third quarter of 2024, the Company received $3.0 million from the seller related to a final working capital adjustment. Vian, a global designer and manufacturer of multi-stage lubrication pumps and lubrication system components technology for critical aerospace and defense applications with sole-sourced and proprietary content on the highest volume commercial and military aircraft platforms, has been integrated into the Aerospace & Electronics segment.
Previous wording
For 2024, we expect a total year-over-year sales increase of approximately 11%, driven by approximately 5% to 7% core growth, and approximately 5% sales contribution from the Baum lined piping GmbH, Vian Enterprises, Inc. and CryoWorks, Inc. acquisitions. We expect an improvement in operating profit driven primarily by lower transaction related expenses, productivity benefits, operating leverages on higher volumes, higher pricing net of inflation and contributions from acquisitions, partially offset by unfavorable mix.
Current wording
For 2024, we expect a total year-over-year sales increase of approximately 11%, driven by approximately 5% to 7% core growth, and approximately 5% sales contribution from the Baum, Vian and CryoWorks acquisitions. We expect an improvement in operating profit driven primarily by lower transaction related expenses, productivity benefits, operating leverages on higher volumes, higher pricing net of inflation and contributions from acquisitions, partially offset by unfavorable mix.
Previous wording
In 2024, we expect Aerospace & Electronics sales to increase in the mid-teens range compared to 2023, driven by approximately 12% core sales growth and a 4% to 5% contribution from the Vian Enterprises, Inc. acquisition. We expect a substantial improvement in our commercial OEM business driven by higher aircraft build rates, and we expect an improvement in our commercial aftermarket business given continued recovery in airline flight hours. We expect our defense OEM sales to grow slightly, but the defense aftermarket businesses are expected to grow significantly given continued global geopolitical uncertainty which is driving increased demand to replace legacy product sales. We expect segment operating profit and operating margin to increase compared to 2023 driven primarily by the impact of operating leverage on higher volumes, pricing and productivity benefits.
Current wording
In 2024, we expect Aerospace & Electronics sales to increase in the mid-teens range compared to 2023, and inclusive of a 5% contribution from the Vian Enterprises, Inc. acquisition. We expect a substantial improvement in our commercial OEM business driven by higher aircraft build rates, and we expect an improvement in our commercial aftermarket business given continued recovery in airline flight hours. We expect our defense OEM sales to grow modestly, but the defense aftermarket businesses are expected to grow significantly given continued global geopolitical uncertainty which is driving increased demand to replace legacy product sales. We expect segment operating profit and operating margin to increase compared to 2023 driven primarily by the impact of operating leverage on higher volumes, higher pricing and productivity benefits.
Previous wording
In 2024, we expect Process Flow Technologies sales to increase approximately 10% driven by contribution from the Baum lined piping GmbH and CryoWorks, Inc. acquisitions, along with core sales increasing approximately 4%.
Current wording
In 2024, we expect Process Flow Technologies sales to increase low double-digits driven by contribution from the Baum lined piping GmbH and CryoWorks acquisitions, along with a mid-single digit increase in core sales.
Previous wording
We expect Process Valves and Related Products sales to increase in the low double digit range compared to 2023, driven by mid- to high-single digit contribution from acquisitions, with mid-single digit cores sales growth driven primarily by sales to chemical and pharmaceutical end markets. We expect Commercial Valves sales to increase in the low- to mid-single digit range as end markets in the U.K. begin to improve from the depressed levels, and we expect Pumps and Systems sales to increase in the mid- to high-single digit range compared to 2023, driven by strong demand across municipal and non-residential U.S. end markets. We expect an improvement in segment operating profit and operating margin compared to 2023, driven primarily by productivity, higher pricing net of inflation and higher volumes, partially offset by unfavorable mix.
Current wording
We expect Process Valves and Related Products sales to increase in the low double-digit range compared to 2023, driven by mid- to high-single digit contribution from acquisitions, with mid-single digit cores sales growth driven primarily by sales to chemical and pharmaceutical end markets. We expect Commercial Valves sales to increase in the low- to mid-teens range as end markets in the U.K. begin to improve from the depressed levels, and we expect Pumps and Systems sales to increase in the low-single digit range compared to 2023. We expect an improvement in segment operating profit and operating margin compared to 2023, driven primarily by productivity, higher pricing net of inflation, partially offset by unfavorable mix.
Previous wording
The following information should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the second quarter 2024 versus the second quarter 2023, unless otherwise specified.
Current wording
The following information should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the third quarter 2024 versus the third quarter 2023, unless otherwise specified.
Previous wording
Sales increased by$71.6 million, or 14.1%, to $581.2 million in 2024. The period-over-period change in sales included:
Current wording
Sales increased by$67.1 million, or 12.7%, to $597.2 million in 2024. The period-over-period change in sales included:
Previous wording
•an increase in core sales of $44.0 million, or 8.6%, which was driven primarily by higher pricing, and to a lesser extent, higher volume;
Current wording
•an increase in core sales of $31.8 million, or 6.0%, which was driven primarily by higher pricing, offset by lower volumes;
Previous wording
•an increase in sales related to the BAUM, Vian and CryoWorks acquisitions of $28.8 million, or 5.7%; partially offset by
Current wording
•an increase in sales related to the BAUM, Vian and CryoWorks acquisitions of $34.0 million, or 6.4%; and
Previous wording
Our effective tax rate for the three months ended June 30, 2024, is lower than the prior year’s comparable tax rate primarily due to lower non-U.S. taxes and lower statutorily non-deductible costs.
Current wording
Our effective tax rate for the three months ended September 30, 2024, is lower than the prior year’s comparable period primarily due to lower non-U.S. taxes and lower statutorily non-deductible costs, partially offset by the statutory U.S. deduction related to our non-U.S. subsidiaries’ income.
Previous wording
Our effective tax rate for the three months ended June 30, 2024, is slightly higher than the statutory U.S. federal tax rate of 21% primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S. state taxes, partially offset by excess share-based compensation benefits, tax credit utilization, and the statutory U.S. deduction related to our non-U.S. subsidiaries’ income.
Current wording
Our effective tax rate for the three months ended September 30, 2024 is higher than the statutory U.S. federal tax rate of 21% primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S. state taxes, partially offset by excess share-based compensation benefits, tax credit utilization, and the statutory U.S. deduction related to our non-U.S. subsidiaries’ income.
Previous wording
For the three months ended June 30, 2024, comprehensive income before allocation to noncontrolling interests was $71.3 million compared to $48.9 million in the same period of 2023. The $22.4 million increase was primarily driven by higher net income before allocation to noncontrolling interests of $26.0 million, partially offset by a $4.0 million year-over-year unfavorable impact of foreign currency translation, primarily related to the British pound and euro.
Current wording
For the three months ended September 30, 2024, comprehensive income before allocation to noncontrolling interests was $105.6 million compared to $43.1 million in the same period of 2023. The $62.5 million increase was primarily driven by higher net income before allocation to noncontrolling interests of $22.1 million, and $41.0 million year-over-year favorable impact of foreign currency translation, primarily related to the British pound and euro.
Previous wording
(a) Includes $62.3 million of backlog as of June 30, 2024, pertaining to the Vian acquisition.
Current wording
(a) Includes $59.1 million of backlog as of September 30, 2024, pertaining to the Vian acquisition.
Previous wording
•Sales of Commercial Original Equipment increased $18.8 million, or 26.9%, to $88.6 million in 2024, reflecting strong demand from aircraft manufacturers, partially offset by component availability constraints.
Current wording
•Sales of Commercial Original Equipment increased $14.7 million, or 19.4%, to $90.5 million in 2024, reflecting strong demand from aircraft manufacturers and the impact of the Vian acquisition, partially offset by component availability constraints.
Previous wording
•Sales of Military Original Equipment increased $4.1 million, or 6.5%, to $66.9 million in 2024, primarily reflecting strong demand from defense customers.
Current wording
•Sales of Military Original Equipment increased $5.6 million, or 8.7%, to $70.0 million in 2024, primarily reflecting strong demand from defense customers and the impact of the Vian acquisition.
Previous wording
•Sales of Commercial Aftermarket Products increased $11.5 million, or 28.2%, to $52.3 million in 2024, reflecting continued strong demand from the airlines due to improving air traffic and inventory restocking.
Current wording
•Sales of Commercial Aftermarket Products increased $5.9 million, or 12.2%, to $54.4 million in 2024, reflecting continued strong demand from the airlines due to improving air traffic and inventory restocking.
Previous wording
•Sales of Military Aftermarket Products increased $7.3 million, or 46.2%, to $23.1 million in 2024, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Current wording
•Sales of Military Aftermarket Products increased $5.7 million, or 30.8%, to $24.2 million in 2024, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Previous wording
Selling, general and administrative expense increased by $4.4 million, or 6.7%, to $70.2 million in 2024, primarily related to higher administrative costs of $4.3 million, or 6.5%.
Current wording
Selling, general and administrative expense increased by$3.9 million, or 11.0%, to$39.4 million in 2024, primarily related to higher administrative costs of $3.3 million, or 9.3%.
Previous wording
Operating profit increased by $14.4 million, or 37.6%, to $52.7 million in 2024. The increase primarily reflected the impact from higher volumes of $9.0 million, or 23.5%, coupled with productivity gains of $5.3 million, or 13.8%.
Current wording
Operating profit increased by $14.7 million, or 36.6%, to $54.9 million in 2024. The increase primarily reflected the impact from higher pricing net of inflation and higher volumes of $11.4 million, or 28.4%, coupled with productivity gains net of unfavorable mix of $2.8 million, or 7.0%.
Previous wording
(a) includes $18.0 million of backlog as of June 30, 2024 pertaining to the Baum and CryoWorks acquisitions.
Current wording
(a) includes $19.2 million of backlog as of September 30, 2024 pertaining to the Baum and CryoWorks acquisitions.
Previous wording
Sales increased by $34.5 million, or 13.1%, to $297.7 million in 2024, primarily driven by the impact of the BAUM and CryoWorks acquisitions of $18.2 million, or 6.9%, higher core sales of $17.4 million, or 6.6%, primarily driven by higher pricing, partially offset by unfavorable foreign currency translation of $1.1 million, or 0.4%.
Current wording
Sales increased by $42.5 million, or 15.9%, to $309.2 million in 2024, primarily driven by the impact of the BAUM and CryoWorks acquisitions of $23.0 million, or 8.6%, higher core sales of $18.3 million, or 6.9%, primarily driven by higher pricing, and to a lesser extent by favorable foreign currency translation of $1.1 million, or 0.4%.
Previous wording
•Sales of Process Valves and Related Products increased by $29.4 million, or 14.9%, to $226.8 million in 2024, primarily driven by the impact of the BAUM and CryoWorks acquisitions and higher core sales.
Current wording
•Sales of Process Valves and Related Products increased by $37.6 million, or 19.1%, to $234.9 million in 2024, primarily driven by the impact of the BAUM and CryoWorks acquisitions and higher core sales.
Previous wording
•Sales of Commercial Valves increased by $4.9 million, or 17.0%, to $33.7 million in 2024, reflecting an increase in core sales driven by higher volumes and pricing.
Current wording
•Sales of Commercial Valves increased by $5.6 million, or 17.9%, to $36.8 million in 2024, reflecting an increase in core sales driven by higher volumes and pricing.
Previous wording
Selling, general and administrative expenses increased by $1.8 million, or 2.8%, to $65.0 million, primarily driven by the impact of the BAUM and CryoWorks acquisitions of $4.4 million, or 7.0%, partially offset by productivity gains and other net cost savings of $3.1 million, or 4.9%.
Current wording
Selling, general and administrative expenses increased by $3.9 million, or 6.2%, to $67.2 million, primarily driven by the impact of the BAUM and CryoWorks acquisitions of $5.2 million, or 8.2%, partially offset by other net cost savings and productivity gains of $1.8 million, or 2.8%.
Previous wording
Sales decreased $4.6 million, or 8.0%, to $52.6 million in 2024, reflecting lower volumes partially offset by higher pricing. The decrease was primarily driven by lower sales in Building Products and Transportation end markets.
Current wording
Sales decreased $7.3 million, or 13.0%, to $48.9 million in 2024, reflecting lower volumes partially offset by higher pricing. The decrease was primarily driven by lower sales in Recreational vehicle and Transportation end markets.
Previous wording
The following information should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the first six months of 2024 versus the first six months of 2023, unless otherwise specified.
Current wording
The following information should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the first nine months of 2024 versus the first nine months of 2023, unless otherwise specified.
Previous wording
Sales increased by $123.1 million, or 12.0%, to $1,146.5 million in 2024. The year-over-year change in sales included:
Current wording
Sales increased by $190.2 million, or 12.2%, to $1,743.7 million in 2024. The year-over-year change in sales included:
Previous wording
•an increase in core sales of $68.0 million, or 6.6%, which was driven primarily by higher pricing, and to a lesser extent, higher volume; and
Current wording
•an increase in core sales of $99.8 million, or 6.4%, which was driven primarily by higher pricing, and to a lesser extent, higher volume; and
Previous wording
•an increase in sales related to the BAUM, Vian and CryoWorks acquisitions of $54.7 million, or 5.3%.
Current wording
•an increase in sales related to the BAUM, Vian and CryoWorks acquisitions of $88.6 million, or 5.7%.
Previous wording
Selling, general and administrative expenses decreased by $9.0 million, or 3.4%, to $258.4 million in 2024, primarily driven by a decrease in administrative expenses of $17.3 million, or 6.5%, related to the absence of expenses related to the Separation, partially offset by higher selling costs of $8.8 million, or 3.3%.
Current wording
Selling, general and administrative expenses decreased by $3.1 million, or 0.8%, to $391.2 million in 2024, primarily driven by a decrease in administrative expenses of $15.5 million, or 3.9%, related to the absence of expenses related to the Separation, offset by higher selling costs of $12.4 million, or 3.1%.
Previous wording
Our effective tax rate for the six months ended June 30, 2024, is lower than the prior year’s comparable tax rate primarily due to lower non-U.S. taxes and lower statutorily non-deductible costs.
Current wording
Our effective tax rate for the nine months ended September 30, 2024, is lower than the prior year’s comparable period primarily due to lower non-U.S. taxes and lower statutorily non-deductible costs, partially offset by the statutory U.S. deduction related to our non-U.S. subsidiaries’ income.
Previous wording
Our effective tax rate for the six months ended June 30, 2024 is slightly higher than the statutory U.S. federal tax rate of 21% primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S. state taxes, partially offset by excess share-based compensation benefits, tax credit utilization, and the statutory U.S. deduction related to our non-U.S. subsidiaries’ income.
Current wording
Our effective tax rate for the nine months ended September 30, 2024 is higher than the statutory U.S. federal tax rate of 21% primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S. state taxes, partially offset by excess share-based compensation benefits, tax credit utilization, and the statutory U.S. deduction related to our non-U.S. subsidiaries’ income.
Previous wording
For the six months ended June 30, 2024, comprehensive income before allocations to noncontrolling interests was $126.7 million compared to $170.0 million in the same period of 2023. The $43.3 million decrease was primarily driven by a $29.1 million unfavorable impact of foreign currency translation, primarily related to the British pound and euro and lower net income before allocation to noncontrolling interests of $14.9 million, reflecting the absence of income from discontinued operations in 2024.
Current wording
For the nine months ended September 30, 2024, comprehensive income before allocations to noncontrolling interests was $232.3 million compared to $213.1 million in the same period of 2023. The $19.2 million increase was primarily driven by a $11.9 million favorable impact of foreign currency translation, primarily related to the British pound and euro and higher net income before allocation to noncontrolling interests of $7.2 million.
Previous wording
Sales increased $87.5 million, or 23.7%, to $456.8 million in 2024, primarily due to higher volumes and pricing of $67.8 million, or 18.4%, and the impact of the Vian acquisition of $19.7 million, or 5.3%.
Current wording
Sales increased $119.4 million, or 20.7%, to $695.9 million in 2024, primarily due to higher volumes and pricing of $88.6 million, or 15.4%, and the impact of the Vian acquisition of $30.7 million, or 5.3%.
Previous wording
•Sales of Commercial Original Equipment increased $35.9 million, or 26.0%, to $174.1 million in 2024, reflecting strong demand from aircraft manufacturers, partially offset by material availability constraints.
Current wording
•Sales of Commercial Original Equipment increased $50.5 million, or 23.6%, to $264.6 million in 2024, reflecting strong demand from aircraft manufacturers and the impact of the Vian acquisition, partially offset by material availability constraints.
Previous wording
•Sales of Military Original Equipment increased $13.5 million, or 10.8%, to $138.3 million in 2024, primarily reflecting strong demand from defense and space customers.
Current wording
•Sales of Military Original Equipment increased $19.2 million, or 10.2%, to $208.3 million in 2024, primarily reflecting strong demand from defense and space customers and the impact of the Vian acquisition.
Previous wording
•Sales of Commercial Aftermarket Products increased $24.4 million, or 31.0%, to $103.0 million in 2024, reflecting continued strong demand from the airlines due to improving air traffic and inventory restocking.
Current wording
•Sales of Commercial Aftermarket Products increased $30.2 million, or 23.7%, to $157.4 million in 2024, reflecting continued strong demand from the airlines due to improving air traffic and inventory restocking.
Previous wording
•Sales of Military Aftermarket Products increased $13.7 million, or 49.5%, to $41.4 million in 2024, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Current wording
•Sales of Military Aftermarket Products increased $19.5 million, or 42.3%, to $65.6 million in 2024, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Previous wording
Operating profit increased by $25.1 million, or 33.1%, to $101.0 millionin 2024, the increase primarily reflected the impact from higher volumes of $22.9 million, or 30.2%, coupled with productivity gains of $11.1 million, or 14.6%, partially offset by higher material, labor and other manufacturing costs net of higher pricing of $11.9 million, or 15.7%.
Current wording
Operating profit increased by $39.8 million, or 34.3%, to $155.9 millionin 2024, the increase primarily reflected the impact from higher volumes of $25.6 million, or 22.0%, coupled with productivity gains of $17.0 million, or 14.6%, partially offset by higher material, labor and other manufacturing costs net of higher pricing of $3.2 million, or 2.8%.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•favorable foreign currency translation of $1.3 million, or 0.3%.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•unfavorable foreign currency translation of $1.2 million, or 0.2%.