Crane’s stock rallies more than 5% after Q3 beat, deal to buy piping company

Crane Co.
CR,
-1.70%
shares rose more than 5% in the extended session Monday after the industrials company reported third-quarter earnings that beat Wall Street expectations and said it was on the prowl for more acquisitions. Crane swung to a profit of $55 million, or 85 cents a share, in the quarter, contrasting with a loss of $59 million, or $1.06 a share, in the year-ago quarter. Adjusted for one-time items, the company earned $1.03 a share. Sales rose 10% to $530 million, the company said. Analysts polled by FactSet expected the company to report an adjusted EPS of 85 cents a share on sales of $509 million. Crane also raised its 2023 EPS guidance to a range between $4.05 and $4.20, from the prior expectation of $3.80 to $4.10. The company announced a deal to buy German piping company Baum GmbH for $91 million, and said it continues the “pursuit of a number of other potential acquisitions.” Shares of Crane ended the regular trading day down 1.7%.