Crane lifts 2023 sales, adjusted operating margin forecasts
By Denny Jacob
Industrial-products maker Crane (CR) raised parts of its 2023 outlook on Tuesday.
The Stamford, Conn.-based company forecast sales growth of 6% and core sales growth between 5% and 7%. It previously guided for sales growth of 5% and core sales growth between 4% and 6%.
Crane also guided for an adjusted operating margin of 15% compared with its prior outlook of 14.5%.
The outlook came in tandem with its latest quarterly results, which showed a decline in sales and net income attributable to common shareholders. The second-quarter figures reflected its first quarter as an independent company following its separation from Crane Holdings in April.
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