CR - Earnings call transcript Q1 2019

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings. Welcome to Crane Company's First Quarter 2019 Earnings Conference Call. [Operator Instructions]. Please note this conference is being recorded. I'll now turn the conference over to your host, Jason Feldman, Director of Investor Relations. Mr. begin. may you Feldman,

Jason Feldman

and we and earnings everyone. Jason release Executive questions. Relations. start this President which of We'll Maue, our our operator, our we first remarks, after call Feldman, to quarter Investor morning, call our XXXX with conference On will President and Officer; Max Senior good Financial you, Mitchell, Welcome day, our to Chief Director and Rich Chief have prepared respond Thank Officer. call. off Vice a I'm few

be reminder that to may company our language in numbers, of earnings of a statements. forward-looking the to presentation, at reconciled call, We which and the GAAP Just Relations Investor our on a using end comments which also comparable pertaining cautionary www.craneco.com available the our this non-GAAP section. include and are slide refer annual Also during metrics we report, call release at some the statements. website the of and to make at the on XX-K in bottom some tables and forward-looking the are release both our filings press you we'll subsequent

me call the let to over Now Max. turn

Max Mitchell

our solid After results, Jason. you, year. to another XXXX Thank off start we're record-setting this

Fluid strong earnings press X.X%. core million. all margin increased with was years and extremely by for messaging, performance us. growth we basis from to profit, As in strong EPS, X% with Operating for that year. ahead Handling of Crane's XXXX X% increased by foreign partially the excluding last and the X% growth Investor to unfavorable our XX.X%, Core Sales $XXX with Electronics. improved across Consistent XXX pleased I'm items, & growth margins of quarter outlined positioned of first year in release million and operating special I'm large, XX% compared pleased first our very of our both three Aerospace how offset acquisitions, very at a Day Adjusted exchange benefit last quarter led are up $X.XX, global from special night, last to XX% report items, points of to was excluding platforms. $XXX

extremely All for invest well, aggressively we are continuing to executing are businesses of and growth. our

a have about components differentiated. strong Overall, are great opportunities. portfolio I'm on focused We our and quarter that organic excited critical was of our businesses, it portfolio, technologically across a

and than growth sales durable compared execution, on activity, as FX-adjusted and more that well a order great a X% reliable each more increased strength our cost-effective a is deployment year. last shareholder of incremental concrete had quarter the the capital Fluid equally ago, see new of opportunity industry, about balance continued value acquisitions. ability bringing the had and Given our focus businesses, I'm to with sheet, our starting weeks facility, which a about in excited few to through comments will make Marion, market large It's with investment on visit had our our I create solution Carolina a Handling, from I an is equipment pipe-manufacturing today replacing margins growth, with great alternative our on points than few new compared share roughly processes. to line also product XXX Fluid last organic year quarter. Again, as as consolidations. initiatives margins, growth our with previously growth numerous rubber entirely Adjusted pipes. well strong as half basis announced facility improved progress and gains. the more to blacklog of Very to diameter-line to technologies X% or A a execution North to which

is with quarter conference acquisitions Currency have key successfully a without $X.X with by XX% last Aerospace five strong that in micro-optics at Innovations the differentiator readable. integrated of an core the new Based lot purchase system Payment the in and core will for us of to forward. flow continues the with than our jointly it official developed validation banknote EPS, our Based award-winning announced with a margins start XXXX attended and extremely other new basis our we've the printing on we this of new deliver realization our broad-based. points for their smoothly. developed Crane items, as best-in-class know retail Merchandising to progresses. and free growth close Material start we Payment to business over we was Engineered Technologies, with be $XXX The in today, Strength for solutions expertise At in from extensive Based as expertise year margins. reduction machine XXX in a well million cash of last on results micro-optics margins growth issued more The for four turn a our with features to moving a but sales a segment core guidance for sales facility on what segment Ritch, macroeconomic offering, $XXX - of Last with in application margins our deliver by and exciting Crane we have connectivity the was next additional that remain year the authentication segment from productivity growth of more deliver Our banknotes. approximately track you about XX% solution the Max. in correction than benefit to me their the which core And rate later X% of commentary. the Crane Malta, segment. In seen we're guidance we're Currency in destocking let our by growth & expectations. now uniquely line available in business itself Crane the technology, with printing reduction top Payment with These cash any previously and performance At surprises, opening X% pleased new announced been around up offerings, attractive micro-optics move accelerating security business collaboration million. from businesses. as results was of get what financial Overall, positioned Overall, some month, innovation barring line see combined synergy across And and to I record to integration to And was are the on and decade. full integration smoothly guidance positioned X% Many & of with the continue quarters, compared new our we flow us sales our of in dealers, business. Currency our future I'm from the really about our believe are midyear, lot new extension around that likely at initiatives information and believe margins. infrared-based X% and know pressure banknote this additional year billion. see technology customers comparisons bank products Currency year. Electronics, on confident XX.X% central We with deliver the confident today but very results previously on activity facility special line not inventory to core price current machine to years, the and potential at and expect more we solid beyond. to through $X.XX the rate rates consolidations challenging confident benefits for sometime ability of $X.XX you've of evident visual in how our under as There's today, allows to pairing X% banknotes In growth, Boeing excluding annually this of and micro-optic delivered key of expectations. the you our are world. that to along grand XXX could Crane solid year. that set event, execution ability including central resolve facility progressing we for our many our to is is Crane we it this the deleverage for our and this of the also we're questions the the to ability from of

Richard Maue

Max, you, A everyone. morning, good and start Thank great to year. the

on Our executing teams job, we doing initiatives, momentum as all a key our great across ahead. look fantastic have and Crane we

volumes of strong $XXX focused in $XX and as comments compared Fluid in while on quarter backlog outlined was Handling be the As XXXX productivity. quarter, same performance flawless A played items by press first usual, providing the million XXXX, repositioning Fluid March time Starting compare In the $XXX slide the release of The very driving unfavorable increased out will with X%, also improved adjusted quarter that the adjusting last basis million exchange, foreign and end to year-over-year. year. to exchange, of million foreign and - of year. as presentation. X%, Orders, segment backlog and special for XXXX expected. compared reflecting and last After for end quarter, X% excluding sequentially I'll the Handling. our $XXX comments on of sales our that the first to increased margins reflecting increased offset XX% operating million actions. profit the at compared million results to of execution at higher sales at Handling $XXX increased team end X% partially last sequentially Fluid operating by exchange. growth of year, X% with March X% foreign at XXX points XX.X%, of core to

Europe We're Middle across remains seeing States stable. but chemical Asia we and most end remains at Conventional similar to general very described markets. remains across to a of regions. signals. Moving some demand Conditions industrial outside turnaround geography, in weak United stable. solid By moderate application, activity Day. what continues China pace. is power the activity moderate is mixed at Refinery East with geographies Investor growing and and most growth By are of the

partially last offset offset we operating profit higher Payment unfavorable on of prior X% to nonresidential million volumes On driven decreased by X% XX.X%, from growth had cost, benefit, & Merchandising of Pumps the the last foreign business, business reflecting the X% year, operating our unfavorable and construction by U.K.-based $XXX At higher Technologies, margins very and X% businesses. and acquisition partially year, core Canadian commercial U.S. benefits. mix and exchange. our repositioning year, leverage X% $XX sales side by good of from quarter with Segment and of XX.X% primarily across increased compared down million a of

with we expected As we the Crane the any for optimistic said, guidance did Currency XXXX beginning include we cautiously from Venezuela. - are not contribution sales That to that of were business mentioned we at might our designated year, time. added further Venezuela nationals, of has now them customer. The us this of see some Bank at specially Central this list further opportunities from prohibiting been with OFAC's conducting

If cost exposure. we assumed to As have a quarter result, and modest include all U.S. position. we we open receivable change, the that Central engaging circumstances will this a compliance this we of inventory our now full higher remain with zero are And net but Venezuela risk, in sure did obviously make and reserve guidance again, cover to Bank the laws while regulations. a

are more to Aerospace on this repositioning full the that on, and year sales - we sales in second becomes XX% confident improve I the We're the track challenging segment. $XXX our as But our integration in year, that half progresses. to progress Moving comparisons & particularly course increased for by of achieve into core we and margins to of to military sides military Electronics XX% further and spares increased sales guidance commercial as over commercial-modernization improved million activities. high the and as year Strength commercial XX% the the as make both business. the on remember growth OE this digits. military expect was with segment aftermarket across last commercial sales the with range operating Strength Total in the on year and increased driven up platforms. Total OE XX.X%. well was single-digit and margins OE well broad-based programs. double-digit up upgrade double to segment compared

margins by Materials year. declined end execution compared by ongoing teams come. many March addressing continue in XX% of was enabled recreational profitable and business, to solid result sales customer at vehicles of $XXX to $XXX points March at against million years Electronic's growth across backlog Operating $XXX fortifying million investments of of work XXXX of the our end the primarily specific & technology roadmaps, decreased of driven sales the million, $XX Engineered the Our million as and last primarily to opportunities decline to basis to Aerospace a the needs, XX.X%, a at lower volumes. to XXX customers. end

Continued quarter. by period, the ahead we the during of strong expectations performance delivered team results our a challenging in

results to total Turning our on company detail more and guidance. now

the of was last first XX.X% to tax year. first in compared XX.X% Our quarter rate quarter

of consistent quarter, year cash We negative quarter full flow our million rate a continue collection with expect $XX Merchandising free guidance. to ramp a XX%, was the cash full within Crane first million first of compared flow impacted the free receivable given have quarter, last flow the quarter. unusual sales original our cash in payments. from to approximately $XXX that the quarter timing, tax Historically, positive this confidence in asbestos year free cash of Payment I net an free $XXX $XXX the of year. the together half we year quarter in the to Currency, receivable guidance at was with have million. lower In amount year, the working our Technologies by million seasonality strong timing given also will and associated typically full negative top year, first & the capital. by In the of teams of Last with range high in benefited accounts first flow deliver

comfortable and ready first year the and I'm very few $X.XX M&A EPS for of are are for year, our our $X the about Again, question. our $X.XX. solid in to pipeline opportunities, to in of well our start future now adjusted with as working take had we're confident we on our prospects we actively next of given balance a Operator, to of as the We years. the billion sheet, over capacity guidance strength full

Operator

Instructions]. [Operator

comes question Research Vertical Partners. first of Linzey from line Brett from Our

Brett Linzey

the front log to and specifically color some the Fluid wanted Just Handling April. into come little market, maybe and back on book a more in to in just with color coding maybe bit QX

around how year-over-year markets just If you well, maybe maybe some geographically April? in that end and again, from into of looked walk kind the and, the of as a perspective could quarter

Richard Maue

Brett, my The quarter say, order year. which that fourth as I certainly no Yes. bit see. compared remarks, consistent changes significant would of quarter different we to first prepared last XXXX, the expected the with to as we exited profile - of a

a 'XX year-over-year QX from look you second 'XX, No surprise. changes out that of when as So real of year. at from come of not the QX you half again, last

geography just my that prepared from point And I no change of would had a perspective. that that or perspective no So indicate markets view. real the surprises remarks, or I echo comments end in from

Brett Linzey

results. Good. Okay. margins And shifting just then to maybe in Fluid, very strong

mentioned Supply have and but indicate is the and you up, returns, productivity, which were I You did good as volume would negative, well. you Canada - to margin, mix in should U.K. that assume had but business which also obviously overcome

you talk about the could of you maybe made in quarter? year-over-year some the progress of So components the

Richard Maue

Sure.

you think look, mentioned. execution. leverage So When team's one, the executed But leverage would business productivity. solid of otherwise I at normal rate, up. segment view, for we respect well, this the with so were really, overall a very in I year-over-year well, across performed from particular look margin point in as businesses have performed sort really or of to expected what and a the terms really All of

from So But a delivered your was say performance. And from very perspective, normal perspective. you of get team's repositioning leverage. top productivity, we on everything I normal volume the expected that then as would productivity benefit internally. solid it

in that mix the comment across of think mix components on the of just intra-Fluid terms was I business, Crane Supply group. and notable short execution valve in balance, which mentioned. between So the more Handling sort you performance that is the your our answer the process overcomes solid execution To

Brett Linzey

one on related the just the from Make up follow was reserve Venezuela it. then How large drag sense. payments. quarter? Got the to in And maybe

Richard Maue

Yes.

when improvement when So delta, right? - you between just that expect looking So profit the million, would have a profit overall, or normally expected increase look sales would had $X the we improvement margin. you we paper currency year-over-year, to that between And million at just attributable $X at amount of the we and would had in I of would a the a XX-XX our some the sales in quarter sales, in mix reserve where high we carry quarter. which about business, say largely incremental the lower and mix level somewhere

Operator

line Bank next Lynch. Liwag the Kristine question America from comes from of Merrill Our of

Kristine Liwag

Max, produce Boeing, the you for to paid continuing at are for are at XXX Max And per months at or today? XX what per getting months? rate XX you

Max Mitchell

we Boeing's public just exact customer. can It haven't maintaining had that a not Yes. point going speak We're specifics, to supporting expect the do you impact impact to had capacity planning material nor our say our it, has I statements, a build to we're it. not material on I rates. we're we our on would Christine. and

Kristine Liwag

your on And current Max? XXX what's ship-set content the

Max Mitchell

disclose Christine. We each on Yes. platform, aircraft don't

Kristine Liwag

this switching to Engineered as of think if gears do for think maybe different how declines that you And core Materials, Sure. strategic you segment? today, business to as not, Crane? alternatives still about do this And business

Max Mitchell

in the core, our And that that past, our I of continuing not global I of say stay we've on. one global think, wouldn't focused potentially, it's strategic would - we're described platforms, I Christine, well, one as not strategic that not platforms say to larger it's

However, deliver and cash to well-positioned, contribute significant dominant continues market kind an of business that it us remains execute, flow, to important presence.

facilities, our continue We in to our invest in invest people.

the not Materials it's a Engineered just really business, space - expand clearly basis. going on So in to good global but composite we're a

Kristine Liwag

can outlook one exchange you embedded year? your I if update your on is And provide to Fx, in could more. the what an Great. for rate squeeze Rich, And exposure?

Richard Maue

Yes.

rates expectations our year were beginning Kristine, we would that really, saw - there's in guidance. in to as nominal quarter But a a we was first the into embedded really what But the the obviously, impact no change if our what at set say included. all, So in quarter. rates, are what's compared change, I any, of at our and variety the and nominal of

Operator

line comes Karas question the Damian from of next Our from UBS.

Damian Karas

kind details full reconcile without some than quarter more the just the a expectation came actually So A&E of with some XXX of lowering rest this impacts? exact XQ whatnot, you the for stage? and of and into are that you it are for really, lot on of the you and just the maybe Is shipment year first in assume your earlier your at the help performance better just you fair guidance Or taking to Max getting year on Max. a XXX conservative could approach expected, commentary

Richard Maue

Yes.

start would our the off we rate. I for performance this that of year business. So was look way, at it. and in about aftermarket I that the by sort as full of And you remarks, confident do in that at the saying incredibly the itself, quarter we're from materials no some continue to When saw strong. No outlook question prepared expect

other high Last in several that next thing the to range. single-digit next the few the The quarters, keep is year, in tougher were comps we the in mind are quarters.

those more the much look relative the So QX challenging. was they at get when first quarter, the what you in comp comparables easiest. here to by far

say overall, from The outperform of first the other of I was it, thing aftermarket and would XX% about that military. the in terms is quarter,

to little perspective. tend to they from So tougher a be bit timing a predict

business. be terms getting gives a it year bit So our of of for you a skees that if more ahead more on comfort gives in bit necessarily shouldn't of us little that we this - little the

little of that a you, for bit provides So Damian. a color hopefully,

Damian Karas

this wondering the Yes. had timing. free for flow alluded a to you just flow. expectations perhaps you on type of sort rest any expect Rich, the you cash some It flow receivables. and should those could give seasonally around cash quarters? if period just or And we cash follow-up guess sort through normal year does. I question timing of on weaker I'm And for receivable of of free of the the being just additional the profile the color movement free any

Richard Maue

I I'd quarter, expect all Damien. get to of - all - the that it's No, in Yes. second

no It concern zero moving range. was guidance respect and here the profile have that I forward I've So quality the got just of issues receivables. into with timing. the with to deliver

Operator

question Davidson. the Summerville from of Our line D.A. comes from next Matt

Matt Summerville

A couple questions.

currency the more as First, may pertains you between overall more you and growth? organic end-market Can vertical. to Merchandising or just standpoint around the color overall? business on about Payment below an CPI give tract & Can be Technologies Which talk it X% on businesses from little granularity maybe above that give maybe that? vending bit a CPI and

Richard Maue

Yes. Sure.

performance, coming as X% the the we came in Payment business, it quarter, the bit of at that solid painted which - channel, expected. little And of Investor substantially retail versus expected. you to continuing last see from stronger overall, a for the solid largely the So demand majority in we payment you we year, was it as from had said, all It of than frankly. a We're even all Day. most retail we

core little didn't I necessarily come continuing. a currency, own year-over-year that's that growth our say will it So internal the expectations also although much outperform bit. did from as

So well. it solid currency was by a team the performance as

sales that being a carried overall, bit lower little which the margin of paper of but, with those pleased performance Some there. in I mentioned a that earlier,

So those strength the segment be paint that the and, will in in I'd for retail. seeing particular, dynamics we're the two

Matt Summerville

quarter remember. think, I then last I Max, I maybe can't quarter, was And prior, the apologize, it

thoughts side pursuing going us $XXX to about it framing microwave million any the opportunities there million Aero opportunities. talked of on think forward? of in update? a some You Electronics progress of $XXX kind sort upwards Is number of can there I of provide & You

Max Mitchell

of satellites, from high-power an just the come We're that was that. from Nextgen I continues team President, to from - doing standpoint. Nextgen is Zimmerman, plug Day, technology number electrification, chasing this technology drive engine everything of program will the highlighted a our impressive. I for back mean, to But That Yes. a in Matt aircraft, chasing. just Steve opportunities and satellite-constellation Investor new team's we're everything

solution technology on is weight that's On solution microwave multi-mix a satellites. packaging for the and unique for needed low clear especially side, density our the size with that the of differentiator, the

It's to other that million $XXX It's bidding No continue it's million progressing. still that. programs. But be We there cycle advancing. opportunity. so normal the in range, chase update than to movement and $XXX continues that in other of to

Matt Summerville

one. you last Payment and Aero opportunities, quality one I to where of your pipeline side business? M&A the maybe assets imagine are in mind? the the it Can actionability of the be overpriced just then speak Fluid you're the Max of seeing And and or your in funnel whether

Max Mitchell

Interestingly, right there's some now. across all activity segments

will So come we're than and been it's whether busier each including we've or three of anything segments, not, it A&E. fruition, lately believe the across

on So going hard to at the we we're opportunity and looking close, planning, through we're to we'll adjacencies, each CBS. now, and confident activity there's we're our improvement how year actually, remaining a looking three bit bolt-ons, all yes, drive of see them that focusing and able of feel near right segments, excited that the But we're in the If Matt, at execute bring. of about to ability drive integration quite progresses. in

Operator

comes line the Stifel. Nathan Our from Jones next of question from

Nathan Jones

of A here. follow-ups couple

big receivables the the back used last year, the If half And 'XX. the you're confident second first Rich, in think, look all on in in far I in What how coming give Where said don't that cash $XX into back? guys want I million timing which is drove weeds is? that on Any Clearly, of what at bit getting can confidences a you've swing flow. little us on get to about. more the a you color the cash free receivables, you this. on back you Firstly, quarter. the timing? I talked of

bit maybe was receivables a million that the out second color can timing of imply drivers thing, that? similar in pretty asset much every any it account somewhere would that behind And $XX than a just of was this cash us reasonable liability Is then Any of give on quarter. year. current current or you're you expectation? worse a the little and last If generation got

Max Mitchell

You're He's in weeds. into the the weeds.

Richard Maue

Yes.

components everything of said are simplify mean, there's to there's you If then I was occur to the the maybe capital little think, just bit, is little your bit following working I at what relative look in this I better. expected quarter, and a to a the year, for what year-over-year operating plan way outside what the of right? I receivables, So

in So our prior-year from all expectations planning would point worse and - was from the expect our the other say, modestly in to Receivables of I is terms expectations which line related a big swing. or my And of in were, was second items inventory of Payment a or working capital. view versus in And Currency all to timing our and recover quarter. worse. shipments modestly I that of business perspective,

Nathan Jones

then And Max. guess one here I Okay. for

has very don't credit dislocation that advantage of How a guys You is few balance here? which in think you years, getting a the some the seem I view of the over value also lot last to demonstrated allocation the take last done the is price And of I to you've I capital have using to rather few of think which execution for sheet you over be think do been stock potentially good. very good. the the what that here repurchase shares, than M&A target years,

Max Mitchell

we've we've you share that at Nathan, simply buyback. deploying of a prioritize value to know. preannounced, Well, if think But capital opportunities we we drive M&A. what would as going never We got number look We creation at longer in will internal versus first. investment we're to shareholder returning shareholders. absolutely said capital unsuccessful, look reiterate I'll are historically. We certainly our just

Operator

question from next of comes Canaccord. from line the Our Ken Herbert

Kenneth Herbert

'XX like Is step it: of top comps first Clearly, do line comment looks the I the and just could margin. offset probably I It opportunities terms through a little some on in in see one I'm top terms year new should expected line the segment here pursuing can we of last obviously, it the of in But Investor about wanted was I'm line the this full things maybe quarter. in the and difficulty then to step than maybe year in outlined in some cadence, up how of Any Payments I'm segment questions in some the significant like, could where how and the Day comps terms success quarter half at product and anything is off was - the that start & line. there progressing fairly first about of what number. - in in better of top the think around the you third or of year. sounds mean, we organic in looking at 'XX? curious on to And there initiatives of even guidance, or around think guess the of maybe top sorry, the the second potentially the back really Merchandising. I commentary upside? on some is you're there Two a second, you some through of implied new the down this the trying

Richard Maue

Yes. guess start there, I I'll Ken.

terms two comps, performance in the you of for here aren't the the guided good large quarter. know, down we X% to therefore, X%. I the down relatively in X% think, on first as right, segment the So and, that repeat contemplated A down That year. going programs

was quarter. little move of But around degree to initiatives... step relatively you a strength your of the segment this question, bit with are year. it's second of around the On at look it Is - where a think fairly as expect had Yes. itself, number the we that where today. here, And up On respect it's significant second outperformance NPD. the I - wouldn't of the in from revenues at. we're I speaking, through at maybe with the in There's year, cadence a that a balance we generally balance As with consistent I probably to

Kenneth Herbert

Yes. It was, yes.

Max Mitchell

Yes.

we're I right of but & with X% for at X% what spend 'XX it's driving, And Payment for beyond, Technologies not engineering. 'XX, In now. also and sales Merchandising percent of terms A&E, of mean, just

investments we growth. smart from OEM and Payment We for solutions overdrive developing reader, and just in CashCode EasiTrax continue EasiTrax gaming, We're only moving is the that's Paypod Merchandising. into save in not Connect, and to U.S., also everything all-in-one in as ALIO. Japan. which Live And [indiscernible] Live breakthrough highlighted, EasiTrax & but

that about very, well, Louis and we're focused solutions. Moving And over And of that excited brand rapid Introduction market. technology, on new to we're protection as currency. Day. on surface Investor highlighted which really very

also, momentum going moving it's to but, we're see through investments opportunities growth So in the only continued we 'XX see that the forward. not that

Kenneth Herbert

or follow And Obviously, I I Okay. to those strong trends the to comment or in slowdown first commercial. yet were a one you there in up aftermarket, specific just in in if aftermarket seeing on benefit Rich, point you nice they for onetime quarter. were about growth? items comps to the quarter full both first Or very the quarter would year, anything deceleration you a very replicate the imply that helpful. wanted military could, on the made, are difficult that That's but second the

Richard Maue

maybe are tougher trends we a the that the the a little aircraft, fairly That the say. solid, military would like side, The have terms to F-XX, timing bit that. Yes. certainly military But in bit stronger. C-XXX, F-XX, and some on some again, are, items of still did I little of predict things were

Max Mitchell

Momentum... No in the dramatic changes aftermarket.

Richard Maue

here good it side, still spare April. in the pretty on feels Momentum Yes.

Operator

[Operator Instructions].

Group. of next Barry Research Robert comes Our the question from line Buckingham from

Robert Barry

I that, up just they're mean that dollars revenue? did you where Rich, about the on start things staying at, and talk mean you of wanted of by to in what you last about terms following kind when Payment of question

Richard Maue

forward. the of as was question the think look I revenues quarters Yes. we the through cadence

Robert Barry

think at you - will Do level? revenue XQ it'll stay about the

Richard Maue

Yes.

saying stable. relatively up So in there it's was and I was QX, then a step

Robert Barry

at I you the if low Because in Okay. for quarters, XXXs remaining stay think you'll the around do...

Richard Maue

hopefully, No. - - not that not that's what yes. No, I Yes.

a And QX, no? I there, in I dramatic. but think from set up not step move it's a then

Robert Barry

I see.

back kind where to year the million? negative the to $X down will is The thinking... half way you're pressure of the So be really get

Richard Maue

balance like Yes, or $XX one it's million you range as we're the million the details. to to move But way the into other $X I mean, the of getting year.

Robert Barry

Okay. mean, similar a I I guess. Aero, question at

So growing remaining the you X%. are XX% the But first I implies the good. did think you up really XX%, for backlog mean, X% like I the year, it's quarter. guided quarters in year-over-year almost looks

that is, that but and of So are implies for in tracking I it the up things better nicely don't what Aero. timing know

that. Just trying reconcile of to kind

Richard Maue

in good that, would business. say we first question space, was I any my say fairly in this, at this Yes. of what this segment. obviously, you I I to said a feel happen on that What overall. probably we're multiyear this I I would year say often Rob, tend to the reiterate - tends in beginning in would orders and confident overly we're we're confident most means, conservative about which segment executing by the but that - that wouldn't on being this get

Robert Barry

XX% up progress of getting started story said Payment Got the you margin, in it. back And at mean, XX%. I some around kind I targeting the half think opposite kind also of is the weighted. on guided then follow commentary you're the of just

of would your that back How the of kind that much how mean, low of do I line you I much have half. getting in control? to is So there? XXs actually sight think in imply

Richard Maue

repositioning confident feel those we here I again, in the items well quarter margin through that targets, confidence expect that that a coming about savings feel all of actions the contributed to in quarters. unique as good core three or in We right. to as to the couple the integration, we in Payments the as first the move And transition Rob. mean, the the next don't have we Malta second Yes. business, we half in

Robert Barry

it. Got

seasonality that compare for sequentially to X%. between up lastly Just me that does Fluid XQ number XQ? How normal and order

Richard Maue

Yes.

I So say but how QX So have to compares does back go - would 'XX I I from of that QX not X% year, in me, not it's front last 'XX. sequentially? uncharacteristic. QX have will to it's don't up

- and that here I last have - have not If profile at see up step QX which in but of year, need of through off generate the sales, sequential the that orders the QX the I for it's you second have I front me, backlog backlog quarter. improvement don't I that of we coming look typically in to of

say would fairly having So it's I consistent, numbers of Rob, in front without the me.

Operator

from Canaccord. question line next of Ken the Herbert from Our comes

Kenneth Herbert

your aircraft. that Are just you if Aerospace in activity Max, follow-up a factor on more the But strong XXX at Electronics. specifically Electronics backlog any increase quick the exposure and on & within growth XXX just Or the provide activity there backlog your Aerospace the growth? that a in that? segment, the you Yes, any wondering to color Was obviously I'm China. up in all I'm on maybe there? in just seeing & step any a you're considering and curious, if saw the what can seeing content you on

Richard Maue

the No. any this Nothing notable XXX, in of of on growth quarter. in terms

Max Mitchell

activity in In development. continues said terms we ongoing of just this past. as We're quarter, the support excited in

in don't on aisle single to content other we give any more single content aircraft, aisle but put just than have relative per that - a We on basis.

in future. when the be So that and XXX the growth nothing backlog. backlog in flies, launches the the will this about we're excited current But coming in

Richard Maue

F-XX broad-based. probably just the add a color to broad-based most what was substantial growth many But contributor, platforms, number quarter, was one, in respect across contributor which the individual I to a were number again, was would But And with a that on the of the contributor. really across say, military. bit of

Operator

have for reached Max remarks. now will closing the session, call I and to We Mitchell end question-and-answer of over the turn the

Max Mitchell

Thanks, it. operator. Super. Fantastic Thank everyone. Appreciate you, quarter.

long-term we're growth profitable our the messing, so to to focused year. on also associates Consistent in for and very improve ahead. objectives, of proud across our Day of start a Just investing with all protect with great our position our the Investor years Crane

new we While Crane, a goals you'll make laying and and of you'll brick sure we Hussle trying "Instead and for our a great for have never of solutions a of and lay As Nipsey have Crane, technologies once the brick interest every lose brick we up your innovation at late build continue Thank day. we execution, wall, to said, wall." the our you fundamentals, building and a on look foundation day. in customers. have bricks ambitious Eventually, focus

Operator

conference, your your for at you participation. Thank time. this disconnect and This you today's may lines concludes

Crane NXT (CXT) 30 Apr 192019 Q1 Earnings call transcript