CR - Earnings call transcript Q2 2022

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Operator

Greetings. Welcome to Crane's Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. the Relations. to turn President Feldman, now Investor of will conference Jason over Vice I you. Thank

may You begin.

Jason Feldman

call. Vice Thank our Rich Welcome our our quarter Chief conference President to and operator call Senior our Jason you, and have Officer. Executive Financial second Vice XXXX good this morning, and earnings President Max Relations. Chief of Maue, Investor President day, we everyone. I'm On Feldman, Mitchell, release and Officer;

remarks, our call we with We after will prepared which respond few start questions. to off will a

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

turn Max. over call Now, to me let the

Max Mitchell

joining Thank the good Thanks morning, you, Jason everyone. call and for today.

results strong across with Another quarter solid board. the

adjusted approximately EPS commentary the to Remember quarter that reduced May sequentially expectations and was the year. the Supply our EPS quarter both guidance Second by XXXX. of $X.XX, of and compared our prior in and with consistent second to $X.XX $X.XX, divestiture compared Crane

ability growth continues quarter a solid end in last despite of with XX% as primary supply road demand all innovation markets. trends to X%, growth. of environment our our success further in maps, results, execution well backlog in and growth in investment technology driving of growth chain our the our of Clearly, reflected our core of sales core of peers cycle differentiated core to compared to evidence continued underlying order another excellence, as our momentum constraints. Across an year, in support operational across XX% compared delivered further with strong environment with also We drive businesses, outperformance challenging accelerating commercial continued and strength in

on which unlock our end progressing everything shareholder we each towards with value permit track will and and growth. and see to post-separation across optimize XXXX the our separation further environment, is Starting and early demand robust addition, market In capital allocation continue to accelerate investment markets. company

component supply watching expect continue and clearly signs rates are actions to remain We've we And all but material our and including Company we into guidance efficiency levels we are Crane that of throughout and conditions CAGR future execute in our year, the for challenging productivity that consistently believe growth. of supply across Electronics inflation. the our we April still strategic delivering businesses the January entered offset but XXXX, to outlook of decade. we cost conditions Process constraints at to strong the still consistent as and a fully and to we inflation innovation. Crane to remain position planned chain, and when current any pricing we we businesses The to Flow the and for for the with continues X% solutions assertive be softening Crane chain today for that drive similar preparing fully impact initiatives, XXXX through commitments. a for at of the availability next order the NXT, continues X% businesses. separation our of highly for record this year. remain environment. our perspective, And aligned provided From We drivers this execution remain technology The sales continue carefully across appropriately in enhance playing macro focused and Each XXXX with we planned we year demand consistent seeing with Technologies segment is to also and out and and our NXT. advancing on is confident of beyond our for with secular journey, Overall, to appropriately We all trends of Aerospace intensely ability with end step expected. the on delivering persist technologies. customers drive & our product are vitality in leading

So turn some At additional efforts an separation. before on to track, both financial for and point, set businesses, in summary, after all over and I'll commentary. it execution this these the excellent exciting of for opportunities Rich

Rich Maue

Max you, morning, good Thank and everyone.

for fronts We facing sustainable today. value My dedication operationally their our thanks all and as shows and we creation to continue it drive both growth continue all challenges progress, even to results driving our to of and associates to through are stakeholders. and globally find on in leadership profitable for focus ways the teams strategically all our we make again

favorable to Moving the special Electronics, year. will quarter press & sales $XXX million to of as in XXXX, slide XXXX X% to outlined with items, that release excluding compared second increased Aerospace comments and our down and year particularly to last The segment compare of increased orders presentation. Starting we last XX.X% In when to still margins XX.X% material last constrained quarter, year's of sales were from segment last with similar mix. the by compared availability. year but XX% had XX.X%

In second sales expect program from sequential X% and to repair timing due availability prior were quarter year rates. this overhaul. XX%, XX% and material by on total some compared OE and prior to based Commercial the driven X% We sales continue sales further aftermarket timing up by driven supply Aftermarket and Defense delays. and improved constraints the strong sequentially declined was spares chain the up led quarter, last X%, shipping by to are primarily temporary as commercial, moderate declined higher compared Defense improvement. year. in by sales seeing remained the year, and strength transient some improvement Sales half program increased aftermarket of we gradually. the OE constraints. X% build to

excited Investor this have our business over sales in this event, X% about CAGR earlier discussed the confidence to very for to are Day we at decade. next a continue and X% outlook we year the As

solid months that improvement based the specifically, our the multiyear have we already in confidence X progressively over outlook a last post-COVID and year. of sequential on This over won. differentiated in the year had technology, we the major that this performance commercial particularly on is modest and expect continued this sales numerous of programs, continued we improved Our remainder aerospace defense recovery side the business

to basically to core profit but was approximately Crane million divestiture decreased were X% of X% prior XX.X% we Process adjusting exchange, XX.X% fourth to Operating quarter at be from strongest of the for flat margins compared to sales Supply, year. X%, specific the by flat $XX by compared and track the this operating profit offset we of year year of material FX-neutral on impact partially in million first for up timing expected full Crane adjusted expect inflation. divestiture. Sequentially, driven last the approximately Supply offset X% unfavorable the Technologies, the divestiture core projects, At of year. fully Flow compared for a X%, a growth. margins orders XX%. margins continues Pricing quarter, by FX-neutral of with the $XXX Given backlog X% both and Operating foreign core from Crane impact decreased of May to Supply increased X% to remain

increased $XX For also supply core Crane increased Supply in related both and first reference, to year, was XX% the $XX Backlog core to X%, supply year backlog backlog the orders FX-neutral at Crane quarter for million. prior Crane adjusted was the million. last Compared FX-neutral divestiture.

Supply for divestiture to Continued have indicators in strong levels. end already by where process The recovered growth of second and that rates markets. $XX we is led leading contributed fourth the similar run strong second general led overall our chemical, be sales order which to million adjusting approximately will rate the quarter. and throughout we strength suggesting sales to After third being business continued the pharmaceutical approximately industrial expect by Crane see quarter, XXXX, pre-COVID quarter the

improve expect and again the margins However, third in we the in sequentially do to fourth quarter. then quarter

X%, Sales in quarter unfavorable increase continues elevated basis year of year. from and markets X% profit Moving currency with last communicated, both exchange. and points by offset as growth X% we anticipated from roughly compared core pricing records to the reflecting hit XX year a to by strength & are last offset will operating partially mix. international in sales $XXX previously XX.X%, margins increased impact X% quarter. foreign a million partially Remember, Segment by broad-based to decline in XXXX Merchandising to will growth. At CPI, unfavorable next an and sales, year. increased Technologies. improved $XX double-digit driven sales U.S. behaving Currency strong Operating resume Payment core in the core Full million. base flat with modestly then new and productivity,

Our Vending retail business very level has encouraging. in improve remains gaming and been the the market to activity continues of strong. very

for We environment different space solutions labor an the retail across but with common proliferation continue the the in is to a productivity see of shortages. theme need inflationary

before compared For year Engineered to XXX the further million. Materials, we From to track previously segment, year Free Adjusting half with end mix, on record while sales and the outflows and XX%, prior by we seasonality moderate normal significant cash the XX.X%. the relative full year. Operating million approximately increased quarter. increased reach margins core margins are expect in across to remains million picking achieve sequentially to a Operating perspective, second broad-based guidance similar full in was we QX. due achieve margins to QX flow X% issued for XX% basis believe the $XX be flow cash to to of levels. first and $XX RV was segment onetime a actions, XX% growth. year track up and anticipated materials. margin of on XX.X% points to $XX that pickup year's quarter increased consistent margins to portfolio on profit adjusted of markets are exceeding million. guidance full our to led do track free Strength from $XXX cash we in $XXX to QX profit million The building expect and our At last to sales our segment to related

capital conscious to notably to normal, related be decisions our the than will in recovery, are add making the improving near However, loaded working higher customers. most term it some inventory back-end to we protect many given in cases, inventory best market deliberate and more very

expect Our current balance end rating. target leverage year, shape. the the we sheet credit is range in gross gross adjusted Moody's towards the By extremely end X the our debt-to-EBITDA Xx to of good bottom of for

guidance. to Turning

our year. $X.XX range maintaining adjusted are EPS of full We the for $X.XX to

we April, loss in reminder, our range months a Supply $X.XX from maintained As we of announced of despite the sale to of the $X then that when business. X contribution guidance Crane of earnings

expect from approximate $X.XX quarter amount be prior $X.XX supply divestiture thereafter, at to the the in met decline $X.XX which and incremental second the approximately foreign contributed Engineered So exchange discontinued operational margin May third no by There at to We assumptions and flow May existing through to was cadence operational guidance the updated second we technologies said sales adjusting and EPS operations, quarter perspective Supply and Shortly range. more primarily continue sequential change of the that about fourth improvement improvement a quarters, effectively, be no to in once we remain sequential confident headwinds to in we & Crane stronger, earnings after to resulting it the longer guidance of to increase guidance the From Aerospace the our that expect Electronics. for then despite a is and Crane we that $X.XX. our in of May, way, margin $X.XX similar of earnings the quarter in third to quarter timing of quarter reflect expect contribution process quarter, sequentially the in the XX% both driven in business. outlook at for adding back it criteria time. earnings another is after Materials our

progressing our work smoothly. is very the separation, Regarding

completed are financials good making progress carve-out have We filing. and the and associated preparing required the audits initial we XX Form

future the for post-separation across every corporate state function. businesses completed have We both design

a the organizations. remaining now what working the are of We corporate as have for both plan Crane they on against to open role months. be structured company corporate made the specific and details of as continue roles post-separation the substantial well associates progress we legacy this the for know period refine on and those separation to in Overall, and will outlook hiring we our executing further X next staffing details over the And All March we we our XXXX and ahead the of track we to able enter the and to times complete we exciting liabilities even structures, year. financing expect solid plans the plans separation. on capital complete are early be XX. share in to communicated A as fall XX-month more fill

at pursuing are to all that energized we question. every been that and to and the are the We first date ready has opportunities unlocking now we take are Operator, made our day. progress

Operator

[Operator Instructions] Our from Davidson. question Please D.A. is Summerville with Matt first proceed.

Matt Summerville

then a on flow. more a question that the finer bit And market have put price? First a of is X% add maybe point volume little detail maybe how versus a of organic, geographic around color? around follow-up. much And then process you maybe and I little Could bit of maybe

Rich Maue

Yes.

we price, very did a the volume in So see modest volume. drop for

majority When some you the look at profile; however, we demand it price substantial that the backlog saw to order the the level of all in about against. and was the execute what the or commentary really demand, you you have nature noted good of we the the related of to release, So the quarter. and in of feel

Other we So say be From today since relation would too demand say pretty last end that, the about I in quarter. a since and are in geographic and constrained I to half little restrictions say bit. than the in year. the first changed would here with to respect China so COVID continues perspective, not second forth. has improving much the stable to where positive it's those strong would I quarter. fairly remains bit a that Europe of the fairly Americas, markets a

Max Mitchell

is material seeing that probably mention nonresidential The sign only pushouts, that's questioned, but unexpected, early not being signs say. of U.K. might business our only I I less projects but the thing would actually some some

Matt Summerville

any compared then out of talk about production their business. Obviously, BEP below when doubt currency I as fiscal on follow-up, it. seemingly kind But little very where the year-to-date maybe as I with there, my fiscal it. And planning the now. that issued coming was Got bit you they're thoughts of respect on below, more wide of if if extremely you what low I range the dynamics on is seeing an wondering just tough And they end the around numbers a right could well sort of you to detail order. at comment process look there? purchase the at be their tracking have early underway no and might 'XX, know

Max Mitchell

with positive wide the we as All needs reason is work in partnership we've Matt. strongly that progress past, Thanks, we Yes. that very mentioned aside the thread optic be the NXT Crane the in micro content series for Currency expect close -- series. that the set below for we're the -- to And next will is as main added in on a introduced. range

being progress press set There trial the time runs impacting. of for aside and amount and needs So tremendous work that's there's made. be a to

has like with is into. challenges, many won't the us hit strong. COVID-related BEP, demand get challenges been I particular other specific to addition still that I But of In think

continue also positive And you BEP trends in I for trials. that the almost it's get of XXXX, the it prepared that for think maximum to can, insight fantastic be Hopefully, I through the is that gives to that desire well out to terms from an all level the getting think best job the conducting have taking some shipment for But I they ideal. term. to also the that bodes the a try manage increased would while BEP the while very doing can Fed trying future. think longer

Rich Maue

only we I add accordingly just The on, -- think is well. Matt, the for I year that as planned would we thing

we So the notwithstanding to some the real I we year see we continue on build international starting U.S., left at of do. the that feel and range, in where of they're outside again we what about still say, to would that end have the just are nice lower good momentum side. to And

some year well year nice and will really But flow that comps was You'll benefit seeing order recall side, we are really, for pickup forward a in XXXX. caused it that on strong going in as tough last some international the us us.

Matt Summerville

Understood. you, Thank guys.

Operator

with Our proceed. Jones Please is Nathan next from Stifel. question

Nathan Jones

give up some growth, in I'm price Good big on businesses. a details more going give in on those the volume. things order not And are volume just to volume morning, versus you growth, and versus prices price everyone. lot in any can Any just us any Obviously, the to a with the color more follow of rates, each different price us at backlog you yours contributor can color, kinds detail of more any segments? versus moment. of on companies on

Rich Maue

Yes. similar process What that each is the of It's I would unique say I a progress business would or to market point the not price all. businesses end the side. of in or in process, view volume making in to unique say -- commercial from we're across

making would price progress positive material across is all. cost across we're all. that slightly I So the say generally relationship

able profile we're with hold our that think business. process margin across we've the been to that I executing

there's well teams that's So price necessarily. Nathan, executing cost. than It's spot, -- stronger across the the unique one really are board another not

Max Mitchell

-- [ph] a a rates, in price. Jason offsetting is significantly we see and accurate generally core but the say price little increasing it's volume order managing me, I to Rich, been check I backlog more think just there that though, to it's supply think while our volume, generally sales constrained do and we've versus

Rich Maue

isn't There a towards I that look mean say volume if Yes. by significantly weighted you the it's volume. order shared, see, we've the lot price that's -- versus percent what volume. would at increases you outweighed I is of,

Max Mitchell

backlog where very that it's we forward... that means as the And for well, the positioned feel have we confident about having and that, in pricing said

Nathan Jones

orders to volume across The increases backlog all of weighted or the more one heavily or in and businesses is other? the are

Rich Maue

right? mean, widespread. it's say I would fairly fairly I widespread,

Nathan Jones

to just on I one wanted helpful. get That's Engineered Materials.

but you fairly mean, the rates environment for Now historically been current you going through. that is the about it? interest didn't there? there about could the has environment any going go And talk that? you business the price? Are Can lead out to that that. up current consumer does well selling not obviously, that performing Just obviously the I business plans strategic and outlook buyers sale cyclical reduced really confidence Does have down. -- thoughts the for and

Max Mitchell

overlap and a with a long Nathan, sales strategic. indicated the investors buyer that. are I unfortunate, while very addressing great which forward a just environment well very we that significance reminder, significant appreciate after hope in Building I potential really team. a the was the moved with comprehensively Products. a today moved blocked. clearly add for years that with business -- on positioned Engineered finally minor We effectively was sale supply, Crane process, not to just great process Materials The appreciate we the with the and separation with -- regulatory value portfolio

been kind is our everything Now that that's Crane, think I going first. what recession all is we're market on macroeconomic focused else unfortunately, discretionary favor. of not not this clearly the -- time is impacted Consumer see we with is, I minor at underway. And a think has where in from standpoint, on, unexpectedly, the

guidance, adjustment in not feel impact that very our going solid although performance seeing think our back Engineered we're some Materials. some half, about to it's We're at I we seeing the all. already hinting

team, think it's business, at net-net, I then right free time to continues the in in cash the with feel -- most future it. this address foreseeable likely. the again And future should we'll the we'll investors cranes deploy. think that that stays to nice is great is about Engineered for we continue great how drive flow a U.S. So And Materials

Nathan Jones

makes That I'll for Thank you. on. it Thank questions. you pass sense. taking my

Operator

Our next Damian UBS. with Karas from question is Please proceed.

Damian Karas

I good you about Good want PMT. Hey, evening. ask morning guys. to

timing you or that I anything sort seasonal Just of -- nature. about anything hear shipment didn't mention

you that underlying that seeing for the so, wondering expectations? mostly? just it where I'm above is in if is to So second coming are just assume the demand And quarter, fair

Max Mitchell

on of right? I had mean well last the pretty I think There we in that to for of for I timing been tracking, shipment say XQ might with year. bit little we're I quarter that. at the line more a which we XQ but think, kind the favored expense mentioned expected of nothing growth expectations, had add

Rich Maue

I and where only thing of The as continued what the the nice the international in we a minutes business. would seeing have really side would portion say But -- I line, percentages ago, Matt, on some strength I it, payment currency seeing few on just the and to growth, in the them to if retail. with are of frankly, Yes. terms would add momentum But the side, in we flip guidance it's thought. we we're back you our mentioned

and In forth, what well. terms in expected, we of gaming continues strength percentages as so it's

Max Mitchell

That a bitcoin We dynamic mentioning we're with basis, just taking converting driver core of bitcoin. basis, would have were bit worth bitcoin. -- a individuals very haven't to last had and I mean, questions the end end business. the year markets a strong. cash in and this kiosks us Meanwhile, year-over-year seeing past been huge of systems had kiosks It's year, retail, on But in year-over-year date. investors last we a our our And all gaming, it actually. strong well, of be the about about a strength bitcoin talked we crypto on for tailwind, with market into threat from a

we've crypto decline crashed, end has a and seen Now bitcoin market that dramatic in move. since

that just our be offset that you strength imagine want the tailwinds, overemphasize to see, under the can I to we're very, So just in still XXXX strong. very continue we the revenue. other markets

XXXX movement and up. don't want frame we to all know think just and end positive into have I trends you significant if indicators. beyond I market

Rich Maue

We Yes. grew. point. No, it's an excellent

now includes the really in mentioned right? and QX Max that the business, X. at right digits, double that look bitcoin you and that components grew we If in business the QX, having just being payment -- legacy On basis a at core

in business that that, beyond context of So underlying that. just growth around is north some obviously the put the to

Damian Karas

could And at the for just look it. customers. if Helpful distribution Got you where are when your you taking mentioned Rich, your you it. sells inventory the across your that that assessment Got various color. inventory of maybe channels through wondering was then, secure into. Crane walk business actions levels I

Rich Maue

Yes.

example, in industrial in would a here to demand, say we process, they're of still now. the I -- quite us business think, -- segment general The sell the in just for it's right in I where U.S. arm part underlying that There's where into. for that replenishing bit not of like, So pure there's the primary distribution now.

a So demand of we to lot that don't needed. make yes, lead to secure to right? levels making be have right, have make that, business able My inventory. our of we comment we're they So units that certain heck whole times, sure to deliver can decisions sure in to conscious of inventory our to inventory that just given customers. a They're still satisfy was on

Max Mitchell

surgical. a unnatural I to even too said it's of nothing that, it's levels some but trying higher strategic. There's say slightly bring in But more that inventory intentionally we're wouldn't unusual, having couple or think I too dramatic. But

Damian Karas

Thanks, it. got Okay, guys.

Max Mitchell

Thanks. Yes.

Operator

is proceed. Grenfell Bank Our next Please America. question with of Elizabeth from

Elizabeth Grenfell

any expect that give I Thank could decline detail provide? you sort morning. seeing hoping color When the it you you little headwinds and the aftermarket us on in side. you're Good a defense more was OE of both on the timing you. to turn that could and around Hi. the

Rich Maue

Yes.

came the we're seeing think, year, we we When guided defense. So the down into largely I expected. were, declines on that

reminder, grown the a we range right, of couple the for Just in as XX-plus-percent years. have last

years did enjoy some So really XXXX. the into couple over we really, growth really coming strong of last

comments year, the some I half guided our sort But context. comps. shortfall, We availability maybe strokes it, to in to as about down margin expect timing. would into next wasn't the latter would the give some that or unfavorable we to respect say participate broad some primarily I to what unexpected you think that make We around it is of thinking. and very with some some on So start ISR. turn in around the yes, defense. material When of did you -- it's That's just year is just with so,

areas enjoying If about where are you folks of maybe some little us current year. the bit more growth think the in versus a

where that we others. So versus -- effectively could it's play

Elizabeth Grenfell

very much. you Thank

Operator

And our question Morgan Please proceed. next is with Stanley. Kristine from Liwag

Kristine Liwag

good Well, everyone. morning,

are priorities has been a the deployment you how On given Crane proceeds? there supply macro thinking your change the capital tougher using the about in environment? side, And

Rich Maue

Yes.

execute to bit maybe more both capital aside Crane we organizations both is things asbestos, I that proceeds. from So you up separation could continue be a really, potential setting are the Even post that little for to separation. We've their another around it structure aware setting share clear organizations. I is net as debt-to-EBITDA set And think think, I plan for really those we strategic on post us on if M&A just example. the well of a strategies. be to important What area now would there's provide look defeasing about up frankly, that we and setting separation, successful capital us structure to right those color both companies benefit businesses respective deployment being able perspective, this hugely those organizations might grow in could is some the of you I'll -- as out. a excluding with think use working be initiatives that you and pretty level That through been, for we at supply, on. about Certainly, both capital I those when these

EBITDA are NXT, And see is debt net EBITDA assuming company, give around at now Xx somewhere Crane X.Xx to to thinking to net I'll Crane debt would numbers, at sub-Xx asbestos, actually, including sub then right at debt I and we EBITDA. current Our have that, these a you net both Crane asbestos, company. of

that for helps. So positioning separation, sheet strong if those very, very organizations balance both post

Max Mitchell

and our in on us between well. end to full plates have our to acquisition an be year, what now and entertain now with have of between strategic certainly we're executing and April. the for we then And separation very the executing It would

across funnels all organizations However, we quite quite to hopefully, soon that activity -- and separation. deploy continues have significant after plans

Kristine Liwag

that out that Crane be And months? fall could the leadership it is Or and with happened segment? follow-up. factor I the to seeing macro for in a you to mean, team Do we're of today, we be respect going crypto if think plus the to rise evolved has of items headwinds segment? you cash-generative the few what's to business? going for just led in that about is this filling past a do and management with I have How any think differently these growth NXT, as a strategy

Max Mitchell

that capable always well the as a is growth adjacencies as but to was without not to just in we're of it that drive We've looking core doubt. for forward, a opportunity. move And felt continuing growth clearly be we with going leader

Kristine Liwag

Great. Thanks, guys.

Operator

And do Karas UBS. question from with Damian follow-up Please proceed. a have we

Damian Karas

a couple on math you the wondering quick of I was follow-ups half. the PFT, in back Just the just thinking help margin about if on improvement here. could us

kind need to think, or the a of full I guide. to You be XX% hit year bit at little better,

how for kind out? walk could from is ex business? the So incremental think the Crane what's And business the good distribution of margin maybe to coming that us through you much that of just about like now, Rich, supply way

Rich Maue

half improvement we did mainly some it's unfavorable Yes, of we year. PFT. our to in I hit it's expect in half We see largely would second improve -- process have see would side that here, the of mix first going say year. -- process the the expected the us in to of that the -- do

we're relative in end the It beginning of to that products in of the the we're half. really of a are to just the the different solutions that different mix So selling here half. we mix brands first more markets, that where contribute selling we meaningfully the is types have, second into

that confident should those that underlying And the as be we continue not going savings Crane of that us really get in feel It's much business. so fundamentals supply. we honestly, what more elements target really I It's just of there. as see repositioning It's happening us. continued by pretty execute well. on driven in for We to balance to that the Where some incrementally of cost price year and we through then see strong increase management. the the move

Jason Feldman

moving That little talked given And question, the part think staying look, think long kind of incrementals, -- But underlying I inflation we've and margin price your and right I without given term, but business whatnot. in structure long-term now. tricky quarter of the may at we've obscured supply, with any a over the was this pieces all that's the to incremental of XX% about business. be XX% other the

Damian Karas

you this of resist. Rich, with can't off yourself one. And set I kind

the year? the what would say end the probability that that some actions year asbestos, on related is to of there's So you before --

Max Mitchell

significant I'll and We're It's very very, continuing take Damian. well. to progress it, progressing interest.

Just leave it that. at

Damian Karas

No. sir. All guys. Thanks right, again,

Operator

Mitchell reached have We closing question-and-answer turn I to like the back our session. comments. end Max of over for to conference the would

Max Mitchell

you, Thank operator.

shareholder performance solid with further quarter to value. separation drive steps Another and to further our path in

is proposition the Caan, did the said and the As wants good great that can't late actor, Sollozzo. to Michael promise is He What say? refuse. discussing to in James The when as with deal we Corleone the a he hear Godfather Sonny so meeting send us

As for and and you differentiated Rich and our exciting building rigorous an much and showing updates creation, results very, shaping the I growth. separation acquisitions, our you where that offer have to Crane I the of shareholder and now with commitment over position refuse: value very sharing What Godfather all next growth portfolio further momentum several have can't businesses great execution, day. a story for to forward are fans acceleration accelerating you including of quarters. discipline through and and look and disciplined all is an divestitures of investors, a we Thank consistent a firm will investment Series, team for the

Operator

conclude conference. This you. today's does Thank

your thank may you lines And for at time. your participation. this disconnect You

Crane NXT (CXT) 26 Jul 222022 Q2 Earnings call transcript