Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Crane Company, common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol "CR". As of December 31, 2023, there were 1,524 holders of record of Crane Company common stock.
Stock Performance Graph
The following graph sets forth the cumulative total stockholder return to Crane Company’s stockholders for the period beginning April 3, 2023, the date of the Separation, through December 31, 2023, as well as the corresponding returns on the S&P 500 Index and the S&P 400 MidCap Capital Goods Index.
The graph assumes that the value of the investment in the common stock and each index was $100 on April 3, 2023, and that all dividends were reinvested.
4/3/2023 6/30/2023 9/30/2023 12/31/2023
Crane Company $ 100.00 $ 119.62 $ 119.48 $ 159.16
S&P 500 100.00 108.34 104.79 117.03
S&P 400 Midcap Capital Goods Index 100.00 114.40 110.02 126.09
Purchases of Equity Securities
Neither the Company nor any "affiliated purchaser" repurchased any shares of Company common stock during the year ended December 31, 2023.
Equity Compensation Plans
For information regarding equity compensation plans, see Item 12 of this annual report on Form 10-K.
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Item 6. Supplementary Financial Information
(in millions, except per share data)
For year ended December 31, First Quarter Second Quarter Third Quarter Fourth Quarter Full Year
2023
Net sales $ 513.8 $ 509.6 $ 530.1 $ 532.9 $ 2,086.4
Cost of sales 306.9 308.5 326.9 339.1 1,281.4
Gross profit 206.9 201.1 203.2 193.8 805.0
Operating profit 77.5 63.1 76.3 66.9 283.8
Net income from continuing operations attributable to common shareholders 55.9 43.3 55.2 49.4 203.8
Income from discontinued operations, net of tax 49.8 2.3 — — 52.1
Net income attributable to common shareholders $ 105.7 $ 45.6 $ 55.2 $ 49.4 $ 255.9
Earnings per basic share:
Earnings per basic share from continuing operations $ 0.99 $ 0.76 $ 0.97 $ 0.87 $ 3.59
Earnings per basic share from discontinuing operations 0.88 0.04 — — 0.92
Earnings per basic share $ 1.87 $ 0.80 $ 0.97 $ 0.87 $ 4.51
Diluted earnings per share:
Earnings per diluted share from continuing operations $ 0.97 $ 0.75 $ 0.96 $ 0.86 $ 3.54
Earnings per diluted share from discontinuing operations 0.87 0.04 — — 0.91
Earnings per diluted share $ 1.84 $ 0.79 $ 0.96 $ 0.86 $ 4.45
2022
Net sales $ 538.8 $ 530.3 $ 480.0 $ 485.9 $ 2,035.0
Cost of sales 347.1 352.8 310.7 310.8 1,321.4
Gross profit 191.7 177.5 169.3 175.1 713.6
Operating profit (loss) 62.8 43.7 (117.2) 48.6 37.9
Net income (loss) from continuing operations attributable to common shareholders 46.1 206.6 (120.9) 39.8 171.6
Income from discontinued operations, net of tax 58.9 51.6 61.6 57.4 229.5
Net income (loss) attributable to common shareholders $ 105.0 $ 258.2 $ (59.3) $ 97.2 401.1
Earnings per basic share:
Earnings (loss) per basic share from continuing operations $ 0.81 $ 3.68 $ (2.16) $ 0.71 $ 3.04
Earnings per basic share from discontinuing operations 1.03 0.92 1.10 1.02 4.07
Earnings (loss) per basic share $ 1.84 $ 4.60 $ (1.06) $ 1.73 $ 7.11
Diluted earnings per share:
Earnings (loss) per diluted share from continuing operations $ 0.80 $ 3.63 $ (2.16) $ 0.70 $ 3.00
Earnings per diluted share from discontinuing operations 1.01 0.91 1.10 1.01 4.01
Earnings (loss) per diluted share $ 1.81 $ 4.54 $ (1.06) $ 1.71 $ 7.01
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS