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Financial report summary
?Risks
- Macroeconomic fluctuations may harm our business, results of operations and stock price.
- Demand for our products is variable and subject to factors beyond our control, which could result in unanticipated events significantly impacting our results of operations.
- Fluctuation in the prices of, or our ability to source, our components and raw materials, and delays in the distribution of our products could adversely affect our results of operations.
- Information systems and technology networks failures and breaches in data security, personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information, or a violation of our privacy and security policies with respect to such information, could adversely affect us.
- We conduct a substantial portion of our business outside the U.S. and face risks inherent in non-domestic operations.
- We may be unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow.
- We compete with other industrial technology businesses for highly qualified employees in the countries in which we operate, and we may not be able to retain our personnel or hire and retain additional personnel needed for us to sustain and grow our business as planned.
- We may be unable to identify or to complete acquisitions, or to successfully integrate the businesses we acquire.
- Our businesses are subject to governmental regulation; failure to comply with those regulations, as well as changes in those regulations, could adversely affect our financial condition, results of operations, cash flows and reputation.
- Our operations expose us to the risk of litigation, claims and investigations, including those related to product liability and warranties, and employee, commercial, intellectual property and environmental matters, that could adversely affect our
- financial condition, results of operations, cash flows and reputation. We may not have sufficient insurance coverage or indemnification rights to cover such claims.
- We may be unable to improve productivity, reduce costs and align manufacturing capacity with customer demand.
- Our business could be harmed if we are unable to protect our intellectual property.
- We face significant competition which may adversely impact our financial condition, results of operations, and cash flows in the future.
- Our future results of operations and financial condition could be adversely impacted by intangible asset impairment charges.
- Additional tax expense or exposures could affect our financial condition, results of operations and cash flows.
- If our internal controls are found to be ineffective, our financial results or our stock price may be adversely affected.
- We are subject to risks related to the Separation that could negatively impact our results including not obtaining the intended tax treatment of the Separation transaction, failure of Crane Company to perform under the various transaction agreements and actual or potential conflicts of interest with Crane Company.
Management Discussion
- Sales increased by $51.4 million, or 3.8%, to $1,391.3 million in 2023. The change in sales included:
- •an increase in core sales of $57.5 million, or 4.3%, driven primarily by favorable pricing across both segments, and
- •unfavorable foreign currency translation of $6.1 million, or 0.5%.