Crane Company Reports First Quarter 2026 Results and Raises Full Year EPS Guidance
STAMFORD, Conn.--( BUSINESS WIRE)--Crane Company ("Crane," NYSE:CR) today announced its financial results for the first quarter of 2026 and raised its full year adjusted EPS outlook.
Alex Alcala, Crane's President and Chief Executive Officer, stated: "We delivered a very strong start to 2026, generating 15% adjusted EPS growth in the first quarter. Results exceeded our expectations with the majority of our outperformance driven by outstanding execution and momentum across our recent acquisitions which are already contributing meaningfully to earnings growth. Our legacy business also performed well, with nearly 4% core sales growth and solid operating leverage.
"We entered the year with strong momentum, underpinned by continued execution of our strategy, progress across growth initiatives, and solid performance by our recently acquired businesses. With geopolitical developments and a more uncertain macroeconomic environment, our first‑quarter results demonstrate the resilience of our business and the strength of our operating fundamentals. Reflecting this performance and balanced against the evolving external backdrop, we are raising our full year adjusted EPS outlook to a range of $6.65–$6.85, up from $6.55–$6.75."
CEO Alcala concludes: "Our incredible culture and unique business system position us to outperform in evolving market conditions and generate long‑term value for shareholders. We remain focused on executing with discipline in the areas within our control, staying agile and supporting our customers globally while continuing to invest in our growth priorities and technology platforms.”
First Quarter 2026 Results
First quarter 2026 GAAP EPS from continuing operations of $1.14 compared to $1.34 in the first quarter of 2025. First quarter 2026 adjusted EPS from continuing operations of $1.65 compared to $1.43 in the first quarter of 2025.
First quarter sales increased 24.9%, with 3.8% core sales growth, an 18.3% contribution from the previously announced acquisitions of Druck, Panametrics, Reuter-Stokes, and optek-Danulat and a 2.7% benefit from foreign exchange. Operating profit of $100.1 million decreased 1.0% compared to last year primarily reflecting acquisition related transaction costs and acquisition related intangible amortization, partially offset by strong productivity. Adjusted operating profit of $137.8 million increased 28.7% compared to last year, driven by contribution from recent acquisitions and productivity.
Summary of First Quarter 2026 Results
First Quarter
Change
(unaudited, dollars in millions)
2026
2025
$
%
Net sales
$696.4
$557.6
$
138.8
24.9%
Core sales
21.4
3.8%
Acquisitions
102.2
18.3%
Foreign exchange
15.2
2.7%
Operating profit
$100.1
$101.1
$
(1.0
)
(1.0%)
Adjusted operating profit*
$137.8
$107.1
$
30.7
28.7%
Operating profit margin
14.4%
18.1%
(370bps)
Adjusted operating profit margin*
19.8%
19.2%
60bps
*Please see the attached Non-GAAP Financial Measures tables
Cash Flow, Financing Activities and Other Financial Metrics
During the first quarter of 2026, cash used for operating activities from continuing operations was $29.5 million, capital expenditures were $10.7 million, and free cash flow (cash provided by operating activities less capital spending) was negative $40.2 million. Adjusted free cash flow from continuing operations (free cash flow excluding transaction related cash outflows) was negative $23.5 million. (Please see the attached non-GAAP Financial Measures tables.)
As of March 31, 2026, the Company's cash balance was $355.4 million with total debt outstanding of $1,198.2 million.
First Quarter 2026 Segment Results
All comparisons detailed in this section refer to operating results for the first quarter 2026 versus the first quarter 2025.
Aerospace & Advanced Technologies
First Quarter
Change
(unaudited, dollars in millions)
2026
2025
$
%
Net sales
$
318.3
$
248.9
$
69.4
27.9%
Core sales
23.4
9.4%
Acquisitions
42.9
17.2%
Foreign Exchange
3.1
1.2%
Operating profit
$
71.5
$
64.6
$
6.9
10.7%
Adjusted operating profit*
$
78.3
$
65.2
$
13.1
20.1%
Operating profit margin
22.5
%
26.0
%
(350bps)
Adjusted operating profit margin*
24.6
%
26.2
%
(160bps)
*Please see the attached Non-GAAP Financial Measures tables
Sales of $318.3 million increased 27.9% compared to the prior year, driven by 9.4% core sales growth, a 17.2% contribution from the acquisition of Druck, and a 1.2% benefit from favorable foreign exchange. Operating profit margin of 22.5% declined 350 basis points year-over-year, primarily reflecting acquisition related transaction costs and intangible amortization coupled with dilution from the Druck acquisition offset by higher volumes and favorable net price. Adjusted operating profit margin, excluding acquisition related transaction costs and intangible amortization, of 24.6% declined 160 basis points compared to a year ago.
Process Flow Technologies
First Quarter
Change
(unaudited, dollars in millions)
2026
2025
$
%
Net sales
$
378.1
$
308.7
$
69.4
22.5%
Core sales
(2.0
)
(0.6%)
Acquisitions
59.3
19.2%
Foreign exchange
12.1
3.9%
Operating profit
$
64.2
$
62.8
$
1.4
2.2%
Adjusted operating profit*
$
83.5
$
66.8
$
16.7
25.0%
Operating profit margin
17.0
%
20.3
%
(330bps)
Adjusted operating profit margin*
22.1
%
21.6
%
50bps
*Please see the attached Non-GAAP Financial Measures tables
Sales of $378.1 million increased 22.5% compared to the prior year, primarily driven by a 19.2% contribution from the previously announced acquisitions of optek-Danulat, Panametrics, and Reuter-Stokes, and a 3.9% benefit from favorable foreign exchange offset slightly by a 0.6% core sales decline. Operating profit margin of 17.0% decreased 330bps compared to the prior year reflecting acquisition related transaction costs and intangible amortization, dilution from recent acquisitions, and lower volumes, partially offset by strong productivity and favorable net price. Adjusted operating profit margin, excluding acquisition related transaction costs and intangible amortization, was 22.1%, up 50 basis points compared to a year ago.
Raising 2026 Guidance
We are raising our full year adjusted EPS outlook to $6.65-$6.85 from $6.55-$6.75, representing approximately 12% growth at the midpoint versus 2025. Both periods exclude after‑tax amortization of acquisition‑related intangibles. In addition, the 2025 results exclude hurricane‑related insurance recoveries, which contributed $0.16 to full year EPS.
Key assumptions for our guidance include:
Additional details of our outlook and guidance are included in the presentation that accompanies this earnings release available on our website at www.craneco.com in the "investors" section.
Declaring Second Quarter Dividend
Crane announced its regular quarterly dividend of $0.255 per share for the second quarter of 2026. The dividend is payable on June 10, 2026 to shareholders of record as of May 29, 2026.
Additional Information
References to changes in “core sales” or "core sales growth" in this report include the change in sales excluding the impact of foreign currency translation, as well as acquisitions and divestitures from the date of closing up to the first anniversary of such acquisitions or divestitures.
Conference Call
Crane has scheduled a conference call to discuss the first quarter financial results on Tuesday, April 28, 2026 at 10:00 A.M. (Eastern). All interested parties may listen to a live webcast of the call at www.craneco.com. An archived webcast will also be available to replay this conference call directly from the Company’s website under Investors, Events & Presentations. Slides that accompany the conference call will be available on the Company’s website.
About Crane Company
Crane Company has delivered innovation and technology-led solutions for customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company has two strategic growth platforms: Aerospace & Advanced Technologies and Process Flow Technologies. Crane has approximately 9,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Company is traded on the New York Stock Exchange (NYSE: CR). For more information, visit www.craneco.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: benefits and synergies of the Druck, Panametrics and Reuter-Stokes, and optek-Danulat acquisitions; strategic and competitive advantages of Crane; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. We caution investors not to place undue reliance on any such forward-looking statements.
These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.
Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures and tariffs) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; information systems and technology network failures and breaches in data security, theft of personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being unable to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being 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; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Advanced Technologies, and Process Flow Technologies; the ability and willingness of Crane Company and Crane NXT, Co. to meet and/or perform their obligations under any contractual arrangements that were entered into among the parties in connection with the separation transaction and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the separation transaction.
Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents Crane files from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and Crane assumes no (and disclaims any) obligation to revise or update any forward-looking statements.
We make no representations or warranties as to the accuracy of any projections, statements or information contained in this press release. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.
(Financial Tables Follow)
Source: Crane Company
CRANE COMPANY
Condensed Statements of Operations Data
(unaudited, in millions, except per share data)
Three Months Ended
March 31,
2026
2025
Net sales:
Aerospace & Advanced Technologies
$
318.3
$
248.9
Process Flow Technologies
378.1
308.7
Total net sales
$
696.4
$
557.6
Operating profit:
Aerospace & Advanced Technologies
$
71.5
$
64.6
Process Flow Technologies
64.2
62.8
Corporate
(35.6
)
(26.3
)
Total operating profit
$
100.1
$
101.1
Interest income
$
1.6
$
3.2
Interest expense
(16.8
)
(4.5
)
Miscellaneous income (expense), net
0.2
(1.0
)
Income from continuing operations before income taxes
85.1
98.8
Provision for income taxes
18.0
20.5
Net income from continuing operations attributable to common shareholders
67.1
78.3
Income from discontinued operations, net of tax
—
28.8
Net income attributable to common shareholders
$
67.1
$
107.1
Earnings per diluted share from continuing operations
$
1.14
$
1.34
Earnings per diluted share from discontinued operations
—
0.49
Earnings per diluted share
$
1.14
$
1.83
Average diluted shares outstanding
58.7
58.5
Average basic shares outstanding
57.7
57.4
Supplemental data:
Cost of sales
$
415.1
$
320.0
Engineering, selling and administrative
181.2
136.5
Transaction related expenses (a)
21.6
2.2
Repositioning related charges, net (a)
0.2
0.1
Depreciation and amortization (a)
28.1
12.5
Stock-based compensation expense (a)
8.4
9.3
(a) Amounts included within Cost of sales and/or Engineering, selling & administrative costs.
Condensed Balance Sheets
(unaudited, in millions)
March 31,
2026
December 31,
2025
Assets
Current assets
Cash and cash equivalents
$
355.4
$
506.5
Restricted Cash
—
1,223.3
Accounts receivable, net
493.8
358.7
Inventories, net
507.1
376.5
Other current assets
125.4
106.4
Total current assets
1,481.7
2,571.4
Property, plant and equipment, net
367.7
278.8
Other assets
855.9
319.3
Goodwill
1,346.4
683.9
Total assets
$
4,051.7
$
3,853.4
Liabilities and Equity
Current liabilities
Short-term borrowings
$
5.6
$
—
Accounts payable
211.2
189.6
Accrued liabilities
288.0
269.3
Income taxes
15.4
6.3
Total current liabilities
520.2
465.2
Long-term debt
1,192.6
1,148.2
Long-term deferred tax liability
106.0
45.9
Other liabilities
133.7
130.7
Total liabilities
1,952.5
1,790.0
Total equity
2,099.2
2,063.4
Total liabilities and equity
$
4,051.7
$
3,853.4
CRANE COMPANY
Condensed Statements of Cash Flows
(unaudited, in millions)
Three Months Ended
March 31,
2026
2025
Operating activities:
Net income attributable to common shareholders
$
67.1
$
107.1
Less: Income from discontinued operations, net of tax
—
28.8
Net income from continuing operations attributable to common shareholders
67.1
78.3
Depreciation and amortization
28.1
12.5
Stock-based compensation expense
8.4
9.3
Defined benefit plans and postretirement cost
1.3
2.0
Cash provided by (used for) operating working capital
(133.2
)
(146.4
)
Defined benefit plans and postretirement contributions
(0.5
)
(0.6
)
Environmental payments, net of reimbursements
(0.3
)
(1.1
)
Other
(0.4
)
(0.2
)
Total used for operating activities from continuing operations
(29.5
)
(46.2
)
Investing activities:
Payment for acquisitions - net of cash acquired and working capital adjustments
(1,355.4
)
(0.2
)
Capital expenditures
(10.7
)
(14.2
)
Other investing activities
0.1
—
Total used for investing activities from continuing operations
(1,366.0
)
(14.4
)
Financing activities:
Dividends paid
(14.7
)
(13.2
)
Net payments related to employee stock plans
(10.9
)
(10.4
)
Proceeds from debt
50.0
—
Total provided by (used for) financing activities from continuing and discontinued operations
24.4
(23.6
)
Discontinued operations:
Total provided by investing activities (a)
—
207.7
Increase in cash and cash equivalents from discontinued operations
—
207.7
Effect of exchange rate on cash and cash equivalents
(3.3
)
4.9
(Decrease) Increase in cash and cash equivalents
(1,374.4
)
128.4
Cash, cash equivalents and restricted cash at beginning of period (b)
1,729.8
306.7
Cash and cash equivalents at end of period
$
355.4
$
435.1
(a) For the three months ended March 31, 2026, the cash provided by investing activities from discontinued operations was from the sale of the Engineered Materials segment.
(b) Cash, cash equivalents and restricted cash at beginning of period consisted of $1.2 billion in funds held in an escrow account related to the acquisition of Druck, Panametrics, and Reuter-Stokes brands.
CRANE COMPANY
Order Backlog
(unaudited, in millions)
March 31,
December 31,
September 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Aerospace & Advanced Technologies (a)
$
1,188.6
$
1,075.5
$
1,054.1
$
1,052.8
$
960.1
Process Flow Technologies (b)
606.2
359.9
383.0
403.1
389.9
Total backlog
$
1,794.8
$
1,435.4
$
1,437.1
$
1,455.9
$
1,350.0
(a) Includes $93.4 million, of backlog as of March 31, 2026, pertaining to the Druck acquisition.
(b) Includes $222.2 million, of backlog as of March 31, 2026, pertaining to the Panametrics, Reuter-Stokes and optek-Danulat acquisition.
CRANE COMPANY
Non-GAAP Financial Measures
(unaudited, in millions, except per share data)
Three Months Ended March 31
2026
2025
% Change
$
Per Share
$
Per Share
(on $)
Net sales (GAAP)
$
696.4
$
557.6
24.9
%
Adjusted Operating Profit and Adjusted Operating Profit Margin
Operating profit (GAAP)
$
100.1
$
101.1
(1.0
)%
Operating profit margin (GAAP)
14.4
%
18.1
%
Special items impacting operating profit:
Transaction related expenses
21.6
2.2
Repositioning related charges, net
0.2
0.1
Amortization of acquisition-related intangibles
15.9
3.7
Adjusted operating profit (Non-GAAP)
$
137.8
$
107.1
28.7
%
Adjusted operating profit margin (Non-GAAP)
19.8
%
19.2
%
Adjusted Net Income and Adjusted Net Income per Share
Net income from continuing operations attributable to common shareholders (GAAP)
$
67.1
$
1.14
$
78.3
$
1.34
(14.3
)%
Transaction related expenses
21.6
0.37
2.3
0.04
Repositioning related charges, net
0.2
—
0.1
—
Amortization of acquisition-related intangibles
15.9
0.27
3.7
0.06
Impact of pension non-service costs
0.4
0.01
1.2
0.02
Tax effect of the Non-GAAP adjustments
(8.2
)
(0.14
)
(1.7
)
(0.03
)
Adjusted net income (Non-GAAP)
$
97.0
$
1.65
$
83.9
$
1.43
15.6
%
Adjusted EBITDA and Adjusted EBITDA Margin
Net income from continuing operations attributable to common shareholders (GAAP)
$
67.1
$
78.3
(14.3
)%
Net income margin (GAAP)
9.6
%
14.0
%
Adjustments to net income:
Interest expense, net
15.2
1.3
Income tax expense
18.0
20.5
Depreciation
12.2
8.8
Amortization
15.9
3.7
Miscellaneous (income) expense, net
(0.2
)
1.0
Repositioning related charges, net
0.2
0.1
Transaction related expenses
21.6
2.2
Adjusted EBITDA (Non-GAAP)
$
150.0
$
115.9
29.4
%
Adjusted EBITDA Margin (Non-GAAP)
21.5
%
20.8
%
Totals may not sum due to rounding
CRANE COMPANY
Non-GAAP Financial Measures by Segment
(unaudited, in millions)
Three Months Ended March 31, 2026
Aerospace & Advanced Technologies
Process Flow Technologies
Corporate
Total Company
Net sales
$
318.3
$
378.1
$
—
$
696.4
Operating profit (GAAP)
$
71.5
$
64.2
$
(35.6
)
$
100.1
Operating profit margin (GAAP)
22.5
%
17.0
%
14.4
%
Special items impacting operating profit:
Transaction related expenses
3.7
6.3
11.6
21.6
Repositioning related charges, net
—
0.2
—
0.2
Amortization of acquisition-related intangibles
3.1
12.8
—
15.9
Adjusted operating profit (Non-GAAP)
$
78.3
$
83.5
$
(24.0
)
$
137.8
Adjusted operating profit margin (Non-GAAP)
24.6
%
22.1
%
19.8
%
Three Months Ended March 31, 2025
Net sales
$
248.9
$
308.7
$
—
$
557.6
Operating profit (GAAP)
$
64.6
$
62.8
$
(26.3
)
$
101.1
Operating profit margin (GAAP)
26.0
%
20.3
%
18.1
%
Special items impacting operating profit:
Transaction related expenses
—
0.8
1.4
2.2
Repositioning related charges, net
—
0.1
—
0.1
Amortization of acquisition-related intangibles
0.6
3.1
—
3.7
Adjusted operating profit (Non-GAAP)
$
65.2
$
66.8
$
(24.9
)
$
107.1
Adjusted operating profit margin (Non-GAAP)
26.2
%
21.6
%
19.2
%
Totals may not sum due to rounding
CRANE COMPANY
Adjusted Free Cash Flow
(unaudited, in millions, except per share data)
Three Months Ended
March 31,
Cash Flow Items
2026
2025
Cash provided by operating activities from continuing operations
$
(29.5
)
$
(46.2
)
Less: Capital expenditures
(10.7
)
(14.2
)
Free cash flow
$
(40.2
)
$
(60.4
)
Adjustments:
Transaction-related expenses
18.8
2.2
Transaction-related adjustments
(2.1
)
—
Adjusted free cash flow from continuing operations
$
(23.5
)
$
(58.2
)
Crane Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release includes certain non-GAAP financial measures, including adjusted operating profit, adjusted operating profit margin, adjusted tax rate, adjusted net income, adjusted EPS, adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow, that are not prepared in accordance with GAAP. These non-GAAP measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. We believe that these non-GAAP measures of financial results (including on a forward-looking or projected basis) provide useful supplemental information to investors about Crane Company. Our management uses certain forward looking non-GAAP measures to evaluate projected financial and operating results. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore our non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
Reconciliations of certain forward-looking and projected non-GAAP measures for Crane Company, including Adjusted EPS, and Adjusted segment margin to the closest corresponding GAAP measure are not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, which could have a potentially significant impact on our future GAAP results. For Crane Company, these forward looking and projected non-GAAP measures are calculated as follows:
We believe that each of the following non-GAAP measures provides useful information to investors regarding the Company’s financial conditions and operations: