Crane Company (CR) is a diversified manufacturer specializing in highly engineered industrial products. The company serves a wide range of industries, including aerospace, defense, chemical production, water management, and general industrial markets. Its offerings include advanced technologies and materials designed to meet the needs of both commercial and industrial customers, emphasizing innovation and customer responsiveness.
- Payment & Merchandising Technologies - Develops and supplies payment acceptance and dispensing products, as well as banknotes and security solutions for global markets.
- Process Flow Technologies - Provides process valves, commercial valves, pumps, and systems for industries such as chemical production, oil and gas, and water and wastewater management.
- Aerospace & Electronics - Manufactures commercial and military original equipment and aftermarket products for the aerospace, defense, and space sectors.
- Engineered Materials - Produces fiberglass-reinforced plastic (FRP) products for recreational vehicles, building products, and transportation applications.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alejandro A. Alcala Executive | Chief Operating Officer | None | Alejandro Alcala joined Crane in 2013 and has held various leadership roles, becoming COO in December 2024. He has led strategic transformations and operational excellence initiatives. | |
Anthony M. D'Iorio Executive | Executive Vice President, General Counsel, and Secretary | None | Anthony M. D'Iorio joined Crane in 2005 and became General Counsel in February 2018. He has extensive legal and governance experience. | |
Marijane Papanikolaou Executive | Vice President, Controller, and Chief Accounting Officer | None | Marijane Papanikolaou joined Crane in April 2023. She previously held senior roles at Pitney Bowes, GE, and Avon, focusing on financial reporting and compliance. | |
Max H. Mitchell Executive | President and Chief Executive Officer | Member of the G100, Board of Trustees of Manufacturers Alliance | Max H. Mitchell has been with Crane since 2004 and became President and CEO in January 2014. He has expertise in corporate strategy, portfolio optimization, and M&A integration. | View Report → |
Richard A. Maue Executive | Executive Vice President and Chief Financial Officer | None | Richard A. Maue joined Crane in August 2007 and has held various financial leadership roles, becoming CFO in January 2013. He oversees financial operations and strategic planning. | |
Tamara S. Polmanteer Executive | Executive Vice President and Chief Human Resources Officer | None | Tamara Polmanteer joined Crane in March 2021 and was promoted to Executive Vice President in February 2023. She has extensive HR leadership experience. | |
James L.L. Tullis Board | Director and Chairman of the Board | Chairman of Tullis Health Investors, LLC; Director of Alphatec Holdings, Inc.; Director of Lord Abbett & Co. Mutual Funds | James L.L. Tullis has been a Director since 1998 and Chairman since 2020. He provides strategic oversight and governance expertise. | |
Martin R. Benante Board | Director | Director of Crane Holdings, Co. | Martin R. Benante has been a Director since 2023. He is the retired Chairman and CEO of Curtiss-Wright Corporation, with extensive experience in strategic and operational management. | |
Sanjay Kapoor Board | Director | Director of Saab Inc.; Director of Black and Veatch | Sanjay Kapoor joined the Crane Board in April 2023. He is a retired EVP and CFO of Spirit AeroSystems, with significant financial expertise. | |
Susan D. Lynch Board | Director | Board Member at Allegro MicroSystems; Board Member at Onto Innovation Inc. | Susan D. Lynch joined the Board in August 2024. She has over 25 years of financial experience, including senior roles in aerospace and defense industries. |
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While you mentioned that the hurricanes and the Boeing strike haven't materially impacted your guidance, can you elaborate on the specific risks these events pose to your operations and supply chain continuity, and how you're mitigating them to ensure sustained performance?
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You've stated that your M&A pipeline is very active, with a small acquisition expected by year-end and larger deals likely in 2025. Given your significant M&A capacity, what are the barriers preventing you from executing larger transactions sooner, and how confident are you in scaling your businesses through M&A in the near term?
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Process Flow Technologies has shown significant margin improvement compared to pre-COVID levels, but you also cited impacts from Hurricane Helene. Can you provide more detail on the structural changes driving this margin expansion, and how sustainable are these improvements in the face of potential market headwinds?
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The Engineered Materials business was previously up for sale but faced regulatory hurdles. With current market conditions, what are your strategic plans for this business, and what steps are you taking to optimize its value, including a possible sale in the near future?
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Given the ongoing supply chain constraints and potential impacts from events like the Boeing strike, what specific actions are you taking to manage inventory levels and supplier relationships to prevent disruptions, and how might extended disruptions affect your growth trajectory, particularly in the Aerospace & Electronics segment?
Research analysts who have asked questions during Crane earnings calls.
Damian Karas
UBS
5 questions for CR
Nathan Jones
Stifel, Nicolaus & Company, Incorporated
5 questions for CR
Justin Ages
CJS Securities
4 questions for CR
Matt Summerville
D.A. Davidson & Co.
4 questions for CR
Tony Bancroft
Gabelli Funds
4 questions for CR
Jeffrey Sprague
Vertical Research Partners
3 questions for CR
Jordan Lyonnais
Bank of America
3 questions for CR
Scott Deuschle
Deutsche Bank
3 questions for CR
Justin Ian Ages
CJS Securities
2 questions for CR
Matt J. Summerville
DA Davidson
2 questions for CR
Scot Deuschle
Deutsche Bank
2 questions for CR
Adam Farley
Stifel Financial Corp.
1 question for CR
George Anthony Bancroft
Gabelli Funds
1 question for CR
George Bancroft
Gabelli Funds
1 question for CR
Jordan J Lyonnais
Bank of America
1 question for CR
Nathan Jones
Stifel
1 question for CR
Ronald Epstein
Bank of America
1 question for CR
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
CryoWorks, Inc. | 2024 | Acquired for $60.7 million on a cash-free and debt-free basis with a net working capital adjustment; the deal was funded partly by $50 million in borrowed funds and the integration into the Process Flow Technologies segment supports Crane’s hydrogen business and CRYOFLO brand, while key assets include $65.7 million in total assets and significant intangible values. |
Vian Enterprises, Inc. | 2024 | Acquired for approximately $102.5 million (with up to an additional $7.5 million contingent payment) through a $100 million revolving credit facility; the acquisition bolsters Crane’s Aerospace & Electronics segment with its expertise in multi-stage lubrication pumps and proprietary aerospace components, immediately accretive to EBITDA margins. |
Baum lined piping GmbH | 2023 | Acquired at a value of approximately $91 million on a cash-free and debt-free basis using $100 million borrowing, this deal enhances Crane’s global positioning in lined piping for chemical and industrial markets with strong European market presence and expected significant sales contribution. |
Recent press releases and 8-K filings for CR.
- Crane Company reported Q3 2025 adjusted EPS of $1.64, driven by an impressive 5.6% core sales growth.
- The company raised and narrowed its full-year 2025 adjusted earnings outlook to a range of $5.75 to $5.95 (from a prior view of $5.50 to $5.80), reflecting 20% adjusted EPS growth at the midpoint compared to 2024.
- The pending acquisition of Precision Sensors & Instrumentation from Baker Hughes remains on track to close at year-end (January 1).
- For the full year 2025, Aerospace & Electronics' core sales growth is now anticipated to be up low double digits, while Process Flow Technologies' core growth is expected to fall at the lower end of its low to mid-single-digit range.
- Crane Company's pipeline of acquisitions remains robust, with opportunities in both Aerospace & Electronics and Process Flow Technologies, largely ranging from $100 million to $500 million in deal size.
- Crane Company reported strong Q3 2025 results with adjusted EPS of $1.64 and 5.6% core sales growth.
- The company raised and narrowed its full-year 2025 adjusted earnings outlook to a range of $5.75 to $5.95, reflecting 20% adjusted EPS growth at the midpoint compared to 2024.
- The pending acquisition of Precision Sensors & Instrumentation from Baker Hughes remains on track to close at year-end (January 1) and is expected to be accretive to Crane's financial profile within the next few years.
- The Aerospace & Electronics segment experienced a 13% sales increase in Q3 and achieved a record backlog of over $1 billion, up 27% year over year.
- Crane Company reported adjusted EPS of $1.64 and 5.6% core sales growth for Q3 2025.
- The company raised and narrowed its full-year 2025 adjusted EPS outlook to $5.75-$5.95, representing 20% growth at the midpoint compared to 2024.
- The acquisition of Precision Sensors & Instrumentation (PSI) is on track to close by January 1, expected to be accretive to Crane's financial profile within the next few years.
- In Q3 2025, the Aerospace & Electronics segment saw sales increase 13% to $270 million and its backlog grow 27% year-over-year to over $1 billion. Process Flow Technologies reported sales of $319 million, up 3%.
- CRANE reported Q3 2025 sales of $589.2 million, an increase of 7.5% compared to Q3 2024, with GAAP earnings per share of $1.56, up 24.8%.
- The company's Aerospace & Electronics segment demonstrated strong performance in Q3 2025, with sales growing 13.0% to $270.2 million and a backlog of $1,054.1 million.
- CRANE updated its full-year 2025 guidance, raising the revenue outlook to $2,285 - $2,300 million and adjusted EPS to $5.75 - $5.95.
- Crane Co raised its fiscal year 2025 revenue growth forecast from 6.5% to 7.5%.
- For Q3 2025, the company reported revenue of $589.2 million, a 7.5% increase year-over-year, and adjusted EPS of $1.64, which was 10.3% above analyst expectations.
- The company maintains a strong balance sheet with no outstanding debt and a cash balance of $388.2 million as of Q3 2025.
- Insider selling activity of 49,807 shares over the past three months was noted.
- Crane Company reported strong Q3 2025 results, with adjusted EPS from continuing operations of $1.64, up 27% year-over-year, and sales of $589.2 million, up 7.5% driven by 5.6% core sales growth.
- The company raised and narrowed its full-year adjusted EPS outlook to $5.75-$5.95 (from $5.50-$5.80), reflecting 20% year-over-year adjusted EPS growth at the midpoint.
- Core order growth was 1.8% and core backlog increased by 16.4%, primarily due to ongoing strength at Aerospace & Electronics.
- Crane declared a fourth quarter 2025 regular dividend of $0.23 per share and reported a cash balance of $388.2 million with no debt outstanding as of September 30, 2025. The pending acquisition of Precision Sensors & Instrumentation (PSI) remains on track to close at year-end, with financing secured through new credit facilities.
- Crane Company reported strong third-quarter 2025 adjusted EPS of $1.64, a 27% increase year-over-year, on sales of $589.2 million, up 7.5%.
- The company raised and narrowed its full-year adjusted EPS guidance range to $5.75-$5.95 from the prior range of $5.50-$5.80, reflecting 20% year-over-year adjusted EPS growth at the midpoint.
- Core order growth was up 1.8% and core backlog growth increased 16.4%, primarily driven by ongoing strength in Aerospace & Electronics.
- Crane declared a fourth-quarter 2025 regular dividend of $0.23 per share and noted its pending acquisition of Precision Sensors & Instrumentation (PSI) is on track to close at year-end.
- On September 30, 2025, Crane Company entered into a new credit agreement, replacing its previous agreement dated March 17, 2023.
- The new agreement includes a $900 million senior unsecured delayed draw term loan facility and a $900 million senior unsecured revolving facility, both maturing on September 30, 2030.
- The term loan facility is intended to fund the previously announced acquisition of Precision Sensors & Instrumentation.
- Borrowings will bear interest based on various rates (alternate base rate, term SOFR, adjusted EURIBOR, adjusted CORRA) plus a margin ranging from 0.50% to 2.25%, depending on the Company's consolidated total net leverage ratio.
- Financial covenants include a maximum Consolidated Total Net Leverage Ratio of 3.75 to 1.00 (potentially increasing to 4.00 to 1.00 after a Qualified Material Acquisition) and a minimum Consolidated Interest Coverage Ratio of 3.00 to 1.00.
- Crane NXT announced definitive agreements to acquire a significant stake in Antares Vision S.p.A., a global leader in inspection, detection, and track & trace technologies, with the intent to take the company private.
- This acquisition expands Crane NXT’s portfolio into the growing Life Sciences and Food & Beverage sectors.
- Crane NXT will acquire an approximate 30% stake for €5.00 per share, totaling approximately €120 million, and will launch a mandatory tender offer for the remaining publicly traded shares at the same price. The total enterprise value for 100% of the equity capital and current net debt is approximately €445 million.
- Antares Vision generated approximately €200 million in revenue in the fiscal year ended December 31, 2024, with an adjusted EBITDA margin of approximately 15%.
- The transaction is expected to close in the first half of 2026, be accretive to Adjusted EPS in the first full year, and achieve double-digit ROIC by year five.
- Crane NXT reported second quarter 2025 sales of $404 million, an increase of 9% year-over-year, with Adjusted EPS of $0.97.
- The company is maintaining its full year 2025 Adjusted EPS guidance in the range of $4.00 to $4.30.
- Sales growth was primarily driven by $26.7 million (7.2%) from acquired OpSec Security and De La Rue Authentication Solutions businesses, and $10.1 million (2.7%) favorable foreign exchange.
- Adjusted free cash flow conversion was approximately 120% for the second quarter of 2025, and total backlog reached $591.6 million as of June 30, 2025.