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What were the key takeaways from Crane's earnings call?

- **EPS Growth Target**: 10% 2026 adjusted EPS guidance ($6.55-$6.75), excluding one-time hurricane recovery.
- **Acquisition Impact**: 2026 acquisitions expected to be accretive, with $10M+ annual cost savings and 200+ bps margin expansion over 3 years.
- **Segment Growth**: AAT core sales +7-9%, PFT flat to low single-digit; F-16 program driving $30M+ annual revenue.
- **Leadership Transition**: Alex Alcala to lead as CEO, with Max Mitchell transitioning to Executive Chairman.
- **Balance Sheet Flexibility**: Willing to leverage up to 3x for strategic deals, with 2026 M&A pipeline active.

**【CEO Summary Section】**
- **2025 Performance Highlight**: Adjusted EPS of $1.53, up 21% YoY, driven by 5.4% core sales growth across AAT and PFT segments. Full-year adjusted EPS increased 24%.
- **Acquisition Momentum**: Completed acquisition of Druck, Panametrics, Reuter-Stokes (January 1, 2026) and optek-Danulat (January 1, 2026), adding $120M+ in annual revenue. Acquisitions expected to be slightly accretive to 2026 EPS.
- **2026 Guidance**: Adjusted EPS $6.55-$6.75 (10% midpoint growth), excluding $0.16 one-time hurricane recovery. AAT segment core sales growth targeted at high end of 7-9% range, PFT flat to low single-digit growth.
- **Leadership Transition**: Alex Alcala to become CEO April 27, 2026; Max Mitchell to serve as Executive Chairman for up to 2 years.

**【CFO Financial Commentary】**
- **2025 Financial Highlights**: Adjusted free cash flow conversion 102%, net leverage 1.1x post-acquisition. Q4 insurance recovery of $5.2M (total $9M for 2025).
- **2026 Financial Outlook**: Interest expense $58M, tax rate 23%. Q1 2026 expected to be seasonally soft, with 45% of annual earnings in first half.
- **Non-GAAP Change**: Excluding non-cash tax-effected intangible amortization from adjusted EPS starting 2026.

**【Q&A Key Highlights】**
- **M&A Bandwidth**: CFO states comfortable with leverage up to 3x for transformative deals; 2026 M&A pipeline active but no Q1 closings.
- **Cost Synergies**: Targeting $10M+ annual cost savings from acquisitions via CBS (organizational simplification, product line rationalization, lean efficiency). Margins expected to improve 200+ bps over 3 years.
- **Market Outlook**: AAT benefiting from aerospace production ramp (commercial +27%, military +18% Q4), PFT cautious on chemical markets but strong in pharma/cryogenics. F-16 program backlog supports $30M+ annual sales starting 2026.
- **Integration Progress**: Acquired businesses already contributing, with Druck pressure sensing tech expanding into ground-based test equipment and military applications.

Crane Company(CR)-20260127-2025 Q4 Earnings call transcript

- **Revenue Growth & Guidance**: Q3 core sales up 5.6%, with full-year adjusted EPS narrowed to $5.75-$5.95 (20% YoY growth at midpoint). Aerospace & Electronics driving 13% organic growth.
- **Strategic Acquisitions**: Pending PSI acquisition ($900M term loan) expected to close in January 2026, with accretive margin and growth potential in aerospace/nuclear markets.
- **Margin Expansion**: 19% adjusted operating profit growth, 60bps PFT margin expansion, and 160bps Aerospace & Electronics margin improvement.
- **Risk Management**: $30M annual tariff costs offset by pricing/productivity; cautious on Q4 commercial aftermarket growth due to OE build rates.
- **Market Focus**: Nonchemical PFT markets (wastewater, cryogenics) growing double digits, while chemical exposure managed through portfolio reshaping.

**【CEO Summary Section】**
Max Mitchell highlighted Q3 2025 results, noting adjusted EPS of $1.64 and 5.6% core sales growth driven by Aerospace & Electronics. He emphasized the pending PSI acquisition, expected to close in January 2026, and narrowed full-year adjusted EPS guidance to $5.75-$5.95, reflecting 20% YoY growth at the midpoint. The CEO also highlighted the company's M&A pipeline, with deals ranging from $100M to $500M, and reaffirmed the 4-6% organic growth target for 2026.

**【CFO Financial Commentary】**
Richard Maue reported Q3 core sales growth of 5.6%, with adjusted operating profit up 19% due to net pricing and productivity. Aerospace & Electronics sales rose 13% organically, while Process Flow Technologies (PFT) grew 3% on a FX-neutral basis. The CFO noted a 16% year-over-year increase in FX-neutral backlog and guided for a 23% effective tax rate. He also mentioned $30M in annualized tariff costs, which the company expects to offset through pricing and productivity. Full-year adjusted EPS guidance was raised by $0.20 at the midpoint, reflecting strong execution in Aerospace & Electronics.

**【Q&A Key Highlights】**
1. **Chemical Market Outlook**: COO Alejandro Alcala stated chemical markets remain stable, with North America seeing expansion activity. PFT's nonchemical markets (e.g., wastewater, cryogenics) are growing double digits, while chemical exposure is managed through portfolio reshaping.
2. **Margin Expansion**: CFO Maue highlighted 19% adjusted operating profit growth, driven by pricing and productivity. PFT margins expanded 60bps YoY, while Aerospace & Electronics margins grew 160bps.
3. **PSI Integration**: CEO Mitchell expressed confidence in PSI's accretive impact, with plans to leverage the Crane Business System for margin improvement. The acquisition is expected to enhance growth in aerospace, defense, and nuclear markets.
4. **Tariff Strategy**: CFO Maue confirmed $30M annual tariff costs, offset by pricing and productivity. The company remains cautious on commercial aftermarket growth in Q4 due to OE build rates.
5. **Automation & Workforce**: CEO Mitchell noted targeted automation investments (e.g., welding) to address labor shortages, while maintaining a focus on skilled workforce development.


Crane Company (CR) Q3 2025 Earnings Call Transcript

- **Record Q2 Performance**: Core sales +6.5%, EPS $1.49, backlog up 18% YoY.
- **$1.2B PSI Acquisition**: Adds $400M in revenue, strategic fit with A&E and PFT segments.
- **Margin Expansion**: A&E segment margin 26.3% (up 250bps YoY), PFT 20.7% (up 20bps YoY).
- **Guidance Raise**: Full-year EPS $5.50-$5.80, driven by A&E growth and cost control.
- **M&A Momentum**: 2-3x target leverage, pipeline of $100M-$1B deals.
- **Tariff Mitigation**: $30M annualized cost increase offset by pricing/productivity.

**【CEO Opening Remarks】**
- **Revenue Growth**: Core sales grew 6.5% YoY, driven by Aerospace & Electronics (A&E) segment. Adjusted EPS was $1.49, beating expectations.
- **Backlog Strength**: Core FX-neutral backlog up 18% YoY, orders up 19% YoY, both led by A&E.
- **Acquisition Announcement**: Agreed to acquire PSI from Baker Hughes for $1.2B, adding $400M in annual revenue. Expected to close in January 2026.
- **Guidance Update**: Full-year adjusted EPS raised to $5.50-$5.80 (from $5.30-$5.60), reflecting confidence in execution.

**【COO (Alex Alcala) - PSI Acquisition Details】**
- **Druck ($150M revenue)**: Complementary pressure-sensing tech for aerospace, expanding into ground-based test equipment. Integrated into A&E segment under new Senior VP Jay Higgs.
- **Panametrics ($150M revenue)**: Advanced ultrasonic flow meters for chemical, LNG, and pharma. Standalone entity within Process Flow Technologies (PFT).
- **Reuter-Stokes ($90M revenue)**: Radiation sensing for nuclear plants and homeland security. Doubles Crane's nuclear business, positioned for global nuclear energy growth.
- **Integration Plan**: 3-year accretion target; new A&E segment structure mirrors PFT's success, enabling M&A flexibility.

**【CFO (Rich Maue) - Financial Highlights】**
- **Q2 Results**: 
  - Total revenue: $577M (6.5% core growth)
  - Adjusted operating profit: $151M (+15% YoY)
  - A&E segment margin: 26.3% (up 250bps YoY)
  - PFT segment margin: 20.7% (up 20bps YoY)
- **Tariff Impact**: $30M annualized cost increase (down from $60M prior estimate), offset by pricing and productivity.
- **Balance Sheet**: Net cash position; post-PSI leverage ~1x EBITDA, well below 2-3x target range.
- **Full Year Guidance**: 
  - A&E core sales growth: high single to low double digits (vs. mid-high single prior)
  - PFT core sales growth: low to mid single digits
  - Operating leverage: 35-40% for A&E, 30-35% for PFT

**【Q&A Highlights】**
1. **A&E Backlog Growth**: 
   - 29% YoY, 10% QoQ, driven by air defense, C4ISR, and C929 programs.
   - 2026-2027 order flow for GTF aftermarket (~15% growth this year, 30%+ next year).
2. **Margin Expectations**: 
   - A&E 2H25 margin dip due to commercial OEM mix shift, but full-year 35-40% leverage maintained.
   - PSI accretion to ROIC 10% by Year 5 via margin expansion and growth.
3. **M&A Pipeline**: 
   - $100M-$1B opportunities in both segments; balanced pipeline with near-term closings unlikely.
4. **Tariff & Tax Policy**: 
   - Minimal impact from copper tariffs; Big Beautiful Bill may modestly improve free cash flow (~<5%).
5. **PFT Trends**: 
   - Chemical softness (projects delayed), but cryogenics (space launch), pharma, and wastewater strong.
   - PFT core growth ~low single digits for 2H25.


Crane Company (CR) Q2 2025 Earnings Call Transcript

- **Q1 Strong Performance**: EPS $1.39 vs. $1.30 consensus, 7.5% core sales growth across both segments.
- **Resilient Guidance**: Full-year EPS $5.30-$5.60 reaffirmed despite macro risks.
- **Tariff Mitigation Success**: 80%+ offset via pricing, $60M annualized impact.
- **Growth Drivers**: 4-6% long-term core sales growth, 35%+ operating leverage, $1.5B M&A pipeline.
- **Segment Highlights**: Aerospace backlog +21%, PFT cryogenics >10% growth, $5.7M Saudi project win.

**【CEO Opening Remarks】**
- Q1 2025 Adjusted EPS of $1.39, driven by 7.5% core sales growth across both segments.
- Core orders up 16% YoY, with Aerospace & Electronics leading at 16% growth, Process Flow Technologies also ahead of expectations.
- Despite macroeconomic uncertainties, reaffirmed full-year 2025 EPS guidance of $5.30-$5.60, reflecting strong operational execution and tariff mitigation strategies.
- Emphasized long-term growth drivers: 4-6% core sales growth, double-digit profit expansion, and $1.5B+ M&A capacity.

**【COO Segment Update】**
- **Aerospace & Electronics**: 
  - Sales $249M (+10% YoY), record backlog $960M (+21% YoY).
  - Aftermarket sales +20% YoY, driven by aging fleet and defense spending.
  - New wins in XM30 vehicle programs and Bell V-280 contracts.
  - 2025 core sales growth expected mid to high-single digits, with 35-40% operating leverage.
- **Process Flow Technologies**: 
  - Sales $309M (+9% YoY), 5% organic growth offset by 1% FX headwind.
  - Cryogenics segment growing >10% YoY, winning $5.7M Saudi Arabia project.
  - Chemical market cautious in Europe, but strong MRO activity in Americas.
  - 2025 core sales growth expected positive, with 35% operating leverage.

**【CFO Financial Highlights】**
- Total company operating profit +18% YoY, driven by volume, pricing, and productivity.
- Aerospace & Electronics margin 26% (vs 22.4% YoY), Process Flow margin 20.9% (stable YoY).
- Tariff exposure: ~$60M annualized impact, 80%+ offset via pricing and productivity.
- Net cash position with $1.5B+ M&A capacity.

**【Q&A Key Takeaways】**
- **Tariff Mitigation**: 3%+ pricing increases in PFT, 1-2% in Aerospace, offsetting $60M tariff impact.
- **Backlog Visibility**: 2025 orders include multiyear defense contracts, with 2026+ growth embedded.
- **M&A Activity**: Actively pursuing $100M-$1B deals, integrating 2024 CryoWorks/Technifab acquisitions.
- **Supply Chain Resilience**: No material disruptions, slight lead time extensions in Aerospace.
- **China Exposure**: <3% COGS from China, stable COMAC C919 deliveries despite tariffs.


Crane Company (CR) Q1 2025 Earnings Call Transcript

- **Record 2024 Performance**: Adjusted EPS up 28% to $4.88, driven by 14% sales growth and 29% operating profit expansion.
- **2025 Guidance**: $5.30-$5.60 EPS (12% midpoint growth), fueled by 4-6% core sales growth and $1.5B M&A capacity.
- **Segment Strengths**: 
  - A&E: F-16 upgrades ($44M orders) and 36% profit growth highlight defense momentum.
  - PFT: CryoWorks/Technifab ($55M+ annual revenue) and Middle East projects drive margin expansion to 20.3%.
- **Balance Sheet Power**: $307M cash, no debt, and >90% FCF conversion target for 2025.
- **M&A Catalysts**: Active pipeline with $100M-$500M deals, targeting high-growth, margin-accretive assets.


**【CEO Opening Remarks】**
- Q4 2024 Adjusted EPS of $1.26, driven by 8% core sales growth across both Aerospace & Electronics (A&E) and Process Flow Technologies (PFT). Full year 2024 adjusted EPS of $4.88, up 28% YoY.
- Announced 12% dividend increase and 2025 EPS guidance of $5.30-$5.60 (12% midpoint growth), supported by 4-6% core sales growth and $1.5B M&A capacity.
- Highlighted completion of Engineered Materials divestiture, treating it as discontinued operations, freeing up balance sheet for strategic growth.
- 2025 outlook: A&E benefiting from F-16 brake upgrades ($44M orders) and PFT expansion in North America and Middle East (e.g., $55M CryoWorks/Technifab contribution).

**【COO Business Highlights】**
- **A&E Segment**: 
  - Q4 sales $237M (+11% YoY), 23.1% margin (290bps expansion). Full year $217M profit (+36%).
  - F-16 brake upgrade program now $44M in orders, targeting $150-200M over life.
  - Vehicle electrification and AESA radar programs advancing.
- **PFT Segment**: 
  - Q4 sales $307M (+13% YoY), 20.3% margin (330bps expansion). Full year $250M profit (+17%).
  - Middle East fertilizer project and North America chemical expansion orders highlight growth.
  - CryoWorks/Technifab adds $55M annual revenue, positioning for space/semiconductor growth.

**【CFO Financial Details】**
- 2024 Free Cash Flow: $234M (vs. $165M prior year), targeting >90% FCF conversion in 2025.
- Total Debt: $247M, Cash: $307M, +$208M from Engineered Materials sale.
- 2025 Guidance: 
  - A&E: High single-digit core growth, 35-40% margin leverage.
  - PFT: Low-mid single-digit core growth, 30-35% leverage.
  - FX headwind of 1-2%.

**【Q&A Key Takeaways】**
- **PFT Backlog Dynamics**: Q4 backlog decline due to strong execution, but 2025 backlog up 9% YoY. 2025 growth driven by North America and cryogenics.
- **M&A Pipeline**: CEO visited 2 targets in January; 2025 pipeline active across A&E and PFT. Deal sizes $100M-$500M, focusing on high-growth, margin-expanding assets.
- **China Exposure**: Minimal direct risk; nuclear valve business (+7% revenue) benefits from plant restarts.
- **Earnings Cadence**: 50-50 H1/H2 split, Q1 seasonally lowest. Hurricane recovery insurance payout (~$0.09/Q4 impact) expected Q2-Q3 2025.


Actual	1.25	1.1	1.03	0.9	1.22	1.3	1.38	1.26	1.39	1.49	1.64	1.53
Forecast	0.8456	0.9285	0.8653	0.8457	1.1257	1.2402	1.3206	1.1997	1.3056	1.3338	1.4875	1.41
Surprise	+47.82%	+18.47%	+19.03%	+6.42%	+8.38%	+4.82%	+4.50%	+5.03%	+6.46%	+11.71%	+10.25%	+8.51%

CR

CR fundamentals

CR Q4 2025 Earnings

Earnings Call

You can ask Aime

CR

CR fundamentals

CR Q4 2025 Earnings

Earnings Call

CR Earnings Call Summary for Q4/202510:00 AM on Jan 27, 2026

CR Earnings Call Summary for Q3/202510:00 AM on Oct 28, 2025

CR Earnings Call Summary for Q2/202510:00 AM on Jul 29, 2025

CR Earnings Call Summary for Q1/202510:00 AM on Apr 29, 2025

CR Earnings Call Summary for Q4/202410:00 AM on Jan 28, 2025

You can ask Aime