$CR

Crane Co

CIK:0001944013|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 724.7	$ 577.2	$ 1,421.1	$ 1,134.8
Operating costs and expenses:
Cost of sales	417.2	334.9	832.3	654.9
Engineering, selling and administrative	163.2	139.4	344.4	275.9
Operating profit	144.3	102.9	244.4	204.0
Other income (expense):
Interest income	2.1	2.9	3.7	6.1
Interest expense	(16.6)	(4.3)	(33.4)	(8.8)
Miscellaneous (expense) income, net	(1.8)	3.1	(1.6)	2.1
Total other (expense) income, net	(16.3)	1.7	(31.3)	(0.6)
Income from continuing operations before income taxes	128.0	104.6	213.1	203.4
Provision for income taxes	32.1	24.3	50.1	44.8
Net income from continuing operations attributable to common shareholders	95.9	80.3	163.0	158.6
Income from discontinued operations, net of tax (Note 3)	0.0	6.1	0.0	34.9
Net income attributable to common shareholders	$ 95.9	$ 86.4	$ 163.0	$ 193.5
Earnings per basic share:
Earnings (loss) per basic share from continuing operations (in dollars per share)	$ 1.66	$ 1.40	$ 2.82	$ 2.76
Earnings per basic share from discontinued operations (in dollars per share)	0	0.11	0	0.61
Earnings (loss) per basic share (in dollars per share)	1.66	1.51	2.82	3.37
Earnings per diluted share:
Earnings (loss) per diluted share from continuing operations (in dollars per share)	1.63	1.37	2.78	2.71
Earnings per diluted share from discontinued operations (in dollars per share)	0	0.10	0	0.60
Earnings (loss) per diluted share (in dollars per share)	$ 1.63	$ 1.47	$ 2.78	$ 3.31
Average shares outstanding:
Average basic shares outstanding (in shares)	57.7	57.5	57.7	57.4
Average diluted shares outstanding (in shares)	58.7	58.5	58.7	58.5
Dividends per share (in dollars per share)	$ 0.255	$ 0.23	$ 0.51	$ 0.46

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Operating activities:

Net income attributable to common shareholders

$ 163,000

$ 193,500

Less: Income from discontinued operations, net of tax

34,900

Net income from continuing operations attributable to common shareholders

163,000

158,600

Depreciation and amortization

55,500

25,600

Stock-based compensation expense

12,300

19,900

Defined benefit plans and postretirement cost

2,500

4,100

Deferred income taxes

(1,100)

Cash used for operating working capital

(141,700)

(140,900)

Defined benefit plans and postretirement contributions

(1,000)

(6,200)

Environmental payments, net of reimbursements

(1,100)

(1,700)

Other

4,400

(600)

Net income from continuing operations attributable to common shareholders

92,800

58,800

Investing activities:

Payment for acquisitions - net of cash acquired and working capital adjustments

(1,355,400)

(200)

Capital expenditures

(25,300)

(30,300)

Other investing activities

100

200

Total used for investing activities from continuing operations

(1,380,600)

(30,300)

Financing activities:

Dividends paid

(29,400)

(26,400)

(8,300)

(8,900)

Proceeds from debt

50,000

Repayments of debt

(100,000)

(200,000)

Total used for financing activities from continuing and discontinued operations

(87,700)

(235,300)

Discontinued Operations:

Total provided by investing activities(a)

^[1]

213,600

Increase in cash and cash equivalents from discontinued operations

213,600

Effect of exchange rate on cash and cash equivalents

(3,900)

18,700

(Decrease) increase in cash and cash equivalents

(1,379,400)

25,500

Cash, cash equivalents and restricted cash at beginning of period

^[2]

1,729,800

306,700

Cash, cash equivalents and restricted cash at ending of period

350,400

332,200

Detail of cash used for operating working capital from continuing operations:

Accounts receivable

(41,200)

(35,200)

Inventories

(18,900)

(13,000)

Other current assets

(25,000)

36,800

Accounts payable

(60,000)

(36,500)

Accrued liabilities

4,700

(83,500)

U.S. and foreign taxes on income

(1,300)

(9,500)

Total

(141,700)

(140,900)

Supplemental disclosure of cash flow information:

Interest paid

30,900

7,600

Income taxes paid

$ 52,400

$ 56,200

[1]	(a) For the six months ended June 30, 2025, the cash provided by investing activities from discontinued operations was from the sale of the Engineered Materials segment. See Note 3, “Discontinued Operations” for additional information.
[2]	(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.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 350.4	$ 506.5
Accounts receivable, net of allowance for doubtful accounts of $16.3 as of June 30, 2026 and $8.4 as of December 31, 2025	487.6	358.7
Inventories, net:
Finished goods	83.0	58.6
Work in process	155.8	106.6
Raw materials	268.4	211.3
Inventories, net	507.2	376.5
Other current assets	134.0	106.4
Total current assets	1,479.2	2,571.4
Property, plant and equipment:
Cost	860.5	746.0
Less: accumulated depreciation	483.9	467.2
Property, plant and equipment, net	376.6	278.8
Long-term deferred tax assets	12.8	3.5
Other assets	169.6	166.3
Intangible assets, net	652.4	149.5
Goodwill	1,340.2	683.9
Total assets	4,030.8	3,853.4
Current liabilities:
Accounts payable	185.7	189.6
Accrued liabilities	324.8	269.3
U.S. and foreign taxes on income	5.7	6.3
Total current liabilities	527.5	465.2
Long-term debt, net	1,087.1	1,148.2
Accrued pension, postretirement benefits and post-employment benefits	42.4	43.0
Long-term deferred tax liability	105.8	45.9
Other liabilities	88.1	87.7
Total liabilities	1,850.9	1,790.0
Commitments and contingencies (Note 12)
Equity:
Common shares, par value $1.00; 66,475,307 shares authorized; $57,798,435 and $57,607,816 shares issued and outstanding, respectively	57.8	57.6
Capital surplus	458.0	452.0
Retained earnings	1,665.1	1,531.5
Accumulated other comprehensive (loss) income	(3.3)	20.0
Total shareholders’ equity	2,177.6	2,061.1
Noncontrolling interests	2.3	2.3
Total equity	2,179.9	2,063.4
Total liabilities and equity	4,030.8	3,853.4
Restricted Cash, Current	0.0	1,223.3
Short-term borrowings	$ 11.3	$ 0.0