Crane Raises and Narrows Full-Year Adjusted EPS Outlook

The Tip Desk · November 8, 2026 · 3 min read

Adjusted EPS from continuing operations reached a record $2.05 as third-quarter sales hit $754.6 million.

Crane Company (CR), a manufacturer of highly engineered components for aerospace, defense and process industries, raised and narrowed its full-year adjusted EPS outlook to $7.23-$7.38 from $6.85-$7.05 after a third quarter in which both reportable platforms posted core sales growth and acquisitions added more than the company had planned.

Adjusted EPS from continuing operations was a record $2.05, up 23% from $1.67 a year earlier. GAAP EPS from continuing operations was $1.66, compared with $1.56 in the third quarter of 2025.

Total sales were $754.6 million, up 28.1% from $589.2 million a year earlier. Core sales growth accelerated to 7.7% from 5.2% in the second quarter, after 3.8% in the first quarter. Acquisitions contributed 21.1%, with foreign exchange a 0.4% headwind.

President and Chief Executive Officer Alex Alcala said strengthening performance in Process Flow Technologies, continued momentum in Aerospace & Advanced Technologies, and significant outperformance from recent acquisitions drove the record adjusted EPS and a record full-year outlook.

Aerospace & Advanced Technologies sales were $344.1 million, up 27.4%, with 9.5% core growth and a 17.9% contribution from the Druck acquisition. Operating profit was $85.4 million. GAAP operating margin was 24.8%, down 30 basis points on expected Druck dilution. Adjusted operating profit was $90.6 million, and adjusted operating margin expanded 100 basis points to 26.3%, which the company attributed to higher organic growth and strong net price, partially offset by Druck dilution.

Process Flow Technologies sales were $410.5 million, up 28.7%, with 6.2% core growth and a 23.9% contribution from optek-Danulat, Panametrics and Reuter-Stokes. Core order growth was 19.7%. Operating profit was $80.9 million. GAAP operating margin was 19.7%, down 250 basis points on acquisition dilution and integration costs. Adjusted operating profit was $99.2 million, and adjusted operating margin rose 80 basis points to 24.0%, which the company attributed to higher core sales growth, higher net price and productivity, partially offset by acquisition dilution.

Companywide, operating profit was $140.6 million, up 18.8%. Adjusted operating profit was $169.9 million, up 35.8%. GAAP operating margin was 18.6%. Adjusted operating margin was a record 22.5%, up 130 basis points.

Total company core backlog increased 9% year-over-year, with AAT and PFT core backlog up 9% and 8%. Total backlog was $1.89 billion as of September 30, including $112.8 million related to Druck and $224.0 million related to the PFT acquisitions.

Cash from operating activities from continuing operations was $128.4 million. Free cash flow was $116.3 million after $12.1 million of capital expenditures. Adjusted free cash flow from continuing operations was $126.4 million. Cash was $315.7 million and total debt was $928.5 million at quarter-end.

The company said acquisitions completed earlier in the year are performing well ahead of expectations and increasing accretion expected for the full year. Guidance assumptions now call for total sales up about 26% at the midpoint, with acquisition and core growth at the high end of prior ranges of 18% to 20% and 5% to 6%, adjusted segment operating margin of about 24.0% versus a prior view of 23.0%+, corporate cost of about $80-$85 million, net non-operating expense of about $58 million, an adjusted tax rate of about 23.0% and diluted shares of about 59 million.

Crane also announced an agreement to divest UK-based Crane Building Services & Utilities for £230 million and to acquire Trillium Flow Technologies’ U.S. water and wastewater pump business. Alcala said the pump deal is expected to close in the fourth quarter and the divestiture early in 2027, concentrating PFT around engineered products for pharmaceuticals, water and wastewater, power, cryogenics and nuclear. The company declared a fourth-quarter regular dividend of $0.255 a share.