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On July 24, 2026, Crane Co (CR) shares rose 3.7% to a current price of $226.14. This movement is notable within a 52-week range of $159.58 to $226.99, reflectin

Posted by _ _xnake on Jul 17th, 2026

Shares of Crane (NYSE:CR – Get Free Report) have earned a consensus recommendation of “Buy” from the eight analysts that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $226.3333.

A number of research analysts recently commented on the stock. Weiss Ratings downgraded shares of Crane from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. DA Davidson reissued a “buy” rating and issued a $235.00 price target on shares of Crane in a research report on Monday, June 1st. Wall Street Zen downgraded shares of Crane from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Stifel Nicolaus raised Crane from a “hold” rating to a “buy” rating and raised their price objective for the stock from $200.00 to $215.00 in a report on Wednesday, April 29th.

Read Our Latest Research Report on CR

Insider Transactions at Crane In other news, Director Susan D. Lynch purchased 150 shares of the business’s stock in a transaction on Thursday, April 30th. The shares were bought at an average price of $177.38 per share, with a total value of $26,607.00. Following the completion of the transaction, the director directly owned 370 shares in the company, valued at approximately $65,630.60. This represents a 68.18% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.12% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crane Large investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Crane by 289,020.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,855,409 shares of the conglomerate’s stock valued at $1,448,773,000 after acquiring an additional 7,852,692 shares during the period. Capital World Investors boosted its stake in Crane by 1.7% during the 4th quarter. Capital World Investors now owns 2,993,123 shares of the conglomerate’s stock worth $552,022,000 after purchasing an additional 48,679 shares during the period. Norges Bank purchased a new position in Crane during the 4th quarter worth $198,509,000. Geode Capital Management LLC grew its position in Crane by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 917,679 shares of the conglomerate’s stock worth $169,282,000 after purchasing an additional 35,441 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Crane by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 845,961 shares of the conglomerate’s stock valued at $144,622,000 after purchasing an additional 3,678 shares during the period. 75.14% of the stock is owned by institutional investors and hedge funds.

Crane Price Performance Shares of NYSE CR opened at $219.43 on Friday. The stock’s 50-day simple moving average is $199.61 and its 200-day simple moving average is $192.88. The firm has a market capitalization of $12.67 billion, a PE ratio of 29.06, a price-to-earnings-growth ratio of 1.93 and a beta of 1.01. Crane has a fifty-two week low of $159.58 and a fifty-two week high of $226.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.88 and a current ratio of 1.18.

Crane (NYSE:CR – Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The conglomerate reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.21. Crane had a return on equity of 24.45% and a net margin of 13.10%.The firm had revenue of $696.40 million during the quarter, compared to the consensus estimate of $672.74 million. During the same period in the prior year, the company posted $1.39 earnings per share. The firm’s quarterly revenue was up 24.9% compared to the same quarter last year. Crane has set its FY 2026 guidance at 6.650-6.850 EPS. As a group, equities research analysts forecast that Crane will post 7.87 EPS for the current fiscal year.

Crane Announces Dividend The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 29th were given a $0.255 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 0.5%. Crane’s dividend payout ratio is 18.35%.

Crane Company Profile (Get Free Report)

Crane Co, headquartered in Stamford, Connecticut, is a diversified manufacturer of engineered industrial products serving customers around the world. The company operates through two primary segments: Aerospace & Electronics and Engineered Materials. Its Aerospace & Electronics division designs and produces valves, fittings, manifolds, and filtration systems for aircraft fuel, hydraulics, and environmental control systems. The Engineered Materials segment focuses on advanced polymers, heat exchangers, and specialized composite solutions for industries including chemical processing, semiconductor manufacturing, and power generation.

With roots dating back to its founding in 1855 in Chicago by R.T.

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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Company (NYSE: CR) announces the following schedule and teleconference information for its second quarter 2026 earnings release:

Earnings Release: July 28, 2026 after close of market by public distribution and the Crane Company website at www.craneco.com. Teleconference: July 29, 2026 at 10:00 AM (Eastern) hosted by Alex Alcala, President & CEO, and Richard A. Maue, Executive Vice President & CFO. The call can be accessed in a listen-only mode via the Company’s website www.craneco.com. An accompanying slide presentation will also be available on the Company’s website. Web Replay: Will be available on the Company’s website shortly after completion of the live call. About Crane Company

Crane Company has delivered innovation and technology-led solutions to its 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 is comprised of 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. For more information, visit www.craneco.com.

Source: Crane Company

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Capital International Investors decreased its holdings in shares of Crane (NYSE: CR) by 37.5% during the undefined quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 874,630 shares of the conglomerate's stock after selling 525,435 shares during the period. Capital International

• Xanadu to Become the First Publicly Listed Photonic Quantum Technology Company

• Expected to Begin Trading on the Nasdaq and TSX on March 27, 2026 
Under Ticker XNDU

• Gross Proceeds of Approximately USD$302 Million, In Addition to Previously Announced Negotiations with the Government of Canada and Ontario for an Up to CAD$390 Million Investment, Sets Company Up to Execute Against Technical Roadmap

TORONTO, March 19, 2026 (GLOBE NEWSWIRE) -- Crane Harbor Acquisition Corp. (“Crane Harbor”) (Nasdaq: CHAC) today announced that its shareholders approved all proposals necessary to complete the previously announced business combination with Xanadu Quantum Technologies Inc. (“Xanadu”), a leading photonic quantum computing company, at Crane Harbor’s extraordinary general meeting of shareholders. The approval represents an important milestone toward completing the transaction and advancing Xanadu’s scalable photonic quantum technology platform.

The closing of the business combination is expected to occur on March 26, 2026. Following the closing, the combined company will operate under the name Xanadu Quantum Technologies Limited (the “Company”), with its shares anticipated to begin trading on the Nasdaq Stock Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the ticker symbol “XNDU” on March 27, 2026, subject to the satisfaction of customary closing conditions and stock exchange approval.

The transaction is expected to deliver gross proceeds of approximately US$302 million to the Company, consisting of funds held in Crane Harbor’s trust account and proceeds from a fully committed PIPE financing. These proceeds are separate from and incremental to the previously announced negotiations with the Government of Canada and the Government of Ontario for an up to CAD$390 million investment under Project OPTIMISM. The proposed support remains subject to the completion of due diligence and the execution of final agreements.

Xanadu is a leader in photonic quantum computing, pioneering a light-based approach to develop scalable, modular, and networked quantum computers that compute at room temperature. The company attracts world-class talent, led by Founder and Chief Executive Officer, Christian Weedbrook, a member of Canada’s Quantum Advisory Council who has advanced quantum technologies through groundbreaking research and leadership for over 15 years. Xanadu is committed to building quantum computers that are useful and available to people and institutions everywhere.

“We’re excited to help Xanadu continue pursuing its mission of widely accessible, fault tolerant quantum computing,” said Bill Fradin, Chief Executive Officer of Crane Harbor. “We look forward to completing the transaction and providing Xanadu with a strong capital base and public-market platform to support its commercial roadmap and further strengthen its leadership in photonic quantum computing.”

“The anticipated close of the transaction marks a major milestone for our team and partners,” said Christian Weedbrook, Founder and Chief Executive Officer of Xanadu. “As the first publicly traded photonic quantum computing company, we believe Xanadu is entering this next chapter from a position of technological leadership and with a clear focus on providing practical quantum solutions to customers worldwide.”

About Xanadu
Xanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world’s leading quantum hardware and software companies. The Company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit xanadu.ai or follow us on X @XanaduAI.

About Crane Harbor Acquisition Corp.
Crane Harbor Acquisition Corp. (Nasdaq: CHAC) is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This communication includes “forward-looking statements” within the meaning of the U.S. federal securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. We have based these forward-looking statements on current expectations and projections about future events. These statements include: the expected closing date of the business combination; the expectation of the transaction’s gross proceeds to Xanadu, including the amounts from the Crane Harbor trust account and the fully committed PIPE financing; the expectation that the Company will be listed on Nasdaq and on the Toronto Stock Exchange under the ticker symbol “XNDU," including the expected commencement date of trading thereof; Xanadu's mission to build quantum computers that are useful and available to people everywhere; the expected benefits from having access to the public markets; upon the consummation of the business combination, Xanadu becoming the first publicly listed photonic quantum technology company; Xanadu pursuing its mission of widely accessible, fault tolerant quantum computing; Xanadu’s support in achieving its commercial roadmap and strengthening its leadership in photonic quantum computing; the transaction as a major milestone for Xanadu and its partners; Xanadu is entering its next chapter from a position of technological leadership and with a clear focus on providing practical quantum solutions to customers worldwide; the previously announced negotiations with the Government of Canada and the Government of Ontario for an up to CAD$390 million investment under Project OPTIMISM, including the completion of due diligence and the execution of final agreements in connection therewith; and Xanadu building on its technology leadership and delivering practical quantum solutions worldwide.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of Xanadu and Crane Harbor. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause the actual results of the combined company following the proposed transaction, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: that Xanadu is pursuing an emerging technology, faces significant technical challenges and may not achieve commercialization or market acceptance; Xanadu’s historical net losses and limited operating history; that there is substantial doubt about Xanadu's ability to continue as a going concern; Xanadu’s expectations regarding future financial performance, capital requirements and unit economics; Xanadu’s use and reporting of business and operational metrics; Xanadu’s competitive landscape; Xanadu’s dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; Xanadu’s ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; Xanadu’s reliance on strategic partners and other third parties; Xanadu’s concentration of revenue in contracts with government or state-funded entities; Xanadu’s ability to maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents and related regulations; the use, rate of adoption, and regulation of artificial intelligence and machine learning; uncertainty or changes with respect to laws and regulations; uncertainty or changes with respect to taxes, trade conditions and the macroeconomic environment; material weaknesses in Xanadu's internal control over financial reporting and the combined company’s ability to maintain internal control over financial reporting and operate as a public company; the possibility that required regulatory approvals for the proposed transaction are delayed or are not obtained, which could adversely affect the combined company or the expected benefits of the proposed transaction;; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings or government investigations that may be commenced against Xanadu or Crane Harbor; failure to realize the anticipated benefits of the proposed transaction; the ability of Crane Harbor or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and other factors described in Crane Harbor’s filings with the SEC. These forward-looking statements are based on certain assumptions, including that none of the risks identified above materialize; that there are no unforeseen changes to economic and market conditions, and that no significant events occur outside the ordinary course of business. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Xanadu, Crane Harbor or the combined company resulting from the proposed transaction with the SEC, including under the heading “Risk Factors.” If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, these statements reflect the expectations, plans and forecasts of Xanadu’s and Crane Harbor’s management as of the date of this communication; subsequent events and developments may cause their assessments to change. While Xanadu and Crane Harbor may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so, unless required by applicable securities laws. Accordingly, undue reliance should not be placed upon these statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this communication, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

An investment in Crane Harbor is not an investment in any of Crane Harbor’s founders’ or sponsors’ past investments, companies or affiliated funds. The historical results of those investments are not indicative of future performance of Crane Harbor, which may differ materially from the performance of Crane Harbor’s founders’ or sponsors’ past investments.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering in any province or territory of Canada. In addition, no securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this communication or the merits of any of the securities described herein and any representation to the contrary is an offense.

Press Contact:
[email protected]

Investor Relations:
[email protected]

Phoenix, AZ, March 31, 2026 (GLOBE NEWSWIRE) -- Rider Levett Bucknall (RLB) has released its Q1 2026 Crane Index, offering a fresh view of construction activity across eighteen major North American cities. The findings show that although the total number of cranes remains stable, development patterns are shifting. Commercial crane counts collectively increased by 60 percent across surveyed markets, underscoring a reorientation of urban construction priorities.

The index measures fixed tower cranes on active construction sites, providing a direct indicator of the industry’s physical workload. Among the cities tracked, eight recorded no change in crane counts, six reported decreases, and four saw increases. This mix of activity points to a cautious but deliberate approach, as developers advance select projects while responding to broader economic conditions.

Report Highlights:

• Commercial Sector Growth: Crane counts for commercial projects rose 60 percent, driven by new office, retail, and mixed-use starts.

• Regional Activity: Miami posted a 55 percent increase, adding 18 cranes to its skyline. Other cities, including Chicago, experienced growth supported by hospitality and residential development.

• Market Stability: Overall crane counts across North America remained consistent, as gains in some regions offset moderated activity in others.

“The first quarter of 2026 reflects a measured but steady start to the year,” said Paul Brussow, President of RLB North America. “We are seeing owners and developers carefully evaluate long-term investment decisions while still advancing projects in key sectors. The data indicates a transition away from predominantly residential-driven expansion toward a more diversified development landscape, with notable strength in commercial and mixed-use projects.”

Read the full report here: Q1 2026 RLB Crane Index

About Rider Levett Bucknall (RLB)

With a network that covers the globe and a heritage spanning over two centuries, Rider Levett Bucknall is a leading independent organization in cost management and quantity surveying, project management, advisory services, and sustainability services. Rider Levett Bucknall’s North American practice has offices in over 30 cities across the North America, including Austin, Boston, Calgary, Charlotte, Chicago, Dallas, Denver, Hilo, Honolulu, Las Vegas, Los Angeles, Maui, Miami, Nashville, New York, Phoenix, Portland, San Francisco, San Jose, Seattle, Toronto, Tucson, Waimea, and Washington, D.C. With more than 4,600 employees worldwide, Rider Levett Bucknall brings unparalleled value and service to its prestigious group of clients through its robust experience and high-level expertise. The firm enjoys a professional heritage that spans over 240 years, and it continues to be a global leader in the construction industry throughout the Americas, Africa, Asia, Europe, the Middle East, and Oceania.

Q1 2026 North American Construction: RLB Crane Index Signals Market Stability

Q1 2026 North American Construction: RLB Crane Index Signals Market Stability Steady Crane Counts and Strategic Growth Define the Start of 2026

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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Company (NYSE: CR) announces the following schedule and teleconference information for its first quarter 2026 earnings release:

Earnings Release: April 27, 2026 after close of market by public distribution and the Crane Company website at www.craneco.com. Teleconference: April 28, 2026 at 10:00 AM (Eastern) hosted by Alex Alcala, Executive Vice President & COO (Incoming President & CEO), and Richard A. Maue, Executive Vice President & CFO. The call can be accessed in a listen-only mode via the Company’s website www.craneco.com. An accompanying slide presentation will also be available on the Company’s website. Web Replay: Will be available on the Company’s website shortly after completion of the live call. About Crane Company

Crane Company has delivered innovation and technology-led solutions to its 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 is comprised of two strategic growth platforms, Aerospace & Electronics and Process Flow Technologies. Crane has approximately 8,500 employees in the Americas, Europe, the Middle East, Asia and Australia. For more information, visit www.craneco.com.

More News From Crane Company

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Crane Company remains rated a soft "Sell" due to high absolute valuation despite strong operational momentum and acquisition-driven growth. CR's 2026 guidance projects revenue of $2.845–$2.875 billion and adjusted EPS of $6.55–$6.75, with core sales expected to grow mid-single digits. Aerospace & Advanced Technologies outperforms with 14.7% revenue growth and backlog expansion, while Process Flow Technologies faces organic headwinds.

Posted by Defense World Staff on Apr 27th, 2026

Crane (NYSE:CR – Get Free Report) and EnWave (OTCMKTS:NWVCF – Get Free Report) are both industrials companies, but which is the superior business? We will contrast the two companies based on the strength of their valuation, analyst recommendations, risk, profitability, earnings, institutional ownership and dividends.

Analyst Ratings This is a summary of current ratings and price targets for Crane and EnWave, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Crane 0 1 5 2 3.13 EnWave 0 0 0 0 0.00 Crane currently has a consensus target price of $223.83, suggesting a potential upside of 24.68%. Given Crane’s stronger consensus rating and higher possible upside, equities analysts clearly believe Crane is more favorable than EnWave.

Insider & Institutional Ownership 75.1% of Crane shares are owned by institutional investors. Comparatively, 9.9% of EnWave shares are owned by institutional investors. 2.1% of Crane shares are owned by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock will outperform the market over the long term.

Earnings and Valuation This table compares Crane and EnWave”s revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Crane $2.31 billion 4.49 $401.10 million $6.25 28.73 EnWave N/A N/A N/A ($0.08) -2.50 Crane has higher revenue and earnings than EnWave. EnWave is trading at a lower price-to-earnings ratio than Crane, indicating that it is currently the more affordable of the two stocks.

Profitability This table compares Crane and EnWave’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Crane 13.10% 24.45% 10.14% EnWave N/A N/A N/A Summary Crane beats EnWave on 12 of the 12 factors compared between the two stocks.

About Crane (Get Free Report)

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company operates in three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts for commercial aerospace, as well as the military aerospace, defense, and space markets. This segment also offers pressure sensors for aircraft engine control, aircraft braking systems for commercial aircraft and fighter jets, power conversion solutions for spacecraft, and lubrication systems. The Process Flow Technologies segment provides engineered fluid handling equipment for mission-critical applications. It offers process valves and related products, such as lined pipe, fittings and hoses, air-operated diaphragm and peristaltic pumps, instrumentation and sampling systems, valve positioning and control systems, and valve diagnostic and calibration systems; commercial valves; and pumps and systems. The Engineered Materials segment manufactures fiberglass-reinforced plastic panels and coils for use in the manufacturing of recreational vehicles, as well as in commercial and industrial building applications. This segment sells directly to RV, trailer, and truck manufacturers, as well as through distributors and retailers. The company provides its products and solutions to end markets, including commercial and military aerospace, defense, and space; chemical and pharmaceutical production; water and wastewater; non-residential and municipal construction; energy; and other general industrial and consumer-related applications. The company was formerly known as Crane Holdings, Co. Crane Company was founded in 1855 and is based in Stamford, Connecticut.

About EnWave (Get Free Report)

EnWave Corporation designs, constructs, markets, and sells vacuum-microwave machinery for the food, cannabis, and biomaterial dehydration industries in Canada and the United States. The company operates through EnWave and NutraDried segments. It also offers radiant energy vacuum (REV) platforms, such as nutraREV for dehydration of fruits, vegetables, herbs, dairy products, meats, and seafood; and quantaREV designed for low-temperature dehydration of solid, liquid, and granular or encapsulated food or cannabis products. In addition, the company provides freezeREV for the dehydration of biomaterial and pharmaceutical products; and REVworx offers toll manufacturing services for various food product. Further, it manufactures, markets, and sells certain dehydrated food products. EnWave Corporation is headquartered in Delta, Canada.

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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:

Total sales growth in the low- to mid-20%s, driven by the Druck, Panametrics, Reuter-Stokes, and optek-Danulat acquisitions, as well as mid-single digit core sales growth and a roughly 1 percent foreign exchange benefit. Adjusted segment operating margin of nearly 23.0% (up slightly from our prior estimate of 22.5%+). Corporate cost of approximately $80-$85 million. Net non-operating expense of approximately $58 million, with the increase driven by the interest expense associated with acquisition financing. Adjusted tax rate of approximately 23.0%. Diluted shares of ~59 million. 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.

CRANE COMPANY 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:

"Adjusted segment operating margin" is calculated as adjusted segment operating profit divided by segment sales. Adjusted segment operating profit is calculated as operating profit excluding corporate costs and before Special Items which include acquisition-related intangible amortization, transaction related expenses and repositioning related charges. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. "Adjusted Tax Rate" is calculated as tax excluding the impact from items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the presentation of the Company’s underlying earnings divided by "Adjusted Net Income". "Adjusted EPS" is calculated as adjusted net income divided by diluted shares. Adjusted net income is calculated as net income adjusted for Special Items which include transaction related expenses such as professional fees, and incremental costs related to acquisitions; repositioning related charges; acquisition-related intangible amortization and, the impact of pension non-service costs. We believe that non-GAAP financial measures adjusted for these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. We believe that each of the following non-GAAP measures provides useful information to investors regarding the Company’s financial conditions and operations:

"Adjusted Operating Profit" and "Adjusted Operating Margin" add back to Operating Profit items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the interpretation of the Company’s underlying earnings and operational performance. These items include income and expense such as: acquisition-related intangible amortization, transaction related expenses and repositioning related (gains) charges. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. "Adjusted Net Income" and "Adjusted EPS" exclude items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the presentation of the Company’s underlying earnings and operational performance. These measures include income and expense items that impacted Operating Profit such as: transaction related expenses and repositioning related (gains) charges. Additionally, these non-GAAP financial measures exclude income and expense items that impacted Net Income and Earnings per Diluted Share such as the impact of pension non-service costs. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. "Adjusted EBITDA" adds back to net income: net interest expense, income tax expense, depreciation and amortization, miscellaneous (income) expense, net, and items outside of our core performance such as transaction related expenses. "Adjusted EBITDA Margin" is calculated as adjusted EBITDA divided by net sales. We believe that adjusted EBITDA and adjusted EBITDA margin provide investors with an alternative metric that may be a meaningful indicator of our performance and provides useful information to investors regarding our financial conditions and results of operations that is complementary to GAAP metrics. “Free Cash Flow” and “Adjusted Free Cash Flow from continuing operations” provide supplemental information to assist management and investors in analyzing the Company’s ability to generate liquidity from its operating activities. The measure of free cash flow does not take into consideration certain other non-discretionary cash requirements such as, for example, mandatory principal payments on the Company’s long-term debt. Free Cash Flow is calculated as cash provided by operating activities less capital spending. Adjusted Free Cash Flow from continuing operations is calculated as Free Cash Flow adjusted for certain cash items which we believe may complicate the interpretation of the Company’s underlying free cash flow performance such as certain transaction related cash flow items related to acquisitions. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future cash flows that are complementary to GAAP metrics.

On May 01, 2026, Crane Co CR shares fell 3.1% to $172.24. This decline comes amid a 52-week trading range of $159.58 to $214.31, indicating some volatility in the stock's performance.

GF Value™ verdict: Current price of $172.24 is 11.0% below the GF Value™ of $193.59.GF Score™ of 87/100 indicates a strong overall assessment of the company.Notable signal: Insiders have sold $0.5 million worth of shares in the last three months without any buying activity. Is CR Overvalued or Undervalued? Crane Co's current price of $172.24 presents an opportunity, as it is trading at a discount of 11.0% compared to the GF Value™ of $193.59. This suggests a margin of safety for potential investors, as the stock appears to be undervalued based on GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The GF Valuation label indicates that Crane Co is considered modestly undervalued, which may entice long-term investors looking for opportunities in the industrial sector.

However, it is essential to be cautious. Although the current valuation appears attractive, potential investors should consider factors such as market conditions and company performance. The risk of overvaluation could increase if the market sentiment shifts or if the company fails to meet growth expectations.

How Does CR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 31.0x 25.0x Forward P/E 25.7x N/A Crane Co's current P/E (TTM) of 31.0x is significantly above its 5-year median P/E of 25.0x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict, suggesting that while the stock may be undervalued based on intrinsic value, it is currently trading at a higher multiple than in the past, which could indicate overvaluation relative to its earnings potential.

What Does CR's GF Score™ Tell Us? Metric Rating GF Score™ 87 Financial Strength 7/10 Profitability 7/10 Growth 7/10 Valuation 10/10 Momentum 7/10 The GF Score™ of 87/100 reflects a strong overall assessment of Crane Co, with particularly high marks in Valuation (10/10). Financial Strength, Profitability, Growth, and Momentum are all rated 7/10, indicating a stable performance across these dimensions. The strongest aspect is the Valuation rank, suggesting that the company may present a sound investment opportunity. However, the lack of insider buying activity could signal caution for some investors, as it may indicate a lack of confidence from those closest to the company.

What Are Insiders Doing with CR Stock? In the last three months, insiders at Crane Co have sold $0.5 million worth of shares without any reported buying activity. This trend could suggest a lack of confidence among insiders regarding the company's short-term performance or market conditions. While insider selling does not always indicate negative sentiment, it is a critical factor for investors to consider when evaluating the stock's potential and overall market perception.

What This Means for Investors Crane Co appears to be undervalued based on the GF Value™ assessment, which indicates a potential opportunity for investors. However, the elevated current P/E ratio compared to its historical median raises concerns about possible overvaluation in terms of earnings potential. Therefore, while the stock may offer intrinsic value, market dynamics and insider activity warrant careful consideration.

For the complete analysis, visit the Crane Co CR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is CR's GF Score™?

Crane Co has a GF Score™ of 87/100, indicating a strong overall assessment based on various financial metrics.

Is CR overvalued or undervalued?

Crane Co is currently undervalued, with a GF Value™ of $193.59, representing an 11.0% discount to its current price.

What is CR's P/E ratio?

Crane Co's P/E (TTM) is 31.0x, which is 24% above its 5-year median P/E of 25.0x, suggesting the stock is trading at a higher multiple than its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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ImmunityBio, Inc. (NASDAQ: IBRX), a commercial-stage immunotherapy company, today announced an exclusive U.S. Development and Supply Agreement with Japan BCG Laboratory ("JBL"), the Tokyo-based developer and manufacturer of the Tokyo strain of BCG (Tokyo-172 BCG). The agreement provides ImmunityBio exclusive U.S. rights to develop, import, and commercialize intravesical Tokyo-172 BCG.

JBL's Tokyo strain of BCG is supported by the February 2026 positive Phase III readout of SWOG S1602, a randomized Phase III study sponsored by the National Cancer Institute (NCI), which demonstrated non-inferiority of the Tokyo strain of BCG to TICE BCG in BCG-naïve high-grade non-muscle invasive bladder cancer (NMIBC). The pre-specified non-inferiority margin was a hazard ratio of 1.34 (hazard ratio 0.82; 95.8% CI 0.63–1.08). The Tokyo strain of BCG is investigational in the United States and has not been approved by the FDA.

Dr. Patrick Soon-Shiong will discuss the JBL agreement and provide updates on ImmunityBio’s efforts to expand BCG access and advance research in the BCG-naïve setting during his presentation, “The Role of IL-15 in the Urological Setting,” at the American Urological Association Annual Meeting on May 16, 2026 at 1:30 EDT. The presentation will also highlight the role of IL-15 in urological oncology, including mechanisms driving T cell and natural killer (NK) cell activation, current clinical evidence, and emerging combination approaches in bladder and prostate cancer. A livestream of the presentation will be available through the 2026 AUA Annual Meeting website.

“For more than 70 years, Japan BCG Laboratory has been dedicated to the development and manufacture of high-quality BCG products,” said Seiichi Inoue, President of Japan BCG Laboratory. “We are pleased to partner with ImmunityBio to bring the Tokyo strain of BCG to patients in the United States, and we look forward to supporting ImmunityBio in its engagement with the FDA.”

ImmunityBio plans to engage with the FDA to pursue U.S. approval of the Tokyo strain of BCG and will lead all regulatory submissions, clinical development, and commercialization in the United States as the sole BLA applicant. Upon any approval, ImmunityBio will be the sole Marketing Authorization Holder. The Tokyo strain of BCG has been used in Japan for almost 30 years for the treatment of high-risk NMIBC.

SWOG S1602 (NCT03091660) is a Phase III randomized controlled trial that enrolled 1,000 patients (984 eligible) between February 2017 and December 2020 with BCG-naïve high-grade NMIBC, randomized 1:1:1 to intravesical TICE BCG (n=330), intravesical Tokyo-172 BCG (n=327), or intradermal priming, followed by intravesical Tokyo-172 BCG (n=327). The pre-specified non-inferiority margin for the primary endpoint of high-grade recurrence-free survival (HGRFS) was a hazard ratio of 1.34.

At a median follow-up of 4.6 years, results presented at the February 2026 ASCO Genitourinary Cancers Symposium (Svatek RS, et al. J Clin Oncol. 2026;44[7 suppl]:LBA629) demonstrated non-inferiority of intravesical Tokyo strain of BCG versus intravesical TICE BCG on the primary endpoint of HGRFS (HR 0.82; 95.8% CI 0.63–1.08), with the upper confidence bound well below the pre-specified non-inferiority margin of HR 1.34. Complete response (CR) in carcinoma in situ (CIS) at 6 months was 66.4% (Tokyo) versus 70.2% (TICE). Progression-free survival was similar across arms. The estimated 5-year HGRFS was 64% in the Tokyo arm, 58% in the TICE arm.

ImmunityBio is in discussions with the SWOG Cancer Research Network, the NCI, and Fred Hutchinson Cancer Research Center to establish a Data Use Agreement that would allow incorporation of the S1602 data into the company's planned BLA submission.

“SWOG and the National Cancer Institute have our deep respect for designing and completing SWOG S1602, a randomized controlled trial of approximately one thousand patients in BCG-naïve high-grade NMIBC that took nearly a decade to read out,” said Patrick Soon-Shiong, M.D., Founder, Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio. “S1602 is the kind of rigorous, publicly funded science that should inform FDA decision-making. Its non-inferiority finding for the Tokyo strain of BCG, alongside our rBCG partnership with Serum Institute and the FDA-approved use of ANKTIVA® with BCG in BCG-unresponsive disease, points to a future where U.S. patients with bladder cancer will have the supply and the treatment options they need.”

With the JBL agreement, ImmunityBio now has a second potential BCG source for the United States. The Company's ongoing partnership with Serum Institute of India, one of the world's largest vaccine manufacturers, supports the supply of recombinant BCG (rBCG), an investigational product. ImmunityBio will continue its FDA Expanded Access Program (EAP) for rBCG, so eligible patients can receive treatment while the regulatory path for the Tokyo strain of BCG moves forward. Taken together, the two partnerships aim to give U.S. urologists and their patients a more reliable BCG supply.

“U.S. urologists and their patients have lived with a chronic BCG shortage for more than a decade,” said Richard Adcock, President and Chief Executive Officer of ImmunityBio. “This agreement with Japan BCG Laboratory for the Tokyo strain of BCG gives ImmunityBio a second potential BCG source for the United States. We plan to work with the FDA on the regulatory path for the Tokyo strain of BCG. In the meantime, through our ongoing partnership with the Serum Institute of India, rBCG remains available to eligible patients through our FDA Expanded Access Program."

ANKTIVA is approved by the FDA in combination with BCG for the treatment of adult patients with BCG-unresponsive NMIBC with carcinoma in-situ (CIS), with or without papillary tumors. ImmunityBio expects to provide further updates on the U.S. regulatory pathway for the Tokyo strain of BCG, including the timing of pre-FDA interactions and any anticipated BLA submission, in future communications.

Important Safety Information

U.S. IMPORTANT SAFETY INFORMATION

INDICATION AND USAGE: ANKTIVA® is an interleukin-15 (IL-15) receptor agonist indicated with Bacillus Calmette-Guérin (BCG) for the treatment of adult patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors.

WARNINGS AND PRECAUTIONS: Risk of Metastatic Bladder Cancer with Delayed Cystectomy. Delaying cystectomy can lead to the development of muscle-invasive or metastatic bladder cancer, which can be lethal. If patients with CIS do not have a complete response to treatment after a second induction course of ANKTIVA® with BCG, reconsider cystectomy.

DOSAGE AND ADMINISTRATION: For Intravesical Use Only. Do not administer by subcutaneous or intravenous routes. Please see the complete Indication and Important Safety Information and Prescribing Information for ANKTIVA® at Anktiva.com.

Investigational Use Notice: The Tokyo strain of BCG (manufactured by Japan BCG Laboratory) and recombinant BCG or rBCG (manufactured by Serum Institute of India under ongoing partnership with ImmunityBio) are investigational in the United States and have not been approved by the FDA. The safety and effectiveness of these investigational products have not been established. Availability of rBCG is limited to ImmunityBio's FDA Expanded Access Program for eligible patients. To enroll in the Expanded Access Program for recombinant BCG, please visit https://immunitybio.com/rbcg/

About ImmunityBio

ImmunityBio, Inc. is a biotechnology company focused on innovating, developing, and commercializing next-generation immunotherapies designed to activate the patient's immune system and deliver durable protection against cancer and infectious diseases. Our approach harnesses both the adaptive and innate immune systems with the goal of restoring immune function and generating lasting immunological memory in patients. At the core of our strategy is the Cancer BioShield™ platform, which is designed to stimulate critical lymphocytes, including natural killer (NK) cells, cytotoxic T cells, and memory T cells via our proprietary IL-15 superagonist. Our Cancer BioShield platform is anchored by this antibody-cytokine fusion protein and is complemented by an investigational portfolio that includes adenovirus-vectored vaccines, allogeneic (off-the-shelf) and autologous NK-cell therapies, and additional immunomodulators intended to promote immunogenic cell death and support durable immune responses while potentially reducing reliance on high-dose chemo-radiation therapy. For more information, visit ImmunityBio.com and connect with us on X (Twitter), Facebook, LinkedIn, and Instagram.

About Japan BCG Laboratory

Japan BCG Laboratory, headquartered in Tokyo, Japan, is a developer and manufacturer of Bacillus Calmette-Guérin (BCG) products, including intravesical BCG for bladder cancer and BCG vaccines for tuberculosis prevention. JBL has supplied BCG for more than 70 years.

About ImmunityBio's Partnership with Serum Institute of India

Serum Institute of India is one of the world's largest vaccine manufacturers and is ImmunityBio's manufacturing partner for recombinant BCG (rBCG). The ongoing partnership supports the continued availability of rBCG under ImmunityBio's FDA Expanded Access Program for eligible patients in the United States.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the Development and Supply Agreement with Japan BCG Laboratory; the development, regulatory pathway, manufacturing, supply, and potential U.S. commercialization of the Tokyo strain of BCG; ImmunityBio's plans to engage with the U.S. Food and Drug Administration to pursue U.S. approval of the Tokyo strain of BCG; the SWOG S1602 trial, including the interpretation and use of S1602 data in the planned BLA, and the Company's ability to enter into a Data Use Agreement with SWOG, the National Cancer Institute, and Fred Hutchinson Cancer Research Center; the continuation, scope, and impact of ImmunityBio's Expanded Access Program for recombinant BCG (rBCG) and its role in helping address the U.S. BCG shortage; the potential complementary use of the Tokyo strain of BCG with ANKTIVA®; and statements regarding ImmunityBio's pipeline and strategy.

These forward-looking statements are based on ImmunityBio's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to: the FDA's review and acceptance of any future BLA submission for the Tokyo strain of BCG; ImmunityBio's ability to secure a Data Use Agreement with SWOG, the NCI, and Fred Hutchinson Cancer Research Center on acceptable terms; manufacturing, supply, and import logistics for the Tokyo strain of BCG and rBCG; the continued availability of rBCG under the Expanded Access Program; clinical, regulatory, and commercial risks associated with ANKTIVA® and the Company's broader pipeline; competition; intellectual property; macroeconomic and geopolitical conditions; and the additional risks and uncertainties identified in ImmunityBio's filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, available at www.sec.gov. The forward-looking statements in this press release speak only as of the date hereof, and ImmunityBio undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260516297941/en/