Crane Co
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
CR$201.06+1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001628280-25-021491
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001628280-25-036977
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 67 previous paragraphs and 102 current paragraphs.
32 unchanged; 26 reworded; 37 added; 9 removed; 0 previous and 7 current paragraphs rearranged.
Tables are not compared: 5 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (37)
Current report
Entry into a Definitive Agreement to Acquire Precision Sensors & Instrumentation
Current report
On June 6, 2025, the Company entered into a definitive Purchase Agreement with the Baker Hughes Company for the acquisition of Precision Sensors & Instrumentation (“PSI”). PSI is a leading provider of sensor-based technologies for aerospace, nuclear and process industries. The purchase price of the transaction is $1,150.0 million, subject to post-closing adjustments. The transaction is expected to close at the end of 2025 or early 2026, contingent upon regulatory approvals and the satisfaction of customary closing conditions. PSI is expected to have 2025 sales of approximately $390 million.
Current report
The One Big Beautiful Bill Act
Current report
On July 4, 2025, the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law, which includes changes to federal tax law and other regulatory provisions that may impact the Company. The Company is currently evaluating the provisions of the new law and the potential effects on our consolidated financial statements. Additional disclosures will be provided in future periods as the impact of the legislation is determined.
Current report
•an increase in core sales of $34.4 million, or 6.5%, which was driven primarily by higher pricing;
Current report
•favorable foreign currency translation of $4.7 million, or 0.9%.
Current report
Cost of sales increased by $17.8 million, or 5.6%, to $334.9 million in 2025. The increase is primarily related to higher material, labor and other manufacturing costs of $31.6 million, or 10.0%, the impact from the CryoWorks and Technifab acquisitions of $6.2 million, or 2.0%, unfavorable foreign currency translation of $2.8 million, or 0.9%, partially offset by strong productivity gains $13.3 million, or 4.2%, favorable mix of $6.4 million, or 2.0%, and lower volumes of $2.8 million, or 0.9%.
Current report
Engineering, selling and administrative expenses increased by $17.2 million, or 14.1%, to $139.4 million in 2025, reflecting a $12.3 million, or 10.1%, increase in administrative expenses and a $2.8 million, or 2.3%, increase in selling expenses. The increases was primarily driven by investments in core businesses and the acquisitions of CryoWorks and Technifab.
Current report
Operating profit increased by $13.6 million, or 15.2%, to $102.9 million in 2025. The increase primarily reflected strong productivity gains of $14.7 million, or 16.5%, favorable mix of $6.4 million, or 7.2%, partially offset by higher material labor and other manufacturing costs of $6.7 million, or 7.5%, and lower volumes of $1.7 million, or 1.9%.
Current report
Sales increased $27.3 million, or 11.8%, to $258.2 million in 2025, primarily due to higher pricing and volumes of $26.9 million, or 11.6%, and to a lesser extent of favorable foreign currency translation of $0.4 million, or 0.2%.
Current report
Cost of sales increased by $8.4 million, or 5.8%, to $152.3 million in 2025, primarily reflecting increased material, labor and other manufacturing costs of $13.8 million, or 9.6%, higher volumes of $2.5 million, or 1.7%, partially offset by strong productivity gains of $6.7 million, or 4.7%, and favorable mix of $1.5 million, or 1.0%.
Current report
Engineering, selling and administrative expense increased by $3.7 million, or 10.8%, to $38.0 million in 2025, primarily related to higher selling and administrative costs.
Current report
Operating profit increased by $15.2 million, or 28.8%, to $67.9 million in 2025. The increase primarily reflected strong productivity gains of $7.2 million, or 13.7%, impact from higher volumes and pricing of $6.2 million, or 11.8%, and favorable mix of $1.5 million, or 2.8%.
Current report
Sales increased by $21.3 million, or 7.2%, to $319.0 million in 2025, primarily driven by the impact of the CryoWorks and Technifab acquisitions of $9.5 million, or 3.2%, higher core sales of $7.6 million, or 2.6%, primarily due to higher pricing, and favorable foreign currency translation of $4.2 million, or 1.4%.
Current report
•Sales of Pumps and Systems increased by $3.5 million, or 9.4%, to $40.7 million in 2025, reflecting an increase in core sales driven by higher volumes and pricing.
Current report
Cost of sales increased by $9.4 million, or 5.4%, to $182.6 million, primarily related to the higher material, labor and other manufacturing costs of $17.8 million, or 10.3%, the impact of the CryoWorks and Technifab acquisitions of $6.2 million, or 3.6%, unfavorable foreign currency translation of $2.7 million, or 1.6%, partially offset by productivity gains of $6.6 million, or 3.8%, lower volumes of $5.3 million, or 3.1%, favorable mix of $4.8 million or 2.8 %, and to a lesser extent cost savings of $0.6 million, or 0.3%.
Current report
Engineering, selling and administrative expenses increased by $7.5 million, or 11.5%, to $72.5 million, reflecting an increase in administrative costs of $5.3 million, or 8.2%, primarily from investments in core businesses and the impact of the CryoWorks and Technifab acquisitions, coupled with unfavorable foreign currency translation of $1.1 million or 1.7%.
Current report
Operating profit increased by $4.4 million, or 7.4%, to $63.9 million in 2025. The increase is primarily due to higher productivity gains of $7.5 million, or 12.6%, coupled with favorable mix of $4.8 million, or 8.1%, partially offset by lower volumes of $5.0 million, or 8.4%, and higher investments in core businesses of $3.6 million, or 6.1%.
Current report
Results from Continuing Operations – Six Months Ended June 30,
Current report
Sales increased by $96.0 million, or 9.2%, to $1,134.8 million in 2025. The year-over-year change in sales included:
Current report
Cost of sales increased by $34.4 million, or 5.5%, to $654.9 million in 2025. The increase is primarily related to higher material, labor and other manufacturing costs $48.6 million, or 7.8%, the impact from the CryoWorks and Technifab acquisitions of $15.0 million, or 2.4%, higher volumes of $3.9 million, or 0.6%, partially offset by strong productivity gains $24.9 million, or 4.0%, favorable mix of $7.6 million, or 1.2%, and to a lesser extent cost savings of $1.4 million, or 0.2%.
Current report
Operating profit increased by $33.4 million, or 19.6%, to $204.0 million in 2025. The increase primarily reflected strong productivity gains of $27.3 million, or 16.0%, favorable mix of $7.6 million, or 4.5%, higher volumes of $4.8 million, or 2.8%, partially offset by higher investments in core businesses of $7.1 million, or 4.2%.
Current report
Our effective tax rate for six months ending June 30, 2025, is higher than the prior year’s comparable period primarily due to higher statutorily non-deductible costs, partially offset by greater benefit related to share-based compensation.
Current report
Comprehensive Income
Current report
Segment Results of Operations - Six Months Ended June 30,
Current report
Sales increased $50.3 million, or 11.0%, to $507.1 million in 2025, primarily due to higher pricing and volumes of $50.1 million, or 11.0%.
Current report
•Sales of Commercial Original Equipment increased $16.5 million, or 9.5%, to $190.6 million in 2025, reflecting strong demand from aircraft manufacturers.
Current report
•Sales of Military Original Equipment increased $6.2 million, or 4.5%, to $144.5 million in 2025, primarily reflecting strong demand from defense and space customers.
Current report
Cost of sales increased by $14.5 million, or 5.1%, to $300.1 million in 2025, primarily reflecting higher material, labor and other manufacturing costs of $22.6 million, or 7.9%, increased volumes of $7.8 million, or 2.7%, partially offset by strong productivity gains of $12.8 million, or 4.5%, favorable mix of $2.9 million, or 1.0%, and to a lesser extent cost savings of $0.4 million, or 0.1%.
Current report
Engineering, selling and administrative expense increased by $4.3 million, or 6.1%, to $74.5 million in 2025, primarily related to higher selling costs of $3.7 million, or 5.3%.
Current report
Operating profit increased by $31.5 million, or 31.2%, to $132.5 millionin 2025, the increase primarily reflected higher volumes and net pricing of $13.9 million, or 13.8%, strong productivity gains of $13.7 million, or 13.6%, coupled with favorable mix of $2.9 million, or 2.9%.
Current report
Sales increased by $45.7 million, or 7.9%, to $627.7 million in 2025, primarily driven by higher core sales of $22.9 million, or 3.9%, primarily driven by higher pricing, the impact of the CryoWorks and Technifab acquisitions of $22.1 million, or 3.8%, and to a lesser extent favorable foreign currency translation of $0.7 million, or 0.1%.
Current report
•Sales of Process Valves and Related Products increased by $33.9 million, or 7.7%, to $474.7 million in 2025, primarily driven by the impact of the CryoWorks and Technifab acquisitions of $22.1 million, or 5.0%, and higher core sales of $12.3 million, or 2.8%, driven by higher pricing, partially offset by unfavorable foreign currency translation of $0.5 million, or 0.1%.
Current report
•Sales of Commercial Valves increased by $7.9 million, or 11.9%, to $74.5 million in 2025, primarily driven by increase in core sales of $6.4 million, or 9.6%, driven by higher pricing and volumes, and favorable foreign currency translation of $1.5 million, or 2.3%, as the British pound strengthened against the U.S. dollar.
Current report
•Sales of Pumps and Systems increased by 3.9 million, or 5.2%, to $78.5 million in 2025, reflecting an increase in core sales driven by higher pricing and volumes.
Current report
Cost of sales increased by $19.9 million, or 5.9%, to $354.8 million, primarily related to the higher material, labor and other manufacturing costs of $25.9 million, or 7.7%, the impact of the CryoWorks and Technifab acquisitions of $15.0 million, or 4.5%, partially offset by strong productivity gains of $12.1 million, or 3.6%, favorable mix of $4.8 million, or 1.4 %, lower volumes of $3.9 million, or 1.2%, and to a lesser extent cost savings of $1.0 million, or 0.3%.
Current report
Operating profit increased by $10.3 million, or 8.8%, to $126.7 million in 2025. The increase is primarily due to strong productivity gains of $13.6 million, or 11.7 %, favorable mix of $4.8 million, or 4.1%, partially offset by the impact of lower volumes coupled with higher investments in core businesses of $7.9 million, or 6.8%.
Removed paragraphs (9)
Previous report
•partially offset by unfavorable foreign currency translation of $3.8 million, or 0.7%.
Previous report
Operating profit increased by $19.8 million, or 24.4%, to $101.1 million in 2025. The increase primarily reflected the impact from continued pricing gains and strong productivity of $12.2 million, or 15.0%, higher volumes of $6.6 million, or 8.1%, favorable mix of $1.3 million, or 1.6%, partially offset by unfavorable foreign currency translation of $0.9 million, or 1.1%.
Previous report
Sales increased $23.0 million, or 10.2%, to $248.9 million in 2025, primarily due to higher pricing and volumes of $23.3 million, or 10.3%, offset to a lesser extent of unfavorable foreign currency translation of $0.3 million, or 0.1%.
Previous report
Cost of sales increased by $6.1 million, or 4.3%, to $147.8 million in 2025, primarily reflecting increased material, labor and other manufacturing costs of $8.8 million, or 6.2%, higher volumes of $5.3 million, or 3.7%, partially offset by strong productivity gains of $6.1 million, or 4.3%, and favorable mix and savings of $1.9 million, or 1.3%.
Previous report
Selling, general and administrative expense increased by $0.6 million, or 1.7%, to $36.5 million in 2025, primarily related to higher administrative costs, offset by lower engineering costs.
Previous report
Operating profit increased by $16.3 million, or 33.7%, to $64.6 million in 2025. The increase primarily reflected the impact from higher volumes of $5.6 million, or 11.6%, strong pricing and productivity gains of $8.6 million, or 17.8%, and favorable mix of $1.3 million, or 2.7%.
Previous report
Sales increased by $24.4 million, or 8.6%, to $308.7 million in 2025, primarily driven by higher core sales of $15.2 million, or 5.3%, primarily due to higher pricing, the impact of the CryoWorks and Technifab acquisitions of $12.7 million, or 4.5%, offset by unfavorable foreign currency translation of $3.5 million, or 1.2%.
Previous report
Cost of sales increased by $10.5 million, or 6.5%, to $172.2 million, primarily related to the impact of the CryoWorks and Technifab acquisitions of $8.8 million, or 5.4%, higher material, labor and other manufacturing costs of $8.1 million, or 5.0%, higher volumes of $1.4 million, or 0.9%, offset by productivity gains of $5.6 million, or 3.5%, favorable foreign currency translation of $2.0 million, or 1.2%, and to a lesser extent favorable cost savings of $0.2 million, or 0.1%.
Previous report
Operating profit increased by $5.9 million, or 10.4%, to $62.8 million in 2025. The increase is primarily due to continued strong pricing and higher productivity gains of $6.0 million or 10.5%, higher volumes of $0.9 million, or 1.6%, partially offset by unfavorable foreign currency translation of $0.7 million or 1.2%.
Reworded paragraphs (26)
Previous wording
Effective on January 1, 2025, the Company completed the sale of the Engineered Materials segment to KPS Capital Partners, L.P (“KPS”) for approximately $208.0 million, on a cash-free and debt-free basis. In connection with the divestiture, the Company recognized a pre-tax gain of $35.7 million, subject to a net working capital adjustment and was recorded in income from discontinued operations. We determined that the Engineered Materials segment met the criteria of being reported as a discontinued operation as of March 31, 2025 and December 31, 2024. As a result, the related assets, liabilities and operating results of Engineered Materials are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all periods presented. See Item 1 under Note 3, “Discontinued Operations,” in the Notes to Condensed Consolidated Financial Statements for additional detail.
Current wording
Effective on January 1, 2025, the Company completed the sale of the Engineered Materials segment for approximately $208.0 million, on a cash-free and debt-free basis. During the second quarter of 2025, the Company received $7.8 million related to a final working capital adjustment. In connection with the divestiture, the Company recognized a pre-tax gain of $43.5 million, which was recorded in income from discontinued operations. We determined that the Engineered Materials segment met the criteria of being reported as a discontinued operation as of June 30, 2025 and December 31, 2024. As a result, the related assets, liabilities and operating results of Engineered Materials are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all periods presented. See Item 1 under Note 3, “Discontinued Operations,” in the Notes to Condensed Consolidated Financial Statements for additional detail.
Previous wording
In September 2024, our manufacturing site in Marion, North Carolina was directly affected by flooding from Hurricane Helene. Our insurance generally covers the repair or replacement of assets that suffered damage or loss and also provides business interruption coverage, including lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered. The recovery related to business interruption will be recognized when realized and received. We are working with our insurance carrier to assess the damage and ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds may lag behind actual losses incurred.
Current wording
In September 2024, our manufacturing site in Marion, North Carolina was directly affected by flooding from Hurricane Helene. Our insurance generally covers the repair or replacement of assets that suffered damage or loss and also provides business interruption coverage, including lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered. The recovery related to business interruption is recognized when realized and received. We are working with our insurance carrier to ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds will lag behind actual losses incurred.
Previous wording
For the three months ended March 31, 2025, we incurred losses and expenses of $5.6 million related to damages caused by the hurricane, which included professional fees to restore and maintain the site. For the period ended March 31, 2025 we have an insurance receivable of $8.4 million, which is net of the $0.5 million deductible. These costs and insurance recoveries are included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.
Current wording
For the three and six months ended June 30, 2025, we incurred losses and expenses of $0.2 and $5.8 million, respectively, related to damages caused by the hurricane, which included professional fees to restore and maintain the site. For the period ended June 30, 2025 we received insurance proceeds of $5.0 million and have an insurance receivable of $3.6 million, which is net of the $0.5 million deductible. These costs and insurance recoveries are included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. During the second quarter, we also received insurance proceeds for lost profits of $4.0 million, included in Miscellaneous income, net in the Condensed Consolidated Statements of Operations.
Previous wording
In 2025, we expect a total year-over-year sales increase of approximately 5%, driven by approximately 4% to 6% core sales growth, and an acquisition benefit of approximately 1% to 2%, partially offset by an approximate 1% headwind from foreign exchange. We expect an improvement in operating profit driven primarily by productivity benefits, operating leverage on higher volumes, lower transaction related expenses and higher pricing net of inflation and contributions from the Technifab and CryoWorks, Inc. (“CryoWorks”) acquisitions.
Current wording
In 2025, we expect a total year-over-year sales increase of approximately 6% to 7%, driven by approximately 4% to 6% core sales growth, an acquisition benefit of approximately 1% to 2%, and a modest benefit from foreign exchange. We expect an improvement in operating profit driven primarily by productivity benefits, operating leverage on higher volumes, lower transaction related expenses and higher pricing net of inflation, inclusive of the recent enactment of tariffs and contributions from the Technifab Products, Inc. (“Technifab”) and CryoWorks, Inc. (“CryoWorks”) acquisitions.
Previous wording
In 2025, we expect Aerospace & Electronics sales to increase in the high single-digit range compared to 2024. We expect a substantial improvement in our OEM business driven by higher commercial aircraft build rates. We expect growth in our commercial and military aftermarket businesses driven by continued high utilization of aircraft, but at decelerating rates compared to 2023 and 2024 due to increasingly challenging year-over-year comparisons. We expect segment operating profit and operating margin to increase compared to 2024 driven primarily by productivity benefits and the impact of operating leverage on higher volumes.
Current wording
In 2025, we expect Aerospace & Electronics sales to increase in the high single-digit to low double-digit range compared to 2024. We expect a substantial improvement in our OEM business driven by higher commercial aircraft build rates. We expect growth in our commercial and military aftermarket businesses driven by continued high utilization of aircraft, but at decelerating rates compared to 2023 and 2024 due to increasingly challenging year-over-year comparisons. We expect segment operating profit and operating margin to increase compared to 2024 driven primarily by productivity benefits and the impact of operating leverage on higher volumes and higher pricing.
Previous wording
In 2025, we expect Process Flow Technologies sales to increase approximately 4% to 5% driven by low- to mid-single digit core sales growth, a 2% to 3% contribution from the Technifab and CryoWorks acquisitions, partially offset by approximately 1% of unfavorable foreign exchange. The core sales increase is primarily due to demand in the Chemical, Pharmaceutical, Industrial and Cryogenic markets.
Current wording
In 2025, we expect Process Flow Technologies sales to increase low single-digit driven by slight core sales growth, a 2% to 3% contribution from the Technifab and CryoWorks acquisitions, and an approximately 1% benefit from favorable foreign exchange. The core sales increase is primarily due to demand in the Water, Pharmaceutical, Industrial and Cryogenic markets, offset by a generally softer chemical end market, globally.
Previous wording
We expect an improvement in segment operating profit and operating margin compared to 2024, driven primarily by strong productivity and higher pricing net of inflation.
Current wording
We expect an improvement in segment operating profit and operating margin compared to 2024, driven primarily by strong productivity and higher pricing.
Previous wording
The following information should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to thefirst quarter 2025 versus thefirst quarter 2024, unless otherwise specified.
Current wording
The following information should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to thesecond quarter 2025 versus thesecond quarter 2024, unless otherwise specified.
Previous wording
Sales increased by$47.4 million, or 9.3%, to $557.6 million in 2025. The period-over-period change in sales included:
Current wording
Sales increased by$48.6 million, or 9.2%, to $577.2 million in 2025. The period-over-period change in sales included:
Previous wording
•an increase in sales related to the CryoWorks and Technifab acquisitions of $12.7 million, or 2.5%; and
Current wording
•an increase in sales related to the CryoWorks and Technifab acquisitions of $9.5 million, or 1.8%; and
Previous wording
Our effective tax rate for the three months ended March 31, 2025, is slightly higher than the prior year’s comparable period due to a lower statutory U.S. deduction related to our non-U.S. subsidiaries’ income and slightly higher statutorily non-deductible costs, partially offset by excess share-based compensation benefits.
Current wording
Our effective tax rate for the three months ending June 30, 2025 is higher than the prior year’s comparable period primarily due to higher statutorily non-deductible costs and lower benefit related to share-based compensation, partially offset by lower non-U.S. taxes.
Previous wording
Our effective tax rate for the three months ended March 31, 2025 is approximately equal to the statutory U.S. federal tax rate of 21%, and any overall net differences are primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S. state taxes, partially offset by excess share-based compensation benefits, tax credit utilization, and the statutory U.S. deduction related to our non-U.S. subsidiaries’ income.
Current wording
Our effective tax rate for the three months ended June 30, 2025 is higher than the statutory U.S. federal tax rate of 21%, and any overall net differences are primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S. state taxes, partially offset by excess share-based compensation benefits, tax credit utilization, and the statutory U.S. deduction related to our non-U.S. subsidiaries’ income.
Previous wording
For the three months ended March 31, 2025, comprehensive income before allocation to noncontrolling interests was $128.1 million compared to $55.4 million in the same period of 2024. The $72.7 million increase was primarily driven by higher net income before allocation to noncontrolling interests of $42.3 million, and $30.7 million year-over-year favorable impact of foreign currency translation, primarily related to the euro and British pound.
Current wording
For the three months ended June 30, 2025, comprehensive income before allocation to noncontrolling interests was $130.8 million compared to $71.3 million in the same period of 2024. The $59.5 million increase was primarily driven by $45.0 million year-over-year favorable impact of foreign currency translation, primarily related to the euro and British pound, and higher net income before allocation to noncontrolling interests of $14.8 million.
Previous wording
•Sales of Commercial Original Equipment increased $8.5 million, or 9.9%, to $94.0 million in 2025, reflecting strong demand from aircraft manufacturers.
Current wording
•Sales of Commercial Original Equipment increased $8.0 million, or 9.0%, to $96.6 million in 2025, reflecting strong demand from aircraft manufacturers.
Previous wording
•Sales of Military Original Equipment increased $0.4 million, or 0.6%, to $71.8 million in 2025.
Current wording
•Sales of Military Original Equipment increased $5.8 million, or 8.7%, to $72.7 million in 2025, primarily reflecting strong demand from defense and space customers.
Previous wording
•Sales of Commercial Aftermarket Products increased $9.7 million, or 19.1%, to $60.4 million in 2025, reflecting continued strong demand from the airlines due to improving air traffic.
Current wording
•Sales of Commercial Aftermarket Products increased $4.9 million, or 9.4%, to $57.2 million in 2025, reflecting continued strong demand from the airlines due to improving air traffic.
Previous wording
•Sales of Military Aftermarket Products increased $4.4 million, or 24.0%, to $22.7 million in 2025, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Current wording
•Sales of Military Aftermarket Products increased $8.6 million, or 37.2%, to $31.7 million in 2025, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Previous wording
•Sales of Process Valves and Related Products increased by $19.5 million, or 9.1%, to $233.5 million in 2025, primarily driven by the impact of the CryoWorks and Technifab acquisitions and higher core sales.
Current wording
•Sales of Process Valves and Related Products increased by $14.4 million, or 6.3%, to $241.2 million in 2025, primarily driven by the impact of the CryoWorks and Technifab acquisitions and an increase in core sales driven by higher pricing.
Previous wording
•Sales of Commercial Valves increased by $4.5 million, or 13.7%, to $37.4 million in 2025, reflecting an increase in core sales driven by higher volumes and pricing.
Current wording
•Sales of Commercial Valves increased by $3.4 million, or 10.1%, to $37.1 million in 2025, reflecting an increase in core sales driven by higher pricing.
Previous wording
•an increase in core sales of $38.5 million, or 7.5%, which was driven primarily by higher pricing and to a lesser extent higher volumes;
Current wording
•an increase in core sales of $72.9 million, or 7.0%, which was driven primarily by higher pricing, and to a lesser extent, higher volume;
Previous wording
Cost of sales increased by $16.6 million, or 5.5%, to $320.0 million in 2025. The increase is primarily related to higher material, labor and other manufacturing costs $17.0 million, or 5.6%, the impact from the CryoWorks and Technifab acquisitions of $8.8 million, or 2.9%, higher volumes of $6.7 million, or 2.2%, partially offset by strong productivity gains $11.6 million, or 3.8%, favorable foreign currency translation of $2.0 million, or 0.7%, favorable mix of $1.3 million, or 0.4%, and savings of $1.0 million, or 0.3%.
Current wording
•favorable foreign currency translation of $1.0 million, or 0.1%.
Previous wording
Selling, general and administrative expenses increased by $11.0 million, or 8.8%, to $136.5 million in 2025, reflecting a $10.9 million, or 8.7% increase in administrative expenses. The increase in administrative expenses was primarily driven by the acquisitions of CryoWorks and Technifab and investments in core businesses.
Current wording
Engineering, selling and administrative expenses increased by $28.2 million, or 11.4%, to $275.9 million in 2025, primarily driven by the increase in administrative expenses of $23.2 million, or 9.4%, coupled with higher selling expenses of $4.7 million, or 1.9%. The increase in administrative expenses was primarily driven by the acquisitions of CryoWorks and Technifab and investments in core businesses.
Previous wording
Selling, general and administrative expenses increased by $8.0 million, or 12.2%, to $73.7 million, reflecting an increase in administrative costs of $7.3 million, or 11.1%, primarily from the impact of the CryoWorks and Technifab acquisitions.
Current wording
Engineering, selling and administrative expense increased by $15.5 million, or 11.9%, to $146.2 million, reflecting an increase in administrative costs of $12.6 million, or 9.6%, primarily from investments in core businesses and the impact of the CryoWorks and Technifab acquisitions
Previous wording
Cash used for operating activities from continuing operations was $46.2 million in the first three months of 2025, as compared to $70.9 million during the same period last year. The decrease in cash used for operating activities from continuing operations was primarily driven by the $27.2 million increase in net income from continuing operations adjusted for the exclusion of non-cash items.
Current wording
Cash provided by operating activities from continuing operations was $58.8 million in the first six months of 2025, as compared to cash used for operating activities from continuing operations of $19.6 million during the same period last year. The increase in cash provided by operating activities from continuing operations was primarily driven by the $46.6 million increase in net income from continuing operations adjusted for the exclusion of non-cash items and improved working capital of $30.3 million.
Previous wording
Cash flows relating to investing activities from continuing operations consist primarily of cash used for capital expenditures and acquisitions of businesses. Cash used for investing activities from continuing operations was $14.4 million in the first three months of 2025, as compared to $113.4 million in the comparable period of 2024. The decrease in cash used for investing activities was primarily driven by the net cash paid in the prior period for the Vian Enterprises, Inc. acquisition of $102.5 million, partially offset by a $6.2 million increase in capital expenditures. Capital expenditures are made primarily for increasing capacity, replacing equipment, supporting new product development, and improving information systems.
Current wording
Cash flows relating to investing activities from continuing operations consist primarily of cash used for capital expenditures and acquisitions of businesses. Cash used for investing activities from continuing operations was $30.3 million in the first six months of 2025, as compared to $175.3 million in the comparable period of 2024. The decrease in cash used for investing activities was primarily driven by the net cash paid of $163.2 million in the prior period for the acquisitions of Vian Enterprises, Inc. and CryoWorks, Inc., partially offset by a $15.6 million increase in capital expenditures. Capital expenditures are made primarily for increasing capacity, replacing equipment, supporting new product development, and improving information systems.
Previous wording
Financing cash flows consist primarily of dividend payments to shareholders, repayments of indebtedness, proceeds from our Credit Facilities and proceeds from the issuance of common stock in connection with employee stock plans. Cash used for financing activities was $23.6 million during the first three months of 2025 compared to cash provided by financing activities of $87.9 million in the comparable period of 2024. The increase in cash used for financing activities was driven by a $108.1 million decrease in net borrowings.
Current wording
Cash used for financing activities was $235.3 million during the first six months of 2025 compared to cash provided by financing activities of $99.6 million in the comparable period of 2024. The increase in cash used for financing activities was driven by a $138.1 million increase in debt repayments and $190.0 million of borrowings under the Revolving Facility in 2024.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
The following information should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the first six months of 2025 versus the first six months of 2024, unless otherwise specified.
Current report — wording carried from elsewhere
•an increase in sales related to the CryoWorks and Technifab acquisitions of $22.1 million, or 2.1%; and
Current report — wording carried from elsewhere
Our effective tax rate for six months ended June 30, 2025 is higher than the statutory U.S. federal tax rate of 21%, and any overall net differences are primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S. state taxes, partially offset by excess share-based compensation benefits, tax credit utilization, and the statutory U.S. deduction related to our non-U.S. subsidiaries’ income.
Current report — wording carried from elsewhere
For the six months ended June 30, 2025, comprehensive income before allocations to noncontrolling interests was $258.9 million compared to $126.7 million in the same period of 2024. The $132.2 million increase was primarily driven by a $75.7 million favorable impact of foreign currency translation, primarily related to the euro and British pound, and higher net income before allocation to noncontrolling interests of $57.1 million.
Current report — wording carried from elsewhere
•Sales of Commercial Aftermarket Products increased $14.6 million, or 14.2%, to $117.6 million in 2025, reflecting continued strong demand from the airlines due to improving air traffic.
Current report — wording carried from elsewhere
•Sales of Military Aftermarket Products increased $13.0 million, or 31.4%, to $54.4 million in 2025, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Current report — wording carried from elsewhere
Financing cash flows consist primarily of dividend payments to shareholders, repayments of indebtedness, proceeds from our Credit Facilities and proceeds from the issuance of common stock in connection with employee stock plans.