Crane Co
For the period ended Sep 30, 2025. Filed Oct 29, 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.
Sep 30, 2025 · Filed Oct 29, 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 2025-06-30; filed 2025-07-31.
0001628280-25-036977
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001944013-25-000116
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 102 previous paragraphs and 103 current paragraphs.
40 unchanged; 46 reworded; 17 added; 15 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 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 (17)
Current report
On July 4, 2025, the “One Big Beautiful Bill Act” was signed into law. This legislation did not have a material impact on our income tax expense for the three and nine months ended September 30, 2025. The Company is continuing to evaluate the financial statement impact of these new provisions on future reporting periods.
Current report
Cost of sales increased by $16.6 million, or 5.2%, to $337.9 million in 2025. The increase is primarily related to higher material, labor and other manufacturing costs of $34.1 million, or 10.6%, the impact from the Technifab acquisition of $3.5 million, or 1.1%, unfavorable foreign currency translation of $3.0 million, or 0.9%, partially offset by strong productivity gains $13.9 million, or 4.3%, lower volumes of $6.6 million, or 2.1%, cost savings of $2.2 million, or 0.7% and favorable mix of $1.5 million, or 0.5%.
Current report
Operating profit increased by $19.4 million, or 19.6%, to $118.4 million in 2025. The increase primarily reflected strong productivity gains of $15.0 million, or 15.2%, higher net pricing of $4.1 million, or 4.1%, cost savings of $3.0 million, or 3.0%, favorable mix of $1.5 million, or 1.5%, partially offset by lower volumes of $4.9 million, or 4.9%.
Current report
Sales increased $31.1 million, or 13.0%, to $270.2 million in 2025, primarily due to higher pricing and volumes of $30.6 million, or 12.8%, and to a lesser extent favorable foreign currency translation of $0.5 million, or 0.2%.
Current report
Cost of sales increased by $17.9 million, or 12.4%, to $162.7 million in 2025, primarily reflecting increased material, labor and other manufacturing costs of $19.6 million, or 13.5%, higher volumes of $4.0 million, or 2.8%, unfavorable mix of $3.0 million, or 2.1%, partially offset by strong productivity gains of $7.5 million, or 5.2%, and cost savings of $1.4 million, or 1.0%.
Current report
Operating profit increased by $12.8 million, or 23.3%, to $67.7 million in 2025. The increase primarily reflected strong productivity gains of $7.8 million, or 14.2%, the impact from higher volumes of $5.6 million, or 10.2%, and cost savings of $1.8 million, or 3.3%, partially offset by unfavorable mix of $3.0 million, or 5.5%.
Current report
•Sales of Commercial Valves increased by $1.4 million, or 3.8%, to $38.2 million in 2025, primarily driven by the impact of favorable foreign currency translation.
Current report
Cost of sales decreased by $1.3 million, or 0.7%, to $175.2 million, primarily related to lower volumes of $10.7 million, or 6.1%, higher productivity gains of $6.4 million, or 3.6%, favorable mix of $4.4 million, or 2.5%, and to a lesser extent cost savings of $0.7 million, or 0.4%, offset by higher material, labor and other manufacturing costs of $14.8 million, or 8.4%, the impact of the Technifab acquisition of $3.5 million, or 2.0% and unfavorable foreign currency translation of $2.8 million, or 1.6%.
Current report
Results from Continuing Operations – Nine Months Ended September 30,
Current report
•favorable foreign currency translation of $6.3 million, or 0.4%.
Current report
Operating profit increased by $52.8 million, or 19.6%, to $322.4 million in 2025. The increase primarily reflected strong productivity gains of $42.4 million, or 15.7%, favorable mix of $9.1 million, or 3.4%, cost savings of $3.9 million, or 1.4%, partially offset by higher material, labor and other manufacturing costs and investments in core businesses, net of higher pricing of $3.1 million, or 1.1%.
Current report
Segment Results of Operations - Nine Months Ended September 30,
Current report
Cost of sales increased by $32.4 million, or 7.5%, to $462.8 million in 2025, primarily reflecting higher material, labor and other manufacturing costs of $42.2 million, or 9.8%, increased volumes of $11.9 million, or 2.8%, partially offset by strong productivity gains of $20.3 million, or 4.7%, and to a lesser extent cost savings of $1.8 million, or 0.4%.
Current report
Operating profit increased by $44.3 million, or 28.4%, to $200.2 millionin 2025, the increase primarily reflected strong productivity gains of $21.6 million, or 13.9%, higher volumes and net pricing of $19.8 million, or 12.7%, coupled with cost savings of $2.7 million, or 1.7%.
Current report
Sales increased by $55.5 million, or 6.2%, to $946.7 million in 2025, primarily driven by the impact of the CryoWorks and Technifab acquisitions of $27.2 million, or 3.1%, higher core sales of $22.7 million, or 2.5%, primarily driven by higher pricing, coupled with favorable foreign currency translation of $5.6 million, or 0.6%.
Current report
Cost of sales increased by $18.6 million, or 3.6%, to $530.0 million, primarily related to the higher material, labor and other manufacturing costs of $40.7 million, or 8.0%, the impact of the CryoWorks and Technifab acquisitions of $18.4 million, or 3.6%, unfavorable foreign currency translation of $3.5 million, or 0.7%, partially offset by strong productivity gains of $18.5 million, or 3.6%, lower volumes of $14.6 million, or 2.9%, favorable mix of $9.2 million, or 1.8%, and to a lesser extent cost savings of $1.7 million, or 0.3%.
Current report
In September 2025, we entered into a new senior unsecured credit agreement, which provides for a $900 million, 5-year revolving credit facility and a $900 million, 5-year delayed draw term loan facility. The term facility will be used to fund (together with cash on hand) the consummation of the Company’s previously announced acquisition of PSI. See Note 13, “Financing,” in the Notes to the Condensed Consolidated Financial Statements for additional information.
Removed paragraphs (15)
Previous 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.
Previous 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%.
Previous 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%.
Previous 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%.
Previous 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%.
Previous report
•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 report
Results from Continuing Operations – Six Months Ended June 30,
Previous report
•favorable foreign currency translation of $1.0 million, or 0.1%.
Previous 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%.
Previous 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%.
Previous report
Segment Results of Operations - Six Months Ended June 30,
Previous 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%.
Previous 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%.
Previous 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%.
Previous 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%.
Reworded paragraphs (46)
Previous 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.
Current wording
For the three months ended September 30, 2025 and 2024, we incurred expenses of $0.5 million and $3.7 million, respectively, and for the nine months ended September 30, 2025 and 2024, we incurred expenses of $6.3 million and $3.7 million, respectively, related to damages caused by the hurricane, which included professional fees to restore and maintain the site. For the period ended September 30, 2025, we received insurance recovery proceeds of $9.1 million. These costs and insurance recoveries are included in Engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations. On a cumulative basis, we incurred expenses of $29.6 million related to damages caused by the hurricane and received corresponding insurance recoveries of $29.1 million. During the three and nine months ended September 30, 2025, we also received insurance proceeds for lost profits of $2.7 million and $6.7 million, respectively, 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 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.
Current wording
In 2025, we expect a total year-over-year sales increase of approximately 7% to 8%, driven by approximately 4% to 6% core sales growth, an acquisition benefit of approximately 1% to 2%, and a 1% contribution 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 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.
Current wording
In 2025, we expect Aerospace & Electronics sales to increase in the low double-digit percent 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 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.
Current wording
In 2025, we expect Process Flow Technologies sales to increase in the low single-digit percent range driven by slight core sales growth, a 2% to 3% contribution from the Technifab and CryoWorks acquisitions, and an approximately 1.5% 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
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.
Current wording
The following information should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to thethird quarter 2025 versus thethird quarter 2024, unless otherwise specified.
Previous wording
Sales increased by$48.6 million, or 9.2%, to $577.2 million in 2025. The period-over-period change in sales included:
Current wording
Sales increased by$40.9 million, or 7.5%, to $589.2 million in 2025. The period-over-period change in sales included:
Previous 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;
Current wording
•an increase in core sales of $30.5 million, or 5.6%, which was driven primarily by higher pricing;
Previous wording
•an increase in sales related to the CryoWorks and Technifab acquisitions of $22.1 million, or 2.1%; and
Current wording
•an increase in sales related to the Technifab acquisition of $5.1 million, or 0.9%; and
Previous wording
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 wording
•favorable foreign currency translation of $5.3 million, or 1.0%.
Previous wording
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 wording
Engineering, selling and administrative expenses increased by $4.9 million, or 3.8%, to $132.9 million in 2025, reflecting a $4.5 million, or 3.5%, increase in administrative expenses. The increase was primarily driven by investments in core businesses and the acquisition of Technifab.
Previous 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.
Current wording
Our effective tax rate for the three months ended September 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 and lower non-U.S. taxes.
Previous 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.
Current wording
Our effective tax rate for the three months ended September 30, 2025 is higher than the statutory U.S. federal tax rate of 21%, 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 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.
Current wording
For the three months ended September 30, 2025, comprehensive income before allocation to noncontrolling interests was $85.9 million compared to $105.6 million in the same period of 2024. The $19.7 million decrease was primarily driven by $33.5 million year-over-year unfavorable impact of foreign currency translation, primarily related to the euro and British pound, offset by higher net income before allocation to noncontrolling interests of $14.1 million.
Previous 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.
Current wording
•Sales of Commercial Original Equipment increased $9.0 million, or 9.9%, to $99.5 million in 2025, reflecting strong demand from aircraft manufacturers.
Previous 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.
Current wording
•Sales of Military Original Equipment increased $6.8 million, or 9.7%, to $76.8 million in 2025, primarily reflecting strong demand from defense and space customers.
Previous 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.
Current wording
•Sales of Commercial Aftermarket Products increased $12.6 million, or 23.2%, to $67.0 million in 2025, reflecting continued strong demand from the airlines due to improving air traffic.
Previous 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.
Current wording
•Sales of Military Aftermarket Products increased $2.7 million, or 11.2%, to $26.9 million in 2025, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Previous wording
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 wording
Engineering, selling and administrative expenses increased by $0.4 million, or 1.0%, to $39.8 million in 2025, primarily related to higher selling and administrative costs of $1.6 million, or 4.1%, offset by lower engineering costs of $1.2 million, or 3.0%.
Previous wording
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 wording
Sales increased by $9.8 million, or 3.2%, to $319.0 million in 2025, primarily driven by the impact of Technifab acquisition of $5.1 million, or 1.6% and favorable foreign currency translation of $4.7 million, or 1.6%.
Previous 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.
Current wording
•Sales of Process Valves and Related Products increased by $3.3 million, or 1.4%, to $238.2 million in 2025, primarily driven by the impact of the Technifab acquisition.
Previous wording
•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 wording
•Sales of Pumps and Systems increased by $5.1 million, or 13.6%, to $42.6 million in 2025, reflecting an increase in core sales driven by higher pricing and volumes.
Previous wording
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 wording
Engineering, selling and administrative expenses increased by $5.8 million, or 8.6%, to $73.0 million, reflecting an increase in administrative costs of $4.9 million, or 7.3%, primarily from investments in core businesses and the impact of the Technifab acquisition.
Previous wording
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 wording
Operating profit increased by $5.3 million, or 8.1%, to $70.8 million in 2025. The increase is primarily due to higher productivity gains of $7.2 million, or 11.0%, coupled with favorable mix of $4.4 million, or 6.7%, higher net pricing of $2.5 million, or 3.8%, cost savings of $1.2 million, or 1.8%, partially offset by lower volumes of $10.5 million, or 16.0%.
Previous wording
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 wording
The following information should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the first nine months of 2025 versus the first nine months of 2024, unless otherwise specified.
Previous wording
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 wording
Sales increased by $136.9 million, or 8.6%, to $1,724.0 million in 2025. The year-over-year change in sales included:
Previous wording
•an increase in core sales of $34.4 million, or 6.5%, which was driven primarily by higher pricing;
Current wording
•an increase in core sales of $103.4 million, or 6.5%, which was driven primarily by higher pricing;
Previous wording
•an increase in sales related to the CryoWorks and Technifab acquisitions of $9.5 million, or 1.8%; and
Current wording
•an increase in sales related to the CryoWorks and Technifab acquisitions of $27.2 million, or 1.7%; and
Previous wording
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 wording
Cost of sales increased by $51.0 million, or 5.4%, to $992.8 million in 2025. The increase is primarily related to higher material, labor and other manufacturing costs $82.7 million, or 8.8%, the impact from the CryoWorks and Technifab acquisitions of $18.4 million, or 2.0%, unfavorable foreign currency translation of $3.8 million, or 0.4%, partially offset by strong productivity gains $38.8 million, or 4.1%, favorable mix of $9.1 million, or 1.0%, cost savings of $3.3 million, or 0.4% and lower volumes of $2.7 million, or 0.3%.
Previous 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.
Current wording
Engineering, selling and administrative expenses increased by $33.1 million, or 8.8%, to $408.8 million in 2025, primarily driven by the increase in administrative expenses of $27.8 million, or 7.4%, coupled with higher selling expenses of $4.4 million, or 1.2%. The increase in administrative expenses was primarily driven by investments in core businesses and the acquisitions of CryoWorks and Technifab.
Previous wording
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 wording
Our effective tax rate for the nine months ended September 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 and lower non-U.S. taxes.
Previous wording
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 wording
Our effective tax rate for the nine months ended September 30, 2025 is higher than the statutory U.S. federal tax rate of 21%, 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 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 wording
For the nine months ended September 30, 2025, comprehensive income before allocations to noncontrolling interests was $344.8 million compared to $232.3 million in the same period of 2024. The $112.5 million increase was primarily driven by a $42.2 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 $71.2 million.
Previous wording
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 wording
Sales increased $81.4 million, or 11.7%, to $777.3 million in 2025, primarily due to higher pricing and volumes of $80.7 million, or 11.6%.
Previous wording
•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 wording
•Sales of Commercial Original Equipment increased $25.5 million, or 9.6%, to $290.1 million in 2025, reflecting strong demand from aircraft manufacturers.
Previous wording
•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 wording
•Sales of Military Original Equipment increased $13.0 million, or 6.2%, to $221.3 million in 2025, primarily reflecting strong demand from defense and space customers.
Previous wording
•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 wording
•Sales of Commercial Aftermarket Products increased $27.2 million, or 17.3%, to $184.6 million in 2025, reflecting continued strong demand from the airlines due to improving air traffic.
Previous wording
•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 wording
•Sales of Military Aftermarket Products increased $15.7 million, or 23.9%, to $81.3 million in 2025, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Previous wording
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 wording
Engineering, selling and administrative expenses increased by $4.7 million, or 4.3%, to $114.3 million in 2025, primarily related to higher selling costs and administrative costs of $7.7 million, or 7.0%, offset by lower engineering costs of $3.0 million, or 2.7%.
Previous wording
•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 wording
•Sales of Process Valves and Related Products increased by $37.3 million, or 5.5%, to $712.9 million in 2025, primarily driven by the impact of the CryoWorks and Technifab acquisitions of $27.2 million, or 4.0%, and higher core sales of $7.3 million, or 1.1%, driven by higher pricing and favorable foreign currency translation of $2.8 million, or 0.4%.
Previous wording
•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 wording
•Sales of Commercial Valves increased by $9.3 million, or 9.0%, to $112.7 million in 2025, primarily driven by increase in core sales of $6.2 million, or 6.0%, driven by higher pricing and volumes, and favorable foreign currency translation of $3.1 million, or 3.0%, as the British pound strengthened against the U.S. dollar.
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Previous report — wording carried elsewhere
•favorable foreign currency translation of $4.7 million, or 0.9%.