Crane Co
For the period ended Jun 30, 2026. Filed Jul 31, 2026.
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, 2026 · Filed Jul 31, 2026
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 2026-03-31; filed 2026-04-30.
0001944013-26-000161
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0001944013-26-000186
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 72 previous paragraphs and 103 current paragraphs.
35 unchanged; 26 reworded; 32 added; 11 removed; 0 previous and 10 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 (32)
Current report
Tariff Refunds
Current report
As the nature, timing, and amount of any such refunds remain uncertain, the Company elected to account for such refunds under the gain contingency model. During the three and six months ended June 30, 2026, the Company recognized $18.7 million of tariff refunds as a reduction to “Cost of sales” in the Condensed Consolidated Statements of Operations. No portion of the recognized refunds was allocated to inventory, as the underlying inventory to which the refunds related had been sold prior to June 30, 2026. In addition, the Company recognized $0.8 million of interest income related to tariff refunds received through June 30, 2026.
Current report
•favorable foreign currency translation of $3.0 million, or 0.6%.
Current report
Cost of sales increased by $82.3 million, or 24.6%, to $417.2 million in 2026. The increase primarily reflects the impact of the Druck, Panametrics, Reuter-Stokes and Optek acquisitions of $80.6 million, or 24.1%, higher material, labor and other manufacturing costs of $22.7 million, or 6.8%, unfavorable mix of $15.5 million, or 4.6%, and unfavorable foreign currency translation of $1.7 million, or 0.5%, partially offset by the favorable impact of tariff refunds of $18.7 million, or 5.6%, strong productivity gains of $13.6 million, or 4.1%, lower volumes of $3.8 million, or 1.1%, and cost savings of $2.2 million, or 0.7%.
Current report
Engineering, selling and administrative expenses increased by $23.8 million, or 17.1%, to $163.2 million in 2026, primarily driven by the acquisitions of Druck, Panametrics, Reuter-Stokes and Optek of $32.5 million, or 23.3%, partially offset by productivity and cost savings of $9.2 million, or 6.6%.
Current report
Operating profit increased by $41.4 million, or 40.2%, to $144.3 million in 2026. The increase primarily reflected higher productivity gains and cost savings of $21.4 million, or 20.8%, strong net price of $16.4 million, or 15.9%, impact from tariff refunds of $18.7 million, or 18.2%, and favorable contributions from acquisitions of $1.3 million, or 1.3%, partially offset by unfavorable mix of $15.5 million, or 15.1% and lower volumes of $1.3 million, or 1.3%.
Current report
•Sales of Commercial Aftermarket Products increased $5.4 million, or 9.4%, to $62.6 million in 2026, reflecting continued demand from the airlines due to strong air traffic.
Current report
Engineering, selling and administrative expenses increased by $5.7 million, or 15.0%, to $43.7 million in 2026, primarily driven by the acquisition of Druck of $11.6 million, or 30.5%, partially offset by cost savings and productivity of $6.1 million, or 16.1%.
Current report
Operating profit increased by $21.0 million, or 30.9%, to $88.9 million in 2026, primarily reflecting higher volumes and strong net price of $18.9 million, or 27.8%, higher productivity gains and cost savings of $8.9 million, or 13.1%, favorable impact from tariff refunds of $5.5 million, or 8.1%, favorable contribution from the acquisition of Druck of $2.7 million, or 4.0%, offset by unfavorable mix of $15.2 million, or 22.4%.
Current report
Sales increased by $66.6 million, or 20.9%, to $385.6 million in 2026, primarily driven by the impact of Panametrics, Reuter-Stokes and Optek acquisitions of $68.6 million, or 21.5%, favorable foreign currency translation of $2.4 million, or 0.8%, offset by lower core sales of $4.4 million, or 1.4%.
Current report
•Sales of Commercial Valves decreased by $2.0 million, or 5.4%, to $35.1 million in 2026, reflecting lower core sales of 2.3 million, or 6.2%, driven by lower volumes, offset by the impact of favorable foreign currency translation of $0.3 million, or 0.8%.
Current report
Cost of sales increased by $28.1 million, or 15.4%, to $210.7 million, primarily driven by the impact of the Panametrics, Reuter-Stokes and Optek acquisitions of $49.0 million, or 26.8%, higher material, labor and other manufacturing costs of $8.8 million, or 4.8%, and unfavorable foreign currency translation of $1.4 million, or 0.8%, partially offset by the impact of tariff refunds of $13.2 million, or 7.2%, lower volumes of $9.5, million or 5.2%, strong productivity gains of $7.7 million, or 4.2%, and to a lesser extent cost savings of $1.1 million, or 0.6%.
Current report
Engineering, selling and administrative expenses increased by $20.8 million, or 28.7%, to $93.3 million, primarily driven by the acquisitions of Panametrics, Reuter-Stokes and Optek.
Current report
Results from Continuing Operations – Six Months Ended June 30, 2026 and 2025
Current report
Sales increased by $286.3 million, or 25.2%, to $1,421.1 million in 2026. The year-over-year change in sales included:
Current report
•an increase in core sales of $51.4 million, or 4.5%, which was driven by higher pricing; and
Current report
•favorable foreign currency translation of $18.3 million, or 1.6%.
Current report
Cost of sales increased by $177.4 million, or 27.1%, to $832.3 million in 2026. The increase primarily reflects the impact of the Druck, Panametrics, Reuter-Stokes and Optek acquisitions of $154.0 million, or 23.5%, higher material, labor and other manufacturing costs of $45.7 million, or 7.0%, unfavorable mix of $25.9 million, or 4.0%, and unfavorable foreign currency translation of $10.7 million, or 1.6%, partially offset by strong productivity gains of $27.6 million, or 4.2%, favorable impact of tariff refunds of $18.7 million, or 2.9%, lower volumes of $8.3 million, or 1.3%, and cost savings of $4.6 million, or 0.7%.
Current report
Engineering, selling and administrative expenses increased by $68.5 million, or 24.8%, to $344.4 million in 2026, primarily driven by the acquisitions of Druck, Panametrics, Reuter-Stokes and Optek of $66.9 million, or 24.2%.
Current report
Operating profit increased by $40.4 million, or 19.8%, to $244.4 million in 2026. The increase primarily reflected higher productivity gains and cost savings of $42.3 million, or 20.7%, favorable impact from tariff refunds of $18.7 million, or 9.2%, strong net price of $12.9 million, or 6.3%, and favorable currency translation of $2.0 million, or 1.0%, partially offset by unfavorable mix of $25.9 million, or 12.7%, lower volumes of $5.3 million, or 2.6%, and the net impact of acquisitions of $4.3 million, or 2.1%, driven primarily by amortization of acquisition-related intangibles.
Current report
Comprehensive Income
Current report
Segment Results of Operations - Six Months Ended June 30, 2026 and 2025
Current report
Sales increased $150.3 million, or 29.6%, to $657.4 million in 2026, primarily driven from the impact of the Druck acquisition of $88.8 million, or 17.5%, higher core sales of $57.7 million, or 11.4%, and favorable foreign currency translation of $3.8 million, or 0.7%.
Current report
Cost of sales increased by $102.6 million, or 34.2%, to $402.7 million in 2026, primarily reflecting the impact of the Druck acquisition of $60.4 million, or 20.1%, unfavorable mix of $26.2 million, or 8.7%, increased material, labor and other manufacturing costs of $25.2 million, or 8.4%, and higher volumes of $8.3 million, or 2.8%, partially offset by strong productivity gains of $11.8 million, or 3.9%, favorable impact of tariff refunds of $5.5 million, or 1.8%, and cost savings of $2.1 million, or 0.7%.
Current report
Engineering, selling and administrative expenses increased by $19.8 million, or 26.6%, to $94.3 million in 2026, primarily driven by the acquisition of Druck of $24.8 million, or 33.3%, partially offset by cost savings and productivity of $6.1 million, or 8.2%.
Current report
Operating profit increased by $27.9 million, or 21.1%, to $160.4 millionin 2026, primarily reflecting higher volumes and strong net price of $26.5 million, or 20.0%, higher productivity gains and cost savings of $17.7 million, or 13.4%, favorable impact from tariff refunds of $5.5 million, or 4.2%, and the favorable contribution from the acquisition of Druck of $3.6 million, or 2.7%, partially offset by unfavorable mix of $26.2 million, or 19.8%.
Current report
Sales increased by $136.0 million, or 21.7%, to $763.7 million in 2026, primarily driven by the impact of Panametrics, Reuter-Stokes and Optek acquisitions of $127.8 million, or 20.4%, favorable foreign currency translation of $14.5 million, or 2.3%, offset by lower core sales of $6.3 million, or 1.0%.
Current report
•Sales of Process Valves and Related Products increased by $128.1 million, or 27.0%, to $602.8 million in 2026, primarily driven by the impact of the Panametrics, Reuter-Stokes and Optek acquisitions of $127.8 million, or 26.9%, favorable foreign currency translation of $11.2 million, or 2.4%, offset by lower core sales of $10.9 million, or 2.3%, driven by lower volumes.
Current report
•Sales of Commercial Valves increased by $1.6 million, or 2.1%, to $76.1 million in 2026, primarily due to favorable foreign currency translation of $3.1 million or 4.2%. as the British pound strengthened against the U.S. dollar offset by lower core sales of 1.5 million or 2.0% driven by lower volumes.
Current report
Cost of sales increased by $74.8 million, or 21.1%, to $429.6 million, primarily driven by the impact of the Panametrics, Reuter-Stokes and Optek acquisitions of $93.7 million, or 26.4%, higher material, labor and other manufacturing costs of $20.5 million, or 5.8%, unfavorable foreign currency translation of $8.7 million, or 2.5%, partially offset by impact of tariff refunds of $13.2 million, or 3.7%, lower volumes of $16.6 million, or 4.7%, strong productivity gains of $15.8 million, or 4.4%, and to a lesser extent cost savings of $2.5 million, or 0.7%.
Current report
Engineering, selling and administrative expenses increased by $42.1 million, or 28.8%, to $188.3 million, primarily driven by the acquisitions of Panametrics, Reuter-Stokes and Optek.
Current report
Operating profit increased by $19.1 million, or 15.1%, to $145.8 million in 2026. The increase is primarily due to strong productivity gains, net price and cost savings of $30.5 million, or 24.1%, impact from tariff refunds of $13.2 million, or 10.4%, favorable foreign currency translation of $1.4 million, or 1.1%, partially offset by lower volumes and the net impact of acquisitions driven primarily by amortization of acquisition-related intangibles and transaction related expenses of $26.2 million, or 20.7%.
Removed paragraphs (11)
Previous report
Other
Previous report
Cost of sales increased by $95.1 million, or 29.7%, to $415.1 million in 2026. The increase primarily reflects the impact of the Druck, Panametrics, Reuter-Stokes and Optek acquisitions of $73.4 million, or 22.9%, higher material, labor and other manufacturing costs of $23.1 million, or 7.2%, unfavorable mix of $10.5 million, or 3.3%, unfavorable foreign currency translation of $9.0 million, or 2.8%, partially offset by strong productivity gains of $14.0 million, or 4.4%, lower volumes of $4.5 million, or 1.4%, and cost savings of $2.4 million, or 0.8%.
Previous report
Engineering, selling and administrative expenses increased by $44.7 million, or 32.7%, to $181.2 million in 2026, primarily driven by the acquisitions of Druck, Panametrics, and Reuter-Stokes, including the transaction related costs associated with them.
Previous report
Operating profit decreased by $1.0 million, or 1.0%, to $100.1 million in 2026. The decrease primarily reflected unfavorable mix of $10.5 million, or 10.4%, lower volumes of $4.1 million, or 4.1%, net investments in core businesses of $3.5 million, or 3.5%, partially offset by strong productivity gains of $15.4 million, or 15.2%, and favorable foreign currency translation of $1.7 million, or 1.7%.
Previous report
Cost of sales increased by $48.4 million, or 32.7%, to $196.2 million in 2026, primarily reflecting the impact of the Druck acquisition of $28.8 million, or 19.5%, increased material, labor and other manufacturing costs of $11.3 million, or 7.6%, unfavorable mix of $11.0 million, or 7.4%, and higher volumes of $2.6 million, or 1.8%, partially offset by strong productivity gains of $5.9 million, or 4.0%.
Previous report
Engineering, selling and administrative expenses increased by $14.1 million, or 38.6%, to $50.6 million in 2026, primarily driven by the acquisition of Druck.
Previous report
Operating profit increased by $6.9 million, or 10.7%, to $71.5 million in 2026, primarily reflecting productivity gains, higher volumes and strong net price, inclusive of tariffs, and cost savings of $16.4 million, or 25.4%, favorable contribution from the acquisition of Druck of $0.9 million, or 1.4%, offset by unfavorable mix of $11.0 million, or 17.0%.
Previous report
Sales increased by $69.4 million, or 22.5%, to $378.1 million in 2026, primarily driven by the impact of Panametrics, Reuter-Stokes and Optek acquisitions of $59.3 million, or 19.2%, favorable foreign currency translation of $12.1 million, or 3.9% and to a lesser extent offset by lower core sales of $2.0 million, or 0.6%.
Previous report
•Sales of Commercial Valves increased by $3.6 million, or 9.6%, to $41.0 million in 2026, primarily driven by the impact of favorable foreign currency translation.
Previous report
Cost of sales increased by $46.7 million, or 27.1%, to $218.9 million, primarily driven by the impact of the Panametrics, Reuter-Stokes and Optek acquisitions of $44.6 million, or 25.9%, higher material, labor and other manufacturing costs, inclusive of tariffs, of $11.7 million, or 6.8%, unfavorable foreign currency translation of $7.3 million, or 4.2%, partially offset by strong productivity gains of $8.1 million, or 4.7%, lower volumes of $7.1 million, or 4.1%, and to a lesser extent cost savings and net favorable mix of $1.8 million, or 1.0%.
Previous report
Engineering, selling and administrative expenses increased by $21.3 million, or 28.9%, to $95.0 million, primarily driven by the acquisitions of Panametrics, Reuter-Stokes and Optek.
Reworded paragraphs (26)
Previous wording
On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were not authorized by the statute. The Company is the importer of record for certain raw materials and products that were previously subject to such tariffs under IEEPA. Because the process, timing, and amount of any tariff recovery are uncertain, we have not recorded any benefit from a potential refund at this time.
Current wording
On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were not authorized by the statute. The Company is the importer of record for certain raw materials and products that were previously subject to such tariffs under IEEPA. On March 4, 2026, the U.S. Court of International Trade issued an additional ruling that importers that paid tariffs under the IEEPA are due refunds and ordered U.S. Customs and Border Protection (“CBP”) to begin the refund process for all importers who were subject to IEEPA duties. On April 20, 2026, CBP launched Phase 1 of its process for submitting IEEPA refund claims.
Previous wording
For 2026, we expect total sales growth in the low-to-mid 20%s, driven by the Druck, Panametrics, Reuter-Stokes, and Optek acquisitions, as well as mid-single digit core sales growth and a slight foreign exchange benefit. We expect an improvement in operating profit driven primarily by productivity benefits and operating leverage on higher volumes, lower transaction related expenses, higher pricing net of inflation and contributions from the Druck, Panametrics, Reuter-Stokes, and Optek acquisitions.
Current wording
For 2026, we expect total sales growth in the mid 20%s, driven by the Druck, Panametrics, Reuter-Stokes, and Optek acquisitions, as well as core sales growth at the mid-to-higher end of our long-term 5-6% core growth expectation and a slight foreign exchange benefit. We expect an improvement in operating profit driven primarily by productivity benefits and operating leverage on higher volumes, lower transaction related expenses, higher pricing net of inflation and contributions from the Druck, Panametrics, Reuter-Stokes, and Optek acquisitions.
Previous wording
In 2026, we expect Aerospace & Advanced Electronics sales to increase in the low to mid 20% range driven by high-single digit core sales growth, a low-to-mid-teen percentage contribution from the Druck acquisition and a slight benefit from favorable foreign exchange. We expect an improvement in our commercial OEM business driven by higher aircraft build rates, and increased demand for our military OEM and aftermarket business driven by continued global geopolitical uncertainty. We expect growth in our military aftermarket business to be approximately offset by softer commercial aftermarket sales reflecting elevated fuel prices and the conflict in the Middle East. We expect segment operating profit to increase compared to 2025 due to higher volumes, positive net price and the contribution from the Druck acquisition. However, we expect operating margin to decline modestly compared to 2025 driven by the dilutive impact of the Druck acquisition.
Current wording
In 2026, we expect Aerospace & Advanced Technologies sales to increase in the mid 20%s range driven by core sales growth modestly above our 7-9% long-term core sales expectation, a mid-teen percentage contribution from the Druck acquisition and a slight benefit from favorable foreign exchange. We expect an improvement in our commercial OEM business driven by higher aircraft build rates, and increased demand for our military OEM and aftermarket business driven by continued global geopolitical uncertainty. We expect segment operating profit to increase compared to 2025 due to higher volumes, positive net price and the contribution from the Druck acquisition. However, we expect operating margin to decline modestly compared to 2025 driven by the dilutive impact of the Druck acquisition.
Previous wording
In 2026, we expect Process Flow Technologies sales to increase in the low-to-mid 20%s driven by flat-to-low single digit core sales growth, a low-20% contribution from the Panametrics, Reuter-Stokes, and Optek acquisitions, as well as a 1.5% benefit from foreign exchange. We expect core sales to be driven by demand in the pharmaceutical, water and waste-water and cryogenic markets offset by ongoing sluggishness in the chemical markets. We expect segment operating profit to increase compared to 2025 due primarily to the contribution from the Panametrics, Reuter-Stokes, and Optek acquisitions. However, we expect operating margin to decline modestly compared to 2025 driven primarily by the dilutive impact of the Panametrics, Reuter-Stokes, and Optek acquisitions.
Current wording
In 2026, we expect Process Flow Technologies sales to increase in the mid 20%s driven by flat-to-low single digit core sales growth, a low-20% contribution from the Panametrics, Reuter-Stokes, and Optek acquisitions, as well as a 1% benefit from foreign exchange. We expect core sales to be driven by demand in the pharmaceutical, water and waste-water and cryogenic markets offset by continued market softness in the chemical markets. We expect segment operating profit to increase compared to 2025 due primarily to the contribution from the Panametrics, Reuter-Stokes, and Optek acquisitions. However, we expect operating margin to be relatively flat compared to 2025 driven primarily by productivity and net price offset by the dilutive impact of the Panametrics, Reuter-Stokes, and Optek acquisitions.
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 2026 versus thefirst quarter 2025, 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 second quarter 2026 versus the second quarter 2025, unless otherwise specified.
Previous wording
Sales increased by$138.8 million, or 24.9%, to $696.4 million in 2026. The period-over-period change in sales included:
Current wording
Sales increased by$147.5 million, or 25.6%, to $724.7 million in 2026. The period-over-period change in sales included:
Previous wording
•an increase in sales related to the Druck, Panametrics, Reuter-Stokes and Optek acquisitions of $102.2 million, or 18.3%;
Current wording
•an increase in sales related to the Druck, Panametrics, Reuter-Stokes and Optek acquisitions of $114.5 million, or 19.8%;
Previous wording
•an increase in core sales of $21.4 million, or 3.8%, which was driven by higher pricing; and
Current wording
•an increase in core sales of $30.0 million, or 5.2%, which was driven by higher pricing; and
Previous wording
Our effective tax rate for the three months ended March 31, 2026 is higher than the prior year’s comparable period, primarily due to an increase in non-U.S. taxes and statutorily non-deductible costs.
Current wording
Our effective tax rate for the three months ended June 30, 2026 is higher than the prior year’s comparable period, primarily due to an increase in non-U.S. taxes and lower benefit related to share-based compensation.
Previous wording
Our effective tax rate for the three months ended March 31, 2026 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, 2026 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 March 31, 2026, comprehensive income before allocation to noncontrolling interests was $50.9 million compared to $128.1 million in the same period of 2025. The $77.2 million decrease was primarily driven by lower net income before allocation to noncontrolling interests of $40.0 million and $36.9 million year-over-year unfavorable impact of foreign currency translation, primarily related to the euro and British pound.
Current wording
For the three months ended June 30, 2026, comprehensive income was $88.8 million compared to $130.8 million in the same period of 2025. The $42.0 million decrease was primarily driven by $51.2 million year-over-year unfavorable impact of foreign currency translation, primarily related to the euro and British pound, offset by higher net income of $9.5 million.
Previous wording
Sales increased $69.4 million, or 27.9%, to $318.3 million in 2026, primarily driven from the impact of the Druck acquisition of $42.9 million, or 17.2%, higher core sales of $23.4 million, or 9.4%, and favorable foreign currency translation of $3.1 million, or 1.2%.
Current wording
Sales increased $80.9 million, or 31.3%, to $339.1 million in 2026, primarily driven from the impact of the Druck acquisition of $45.9 million, or 17.8%, higher core sales of $34.4 million, or 13.3%, and favorable foreign currency translation of $0.6 million, or 0.2%.
Previous wording
•Sales of Commercial Original Equipment increased $32.6 million, or 34.7%, to $126.6 million in 2026, reflecting the impact of the Druck acquisition and strong demand from aircraft manufacturers.
Current wording
•Sales of Commercial Original Equipment increased $31.8 million, or 32.9%, to $128.4 million in 2026, reflecting the impact of the Druck acquisition and strong demand from aircraft manufacturers.
Previous wording
•Sales of Military Original Equipment increased $12.8 million, or 17.8%, to $84.6 million in 2026, reflecting strong demand from defense and space customers and the impact of the Druck acquisition.
Current wording
•Sales of Military Original Equipment increased $11.4 million, or 15.7%, to $84.1 million in 2026, reflecting strong demand from defense and space customers and the impact of the Druck acquisition.
Previous wording
•Sales of Military Aftermarket Products increased $6.4 million, or 28.2%, to $29.1 million in 2026, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Current wording
•Sales of Military Aftermarket Products increased $2.3 million, or 7.3%, to $34.0 million in 2026, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Previous wording
•Other sales increased $25.0 million, reflecting the impact of the Druck acquisition.
Current wording
•Other sales increased $30.0 million, reflecting the impact of the Druck acquisition.
Previous wording
•favorable foreign currency translation of $15.2 million, or 2.7%.
Current wording
Cost of sales increased by $54.2 million, or 35.6%, to $206.5 million in 2026, primarily reflecting the impact of the Druck acquisition of $31.6 million, or 20.7%, unfavorable mix of $15.2 million or 10.0%, increased material, labor and other manufacturing costs of $13.9 million, or 9.1%, higher volumes of $5.7 million, or 3.7%, partially offset by the favorable impact of tariff refunds of $5.5 million, or 3.6%, strong productivity gains of $5.9 million, or 3.9%, and cost savings of $1.0 million, or 0.7%.
Previous wording
•Sales of Process Valves and Related Products increased by $61.7 million, or 26.4%, to $295.2 million in 2026, primarily driven by the impact of the Panametrics, Reuter-Stokes and Optek acquisitions of $59.3 million, or 25.4%, favorable foreign currency translation of $9.1 million, or 3.9%, and to a lesser extent offset by lower core sales of $6.7 million, or 2.9%, driven by lower volumes.
Current wording
•Sales of Process Valves and Related Products increased by $66.4 million, or 27.5%, to $307.6 million in 2026, primarily driven by the impact of the Panametrics, Reuter-Stokes and Optek acquisitions of $68.6 million, or 28.4%, favorable foreign currency translation of $2.1 million, or 0.9%, offset by lower core sales of $4.3 million, or 1.8%. driven by lower volumes.
Previous wording
•Sales of Pumps and Systems increased by $4.1 million, or 10.8%, to $41.9 million in 2026, reflecting an increase in core sales driven by higher pricing and volumes.
Current wording
•Sales of Pumps and Systems increased by $2.2 million, or 5.4%, to $42.9 million in 2026, reflecting an increase in core sales driven by higher pricing.
Previous wording
Operating profit increased by $1.4 million, or 2.2%, to $64.2 million in 2026. The increase is primarily due to strong net price, inclusive of tariffs, favorable foreign exchange, productivity gains and cost savings of $16.1 million, or 25.6%, partially offset by the net impact of acquisitions driven primarily by amortization of acquisition-related intangibles and transaction related expenses, lower volumes, and mix impacts of $14.7 million, or 23.4%.
Current wording
Operating profit increased by $17.7 million, or 27.7%, to $81.6 million in 2026. The increase is primarily due to strong productivity gains, net price and cost savings of $15.6 million, or 24.4%, and the favorable impact from tariff refunds of $13.2 million, or 20.7%, partially offset by lower volumes and the net impact of acquisitions driven primarily by amortization of acquisition-related intangibles and transaction related expenses, of $11.1 million, or 17.4%.
Previous wording
•Sales of Commercial Aftermarket Products decreased $7.4 million, or 12.3%, to $53.0 million in 2026, due to lower initial provisioning and commercial spares replenishment.
Current wording
•Sales of Commercial Aftermarket Products decreased $2.0 million, or 1.7%, to $115.6 million in 2026.
Previous wording
Our current cash balance, together with cash we expect to generate from future operations and borrowing capacity available under our revolving credit facility, is expected to be sufficient to finance our short- and long-term capital requirements.
Current wording
Our current cash balance, together with cash we expect to generate from future operations and borrowing capacity available under our revolving credit facility, is expected to be sufficient to finance our short-term and long-term capital requirements.
Previous wording
In February 2026, the Company borrowed $50 million under the Revolving Facility for general corporate and working capital purposes.
Current wording
On February 11, 2026, the Company borrowed $50 million under the Revolving Facility to fund working capital requirements and general corporate purposes. During the second quarter of 2026, the Company repaid $100 million under the Revolving Facility.
Previous wording
Cash used for operating activities from continuing operations was $29.5 million in the first three months of 2026, as compared to $46.2 million during the same period last year. The decrease in cash used for operating activities from continuing operations was primarily driven by improved working capital of $13.2 million and the $2.8 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 $92.8 million in the first six months of 2026, as compared to $58.8 million during the same period last year. The increase in cash provided by operating activities from continuing operations was primarily driven by the $24.0 million increase in net income from continuing operations adjusted for the exclusion of non-cash items and a $5.2 million decrease in defined benefit plans and postretirement contributions.
Previous wording
Cash flows relating to investing activities from continuing operations consist primarily of cash used for acquisitions of businesses and capital expenditures. Cash used for investing activities from continuing operations was $1,366.0 million in the first three months of 2026, as compared to $14.4 million in the comparable period of 2025. The increase in cash used for investing activities was primarily related to the aggregate cash paid of $1,355.4 million for the acquisitions of Druck, Panametrics, Reuter-Stokes and Optek, partially offset by a $3.5 million decrease 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 acquisitions of businesses and capital expenditures. Cash used for investing activities from continuing operations was $1,380.6 million in the first six months of 2026, as compared to $30.3 million in the comparable period of 2025. The increase in cash used for investing activities was primarily attributable to the aggregate cash paid of $1,355.4 million for the acquisitions of Druck, Panametrics, Reuter-Stokes and Optek, offset by a $5.0 million decrease in capital expenditures. Capital expenditures are made primarily for increasing capacity, replacing equipment, supporting new product development, and improving information systems.
Previous wording
Cash provided by financing activities was $24.4 million during the first three months of 2026 compared to cash used by financing activities of $23.6 million in the comparable period of 2025. The increase in cash provided by financing activities was primarily attributable to $50.0 million of borrowings under the Company’s Revolving Facility in the first quarter of 2026.
Current wording
Cash used for financing activities was $87.7 million during the first six months of 2026 compared to $235.3 million in the comparable period of 2025. The decrease in cash used for financing activities was primarily attributable to a $100.0 million decrease in repayments of long-term debt and $50.0 million of borrowings under the Company’s Revolving Facility in the first quarter of 2026.
Rearranged current paragraphs (10)
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 2026 versus the first six months of 2025, unless otherwise specified.
Current report — wording carried from elsewhere
•an increase in sales related to the Druck, Panametrics, Reuter-Stokes and Optek acquisitions of $216.6 million, or 19.1%;
Current report — wording carried from elsewhere
Our effective tax rate for the six months ended June 30, 2026 is higher than the prior year’s comparable period, primarily due to an increase in non-U.S. taxes and lower benefit related to share-based compensation.
Current report — wording carried from elsewhere
Our effective tax rate for the six months ended June 30, 2026 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.
Current report — wording carried from elsewhere
For the six months ended June 30, 2026, comprehensive income was $139.7 million compared to $258.9 million in the same period of 2025. The $119.2 million decrease was primarily driven by a $88.1 million unfavorable impact of foreign currency translation, primarily related to the euro and British pound, and by lower net income of $30.5 million.
Current report — wording carried from elsewhere
•Sales of Commercial Original Equipment increased $64.4 million, or 33.8%, to $255.0 million in 2026, reflecting the impact of the Druck acquisition and strong demand from aircraft manufacturers.
Current report — wording carried from elsewhere
•Sales of Military Original Equipment increased $24.2 million, or 16.7%, to $168.7 million in 2026, primarily reflecting strong demand from defense and space customers and the impact of the Druck acquisition.
Current report — wording carried from elsewhere
•Sales of Military Aftermarket Products increased $8.7 million, or 16.0%, to $63.1 million in 2026, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Current report — wording carried from elsewhere
•Other sales increased $55.0 million, reflecting the impact of the Druck acquisition.
Current report — wording carried from elsewhere
•Sales of Pumps and Systems increased by $6.3 million, or 8.0%, to $84.8 million in 2026, reflecting an increase in core sales driven by higher pricing.