--- title: "Crane | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 387.7 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285434493.md" datetime: "2026-05-06T20:37:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285434493.md) - [en](https://longbridge.com/en/news/285434493.md) - [zh-HK](https://longbridge.com/zh-HK/news/285434493.md) --- # Crane | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 387.7 M Revenue: As of FY2026 Q1, the actual value is USD 387.7 M, missing the estimate of USD 672.73 M. EPS: As of FY2026 Q1, the actual value is USD 0.11, missing the estimate of USD 1.4091. EBIT: As of FY2026 Q1, the actual value is USD 40 M. ### First Quarter 2026 Financial Highlights - **Acquisition:** Crane Company completed the acquisition of Antares Vision for approximately €362 million in cash on March 31, 2026. - **Net Sales (GAAP):** Total net sales for the first quarter of 2026 were $387.7 million, an increase of 17.4% from $330.3 million in the first quarter of 2025. - **Organic Sales Growth:** Organic sales grew by 5.6%, or $18.3 million, in the first quarter of 2026. - **Net Income (GAAP):** Net income attributable to common shareholders was $6.4 million in Q1 2026, a decrease of -70.5% from $21.7 million in Q1 2025. - **Net Income Margin (GAAP):** The net income margin was 1.7% in Q1 2026, down from 6.6% in Q1 2025, representing a decrease of -490 basis points. - **Adjusted EBITDA:** Adjusted EBITDA increased by 22.3% to $74.7 million in Q1 2026, compared to $61.1 million in Q1 2025. - **Adjusted EBITDA Margin:** The Adjusted EBITDA margin was 19.3% in Q1 2026, an increase of 80 basis points from 18.5% in Q1 2025. - **Operating Profit (GAAP):** Total operating profit was $22.2 million in Q1 2026, down from $37.3 million in Q1 2025. - **Operating Profit Margin (GAAP):** The operating profit margin was 5.7% in Q1 2026, down from 11.3% in Q1 2025. - **Corporate Expense:** Corporate operating loss was -$24.3 million in Q1 2026, compared to -$14.8 million in Q1 2025. - **Interest Expense:** Interest expense was -$17.8 million in Q1 2026, up from -$11.5 million in Q1 2025. - **Restructuring Charges:** Restructuring charges were $3.1 million in Q1 2026, with no charges in Q1 2025. ### Segment Performance (Three Months Ended March 31, 2026 vs. 2025) #### Security and Authentication Technologies (SAT) - **Net Sales (GAAP):** Net sales were $192.8 million, up 51.3% from $127.4 million in Q1 2025. - **Organic Sales:** Organic sales increased by 22.4%, or $28.6 million. - **Acquisitions Impact:** Acquisitions contributed $26.5 million, or 20.8%, to sales growth. - **Operating Profit (GAAP):** Operating profit was $15.1 million, significantly up from $2.4 million in Q1 2025. - **Operating Profit Margin (GAAP):** Operating profit margin increased to 7.8% from 1.9% in Q1 2025. - **Adjusted EBITDA:** Adjusted EBITDA increased by 118.1% to $38.6 million from $17.7 million in Q1 2025. - **Adjusted EBITDA Margin:** Adjusted EBITDA margin increased to 20.0% from 13.9% in Q1 2025. #### Detection and Traceability Technologies (DTT) - **Net Sales (GAAP):** Net sales were $194.9 million, down -4.0% from $202.9 million in Q1 2025. - **Organic Sales:** Organic sales decreased by -5.1%, or -$10.3 million. - **Operating Profit (GAAP):** Operating profit was $31.4 million, down -36.8% from $49.7 million in Q1 2025. - **Operating Profit Margin (GAAP):** Operating profit margin decreased to 16.1% from 24.5% in Q1 2025. - **Adjusted EBITDA:** Adjusted EBITDA decreased by -9.4% to $51.8 million from $57.2 million in Q1 2025. - **Adjusted EBITDA Margin:** Adjusted EBITDA margin decreased to 26.6% from 28.2% in Q1 2025. ### Cash Flow (Three Months Ended March 31, 2026 vs. 2025) - **Cash Used for Operating Activities (GAAP):** Cash used for operating activities was -$14.0 million in Q1 2026, compared to -$19.1 million in Q1 2025. - **Capital Expenditures:** Capital expenditures were -$10.1 million in Q1 2026, down from -$13.1 million in Q1 2025. - **Free Cash Flow:** Free cash flow was -$24.1 million in Q1 2026, compared to -$32.2 million in Q1 2025. - **Adjusted Free Cash Flow:** Adjusted free cash flow was -$18.9 million in Q1 2026, compared to -$30.5 million in Q1 2025. - **Dividends Paid:** Dividends paid totaled -$10.3 million in Q1 2026, compared to -$9.7 million in Q1 2025. ### Balance Sheet Metrics (March 31, 2026 vs. December 31, 2025) - **Cash and Cash Equivalents:** Cash and cash equivalents were $228.3 million, down from $233.8 million at year-end 2025. - **Total Assets:** Total assets increased to $3,640.4 million from $3,116.4 million. - **Long-term Debt:** Long-term debt increased to $1,259.4 million from $1,004.4 million. - **Net Debt:** Net debt was $1,311.5 million as of March 31, 2026. - **Net Leverage Ratio:** The net leverage ratio was 2.9 as of March 31, 2026. ### Order Backlog - **Total Backlog:** Total backlog was $649.3 million as of March 31, 2026, up from $492.8 million as of December 31, 2025. - **SAT Backlog:** SAT backlog was $428.5 million as of March 31, 2026, compared to $379.4 million at December 31, 2025. - **DTT Backlog:** DTT backlog was $220.8 million as of March 31, 2026, including $98.9 million pertaining to the Antares Vision business acquired in March 2026. ### Outlook / Guidance (Full Year 2026) Crane Company updated its full-year 2026 sales guidance to a range of 15% to 17%, an increase from the initial guidance of +4% to +6%, inclusive of the Antares Vision acquisition. The company maintained its full-year Adjusted EPS guidance in the range of $4.10 to $4.40. 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