🐋 CR $1.3M Bullish Bet Timed Perfectly for Earnings + New CEO Day!

📅 April 22, 2026 | 🔥 Unusual Activity Detected

---

🎯 The Quick Take

Someone just dropped $1.3 MILLION on CR call options at 12:59:46 today — 1,200 contracts at the $175 strike expiring May 15, right as Crane Company prepares to report Q1 2026 earnings AND hand the CEO keys to a new leader on the same day: April 27. This is a calculated bet that a record $1.075B aerospace backlog (+25% YoY) and a clean CEO handover will send CR meaningfully higher from its current level around $175–$178. Translation: Smart money is front-running a major double-catalyst event happening in just five days.

---

📊 Company Overview

Crane Company (NYSE: CR) is a pure-play industrial manufacturer of mission-critical engineered components for the most demanding environments on the planet:

• Market Cap: ~$10.9 billion
• Industry: Industrials — Aerospace & Defense / Specialty Industrial Machinery
• Current Price: ~$175.42 (at time of trade); ~$178.37 per GEX snapshot
• 52-Week Range: $135.45 – $214.31
• Primary Business: Two focused platforms — Aerospace & Advanced Technologies (AAT) and Process Flow Technologies (PFT) — after spinning off Crane NXT in 2023 and selling Engineered Materials in January 2025

What do they actually make? Crane's AAT segment supplies brake control systems on every Boeing commercial aircraft, rugged avionics for the F-35 and F-16, and microwave/RF electronics for electronic warfare and satellite systems. The PFT segment handles highly engineered valves, pumps, and — after the January 2026 $1.06B acquisition of Druck, Panametrics, and Reuter-Stokes from Baker Hughes — ultrasonic flow measurement and nuclear radiation detection instruments.

Think of CR as the unsexy but irreplaceable plumbing behind the F-35, Boeing's commercial fleet, and the nuclear power revival. Nobody's going to replace them anytime soon.

---

💰 The Option Flow Breakdown

📊 The Tape (April 22, 2026 @ 12:59:46)

🤓 What This Actually Means

This is a clean directional bullish bet — no hedging, no spread, just a straight long call position. Here's why this matters:

• 💸 $1.3M premium paid: 1,200 contracts × 100 shares × $11.00 = $1.32M out-of-pocket, all-in
• 🎯 Strike at $175: With spot at $175.42 at the time, these calls were purchased essentially at-the-money — maximum leverage, maximum sensitivity to a move higher
• ⏰ May 15 expiration: 23 days out, capturing Q1 earnings (April 27 AMC), the inaugural CEO call (April 28), and any post-earnings follow-through
• 📊 Size signal: 1,180 contracts in a single print for a mid-cap industrial like CR is a sizeable single-block execution — this is not a retail order
• 🚀 Classified BTO (Buy to Open): New long position opened, not a hedge against existing shorts

What's the trader betting on?

Crane reports Q1 2026 earnings on April 27 after market close — and on that same exact day, Alex Alcala officially becomes CEO, replacing Max Mitchell who becomes Executive Chairman. The options buyer is pricing in a scenario where:

1. Q1 earnings come in solid (or better) relative to the conservative Q1 guide management laid out
2. Incoming CEO Alcala's first call on April 28 lands well — no strategic surprises, just confirmation of the M&A integration thesis
3. A record $1.075B AAT backlog gets highlighted, reminding the market that demand is locked in for years ahead

Real talk: you don't spend $1.3M on at-the-money calls 5 days from expiration unless you have a strong view on direction. The timing here is deliberate.

---

📈 Technical Setup / Chart Check-Up

YTD Performance Chart

CR had a strong run into the $213–$214 range in early 2026, then got hit hard during the March–April industrial selloff triggered by the April 2, 2026 tariff announcements. The stock has pulled back roughly –18% from its 52-week high and now sits near the $175–$178 zone, which represents a critical prior breakout shelf from late 2025. The 1-month bounce of +10.13% into the April 27 earnings print shows the market is already starting to price in a recovery — the options trader is betting that recovery has more room to run.

Key observations from the YTD chart:

• 📉 Pullback from $214 to $175: A significant drawdown, but structurally the stock held above the prior breakout level — so far
• 📈 +10% bounce already underway: Institutions are buying this dip ahead of the known catalyst
• ⚠️ $175 is the line in the sand: The options strike is NOT a coincidence — the buyer is essentially saying "$175 is the floor, and we're going higher from here"
• 🎯 1-year TSR still +35.85%: Despite the pullback, the underlying story remains intact per Simply Wall St

Gamma-Based Support & Resistance Analysis

Current Price: ~$178.37 (GEX snapshot)

The gamma exposure map shows where options market makers are concentrated — and it tells a very clear story right now:

🔵 Support Levels (Put Gamma Below Price):

• $175 — Strongest nearby support with 0.195 total GEX; the dominant put gamma cluster at 0.191 means dealers are heavily hedged here. This is the gravitational floor — exactly where the call buyer struck their bet
• $170 — Secondary support at 0.047 total GEX; a decent backstop if $175 cracks
• $165 — Extended support at 0.037 total GEX; balanced call/put gamma here suggests a natural resting zone if things get rocky
• $160 and $155 — Deeper support layers (0.047 and 0.024 total GEX respectively); these are the disaster floors

🟠 Resistance Levels (Call Gamma Above Price):

• $180 — Immediate overhead resistance at 0.171 total GEX (heavily put-gamma dominated at 0.168); this is the first wall to crack — just 1% above current price
• $185 — Major resistance at 0.345 total GEX, the single heaviest gamma level on the entire map; breaking through here would be a significant signal
• $190 — Call-gamma dominated resistance at 0.317 total GEX; this level has call GEX of 0.277 — dealers will sell into rallies as CR approaches $190
• $195 — Light resistance at 0.012 total GEX; if we get through $190, $195 offers relatively thin overhead

Net GEX Bias: Bearish — The put gamma (0.866) significantly outweighs call gamma (0.510), reflecting the defensive positioning that's built up during the recent selloff. This is actually bullish for bulls in a contrarian sense: a heavily put-skewed setup into an earnings catalyst can create a sharp "gamma squeeze" squeeze upward if the news is good, as dealers rapidly unwind their hedges.

What this means for the trade: The call buyer at $175 is positioned at the strongest nearby support level. If CR holds $175 on earnings, the path of least resistance based on gamma is toward $185 and then $190.

Implied Move Analysis

Options market pricing for May 15 OPEX (23 days out):

• 📅 Monthly OPEX (May 15 — 23 days): ±$15.85 (±8.86%) → Range: $163.04 – $194.75

Translation for regular folks: options traders are pricing in a nearly 9% move in either direction through the May 15 expiration. At a spot price of ~$178.90, that means:

• 🚀 Upper range: $194.75 — roughly where the $190–$195 resistance zone sits per gamma analysis
• 😰 Lower range: $163.04 — below the $165 gamma support, into the $160 danger zone

The call buyer's math: They paid $11.00 for the $175 call. Their breakeven at expiration is $186 ($175 strike + $11 premium). The implied move upper range of $194.75 is well above the $186 breakeven, meaning the options market itself suggests the upside scenario covers their cost with room to spare. If CR hits $194.75 by May 15, these calls are worth ~$19.75, a 79% gain on the $11 cost.

However, if CR stays flat or drifts lower into expiration, the $11 premium evaporates. At-the-money options with 23 days to expiration decay fast — especially after the earnings event removes the volatility premium.

---

🎪 Catalysts

🔥 Immediate Catalysts (Next 7 Days)

Q1 2026 Earnings + CEO Day — April 27, 2026 (5 DAYS AWAY!) 📊

This is the double-barreled event the options trader is playing. Per the StockTitan Q1 earnings announcement, Crane reports after market close on April 27, 2026, with the conference call on April 28 at 10:00 AM ET.

Key items the Street will be watching:

• 📈 Core revenue growth trajectory — Q1 was guided conservatively by management ("roughly flat vs Q1 2025"), so the bar is not high
• 🏗️ AAT backlog update — baseline entering Q1 was a record $1.075B (+25% YoY); any growth here is incremental proof of the demand thesis
• 🔧 Druck/Panametrics/Reuter-Stokes integration progress — management said "faster than planned" at Q4; Q1 will either confirm or disappoint
• 📊 2026 guidance affirmation — consensus expects $6.55–$6.75 adjusted EPS; any upward revision would be a catalyst
• 🛡️ Tariff impact commentary — markets want clarity on how the April 2, 2026 tariff announcements affect Crane's cost structure and global footprint

CEO Transition — Alex Alcala Takes the Helm April 27 🤝

Per the SEC Form 8-K filing, Alejandro ("Alex") Alcala, age 51, becomes President and CEO effective April 27, 2026. His April 28 conference call will be his first as CEO and will be closely watched for:

• Strategic priorities — will he stay the M&A-and-execute course or signal changes?
• His perspective on the PFT segment's organic growth (the lagging part of the story)
• Defense budget tailwinds under the proposed $1.5 trillion FY2027 defense budget

Alcala is an insider — EVP/COO since 2020 — so the risk of strategic whiplash is low. The market generally rewards clean, well-telegraphed leadership transitions, especially when the incoming CEO has a strong operational track record.

🚀 Near-Term Catalysts (Q2–Q3 2026)

Aerospace & Defense Budget Tailwinds 🛡️

Crane's F-35, F-16, and electronic warfare content are squarely in the crosshairs of the proposed $1.5T defense budget being debated in Congress. The Deloitte 2026 Aerospace & Defense Industry Outlook highlights supply-chain normalization and digital-thread adoption as dominant themes — areas where Crane's sensor and instrumentation portfolio is well positioned.

Boeing Production Rate Recovery ✈️

Crane supplies brake control systems on every Boeing commercial aircraft. Any acceleration in the 737 MAX rate toward 42/month or 787 recovery would be a direct revenue driver for AAT. Airbus A320 production at record rates also supports Crane's Airbus content in parallel.

Nuclear Renaissance — Reuter-Stokes Exposure ⚡

The newly integrated Reuter-Stokes business provides nuclear radiation detection instruments used in power generation. With hyperscalers signing nuclear PPAs and SMR projects gaining momentum globally, this is a small-but-growing tailwind that management will begin quantifying on later earnings calls.

Q2 2026 Earnings — Late July 2026 📅

This will be the first full quarter with all four acquisitions (Druck, Panametrics, Reuter-Stokes, optek-Danulat) reflected in the P&L. If integration is tracking ahead of plan, Q2 could be where the M&A accretion story truly comes to life.

📋 Recent Catalysts (Past)

Q4 2025 Earnings — January 27–29, 2026

Per the Q4 2025 earnings release, Crane delivered:

• Q4 Sales: $581.0M (+6.8% YoY), though modestly below the ~$624.8M Street estimate per Investing.com's earnings recap
• Q4 Adjusted EPS: $1.53 (+21.4% YoY)
• Full-Year 2025 Adjusted EPS: $6.05 (+24% YoY)
• AAT Backlog: $1.075B as of December 31 — a record

The revenue miss was real but isolated to PFT. The margin and EPS execution was excellent.

$1.06B Acquisition Closed January 1, 2026 🔧

Crane closed Druck/Panametrics/Reuter-Stokes from Baker Hughes on January 1, per the PrivSource deal page. All four deals (including optek-Danulat) are integrating "faster than planned" and are expected to deliver slight EPS accretion in their first full year.

11% Dividend Hike 💰

Crane hiked its annualized dividend to $1.02 from $0.92 (+11%) alongside the Q4 report — a sign of confidence in the free cash flow outlook. The company converted 102% of earnings to FCF in 2025.

---

🎲 Price Targets & Probabilities

Using gamma levels, implied move data, analyst consensus, and the earnings catalyst setup:

📈 Bull Case (35% probability)

Target: $190–$195

How we get there:

• ✅ Q1 earnings beat the low-bar Q1 guide (management guided "roughly flat" — any upside is gravy)
• 🎯 AAT backlog ticks higher from the $1.075B record baseline — demand visibility is intact
• 🤝 Alcala's first CEO call reinforces the strategy rather than pivoting — markets love continuity
• 📊 2026 guidance affirmed or slightly raised toward the $6.75 EPS high end
• 🛡️ Any positive tariff commentary (exemptions, cost pass-through) removes the macro overhang
• 📈 Stock breaks through $180 gamma resistance and accelerates toward $185 (major gamma level) then $190–$195 (implied move upper range)

At $194.75 (implied move upper), the $175 call bought for $11 is worth ~$19.75 — a 79% gain. 🚀

Metrics to watch: Core sales growth rate, AAT backlog level, guidance revision, Alcala's tone on M&A pipeline.

🎯 Base Case (45% probability)

Target: $178–$187 (Range-Bound Drift)

Most likely scenario:

• ✅ Q1 results roughly in-line with conservative management guidance — no fireworks, no disaster
• 📊 AAT continues doing its job; PFT still showing flat organic growth
• 🔄 Alcala's call is professional and uneventful — he signals continuity
• ⚖️ 2026 guidance maintained (not raised)
• 📉 Stock bounces a few percent on relief but grinds in the $178–$187 range
• 💸 Implied volatility collapses post-earnings (IV crush), which hurts the long call even if the stock ticks higher

The call buyer's challenge in this scenario: Theta and IV crush are the enemies. If CR only moves from $175 to $180, the $11 call could be worth less than $11 after the volatility premium evaporates. Flat is not enough — this trade needs movement.

📉 Bear Case (20% probability)

Target: $163–$175 (Test the Support)

What could go wrong:

• 😰 Q1 revenue disappoints again — PFT remains weak, and new acquisition contributions are smaller than expected
• 🚨 Alcala's first call signals strategic changes that spook existing shareholders
• 🔨 Tariff impact is quantified negatively — higher costs, no pricing power offset
• 💸 Higher interest expense from $1.06B M&A dents near-term EPS more than guided
• 📉 Stock retests the $175 gamma support; a decisive break below triggers technical selling toward $165–$163 (implied move lower range)

At $175 or below at May 15 expiration, the $11 call expires worthless — 100% loss of premium. 💀

---

💡 Trading Ideas

🛡️ Conservative: Wait for Earnings to Clear

Play: No new position — watch from the sidelines until April 27 after-close results

Why this works:

• ⏰ With 5 days to a binary event, options are EXPENSIVE — implied vol at ~9% for a mid-cap industrial is elevated
• 💸 IV crush after earnings will hammer any option premium by 40–60%, making post-earnings options far cheaper
• 📊 Let the news determine direction rather than guessing ahead of it
• 🎯 If CR pops above $185 on earnings, buy shares or a June call spread at cheaper vol levels
• 👀 If CR drops below $170, consider whether it's an overreaction worth fading with a longer-dated June/July call

Action plan:

• Mark April 27 after-close on your calendar as the moment of truth
• Target entry at $183–$187 for a stock position if earnings are solid; use the $185 gamma resistance as your guide
• Wait for IV to normalize (3–5 days post-earnings) before touching options

Risk level: Minimal (cash position) | Skill level: Beginner-friendly

⚖️ Balanced: Post-Earnings Vertical Call Spread

Play: After earnings on April 28–29, buy a May call spread if stock holds above $178

Structure: Buy the $180 call, Sell the $190 call (May 15 expiration — same as the $1.3M trade)

Why this works:

• 🎢 IV crush after earnings makes the spread cheaper — you pay less theta risk than buying a naked call
• 📊 The $180–$190 range sits right between gamma resistance levels; a move through $180 into $190 is the base-to-bull scenario
• 🤝 Defined max risk — you lose only the net debit if CR falls
• 🎯 The implied move upper range of $194.75 suggests this spread pays in full at May 15 expiration

Estimated P&L (approximate, post-earnings IV):

• 💰 Pay ~$4–6 net debit per spread after IV crush
• 📈 Max profit: ~$400–600 per spread if CR above $190 at May 15 expiration
• 📉 Max loss: $400–600 per spread (your net debit, defined)
• 🎯 Breakeven: ~$184–$186

Entry timing: Wait until April 28–29 after the dust settles and vol compresses. Only enter if CR is trading above $178 (above the $175 gamma support level).

Risk level: Moderate (defined risk) | Skill level: Intermediate

🚀 Aggressive: Ride the Whale's Coattails (ADVANCED ONLY!)

Play: Copy the $1.3M trade structure but at appropriate retail size — Buy the $175 call expiring May 15 before earnings

Why this could work:

• 🐋 You're entering the SAME strike and expiration as the $1.3M whale — same thesis, smaller size
• 💥 If earnings deliver a beat + positive CEO tone + backlog update, CR could gap to $185–$190, turning an $11 call into an $18–$20 option (63–82% gain)
• 🎯 At-the-money positioning gives maximum leverage to any upside move
• ⚡ The $175 gamma support level provides some floor logic — the strike choice is not arbitrary

Why this could blow up (SERIOUS RISKS):

• 💸 You're paying elevated pre-earnings premium: ~$11 in IV-inflated cost; IV crush alone could cost you 40% of premium even on a flat print
• 😱 Binary risk: A Q1 miss or negative CEO commentary could gap the stock to $165 (implied move lower), turning your $11 call into $0 fast
• ⏰ Theta burns hard: At-the-money options with 23 days to expiry decay aggressively — every day you hold pre-earnings without a move costs real money
• 📊 Small cap, wide spreads: CR options are not AAPL — bid-ask spread on these contracts can be wide, adding friction
• 🎢 Selling pressure at $180 and $185 gamma resistance could cap the upside even on good news

Estimated P&L:

• 💰 Cost: ~$11.00 per contract ($1,100 per contract)
• 📈 Moderate beat scenario (stock to $185): ~$10 gain per contract (91% ROI)
• 🚀 Strong beat scenario (stock to $193): ~$18 gain per contract (164% ROI)
• 📉 Flat/miss scenario (stock at $175): ~$3–5 loss per contract (50–73% loss from IV crush)
• 💀 Bear scenario (stock below $175): full $11 loss per contract (100% loss)

CRITICAL WARNING:

• ✅ Only attempt if you can afford to lose 100% of the premium
• ✅ Size at no more than 1–2% of your total portfolio
• ✅ Have a hard rule: if CR gaps below $170 post-earnings, close the position immediately — do not "wait and hope"
• ✅ Plan to sell within 48 hours of the April 28 conference call, whether up or down

Risk level: EXTREME (100% loss is a real outcome) | Skill level: Advanced only | Probability of profit: ~40%

---

⚠️ Risk Factors

Don't ignore these potential landmines:

• ⏰ Binary event in 5 days: Q1 earnings after April 27 close is a make-or-break moment for this trade. CR has already guided Q1 conservatively ("roughly flat" vs. Q1 2025), but even a slight PFT miss or weak guidance tone could disappoint. The Q4 2025 revenue miss (~7% below Street) per Investing.com is a reminder that consensus can be too optimistic.

• 💸 IV crush is the silent killer: These options were bought at elevated pre-earnings implied volatility. Even if CR moves 2–3% higher on earnings, a collapse in implied vol from ~30% to ~20% post-report could leave the call worth LESS than what was paid. You can be right on direction and still lose on the options if the move isn't big enough.

• 🔨 Gamma resistance at $180 and $185 is thick: The GEX data shows the heaviest resistance cluster in the entire options chain sits at $185 (0.345 total GEX) — this is an enormous wall. Even in a bullish post-earnings scenario, CR breaking through $185 cleanly is not guaranteed. Market makers will actively sell the stock as it approaches these levels to hedge their delta exposure.

• 🏗️ CEO transition risk: While Alcala is an insider and the transition has been well-telegraphed via SEC filings, his first public earnings call is the market's introduction to him as CEO. Any off-key comments, hints at strategic pivots, or overly cautious tone on the M&A integration could weigh on sentiment.

• 🌐 Tariff and macro headwinds: The April 2, 2026 tariff announcements hit industrials hard and contributed to the pullback from $214 to $175. Crane's global manufacturing footprint across the Americas, Europe, and Asia creates genuine cost exposure. If management quantifies material tariff headwinds on the call, the stock could re-test lows regardless of operating performance.

• 📉 Net GEX is bearish: The GEX data shows total put gamma (0.866) more than 1.7x total call gamma (0.510) — meaning the broader options market is currently positioned defensively. This cuts both ways: it can amplify a post-earnings squeeze upward, but it also means the default gravitational pull in the absence of a strong catalyst is toward lower prices.

• 💰 Valuation isn't cheap: At ~$178 with 2026E EPS guidance of $6.55–$6.75, CR trades at roughly 26–27x forward earnings — a premium to the S&P 500 Industrials average. There is no "cheap" cushion here if execution disappoints, per GuruFocus valuation analysis.

• 🏦 Debt load from M&A: The $1.06B acquisition was financed in part with debt, adding meaningful interest expense to 2026 numbers. Higher interest expense into a flat-ish Q1 could create EPS pressure that the market hasn't fully priced in.

---

🎯 The Bottom Line

Here's the deal: Someone just bet $1.3 million that Crane Company is going higher — and they picked the right-before-a-double-catalyst moment to do it. Q1 2026 earnings AND a new CEO's first day arrive simultaneously on April 27, creating a genuine inflection point for this stock. The fundamental backdrop is arguably the strongest in Crane's recent history: a record $1.075B aerospace backlog, a massive M&A integration completing ahead of schedule, and analyst consensus pointing to $219–$224 — roughly 23–26% above where the stock trades today.

What this trade tells us:

• 🎯 The $175 strike was NOT picked randomly — it sits at the strongest nearby gamma support level, providing some fundamental floor logic
• 💰 At-the-money long calls with 23 days to expiration is a high-conviction, high-urgency structure — this trader wants to be in before April 27, not after
• 📊 The implied move through May 15 is ±8.86% ($15.85), with an upper range of $194.75 — the options market itself validates the potential reward
• ⚖️ The bearish net GEX backdrop actually supports the trade thesis: if earnings deliver, a short-squeeze dynamic through put-heavy gamma levels could amplify the move

If you own CR stock:

• ✅ Hold through earnings — the setup (record backlog, clean CEO transition, low bar on Q1 guidance) favors a positive reaction
• 📊 Trim to a comfortable size if the position is large heading into April 27 — binary event risk is real
• 🎯 If stock pushes toward $190–$195 post-earnings, consider taking partial profits; the $185 gamma wall is significant resistance

If you're watching from the sidelines:

• ⏰ April 27 after-close is the moment of truth — do not chase before earnings
• 🎯 Post-earnings dip to $175–$178 on a solid-but-unspectacular print would be a higher-quality entry for a stock position
• 📈 Confirmed beat + positive CEO tone + backlog update = the conditions for a run toward $190–$195 per Deutsche Bank's $230 target and the implied move upper bound

If you're bearish:

• 📉 First tell is a close below $175 — that cracks the strongest nearby gamma support and opens the door to $165, then the implied move lower at $163
• ⚠️ Don't short into a $1.3M bullish trade 5 days from an earnings/CEO catalyst — wait for the news to disappoint first
• 🎯 Post-earnings put spreads are the smarter structure if the print is weak — cheaper vol, defined risk, less time pressure

Mark your calendar — Key dates:

• 📅 April 27, 2026 after market close — Q1 2026 earnings release + CEO Alcala's first day
• 📅 April 28, 2026 at 10:00 AM ET — Q1 2026 earnings conference call (hosted by new CEO Alcala + CFO Maue)
• 📅 May 15, 2026 — Monthly OPEX, expiration of this $1.3M call trade
• 📅 Late July 2026 — Q2 2026 earnings (first full quarter with all acquisitions in P&L)

Final verdict: The $1.3M call trade on CR is a credible, well-timed directional bet with real fundamental backing — a record backlog, a clean CEO handoff, and an acquisition integration tracking ahead of plan. The risk is real: IV crush, binary event outcomes, and thick gamma resistance at $185 mean this is not a "can't lose" setup. But the structural setup — earnings + CEO change + depressed stock price + analyst consensus at a 23% premium — makes the bullish case genuinely compelling. If earnings deliver even a modest beat, this trade could double before May 15.

Be smart about sizing. Never bet money you can't afford to lose on a pre-earnings options trade. But keep CR on your radar — April 27 after the close is when the story gets written.

Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. This analysis is for educational and informational purposes only and does not constitute financial advice, a recommendation to buy or sell any security, or a guarantee of any outcome. Past performance does not guarantee future results. The unusual options activity described reflects a single trade and does not imply that the trade will be profitable or that any specific outcome will occur. At-the-money options with 23 days to expiration carry significant time decay and implied volatility risk — they can expire worthless even with directionally correct price movement. Always do your own research, understand the full risk of any position, and consider consulting a licensed financial advisor before trading. Options trading requires a deep understanding of Greeks, implied volatility, and event risk before committing capital.

---

About Crane Company (NYSE: CR): Crane Company is a manufacturer of highly engineered components for mission-critical applications in aerospace, defense, space, and process industry markets, with approximately 8,500 employees globally and a market capitalization of approximately $10.9 billion. The company operates through two segments: Aerospace & Advanced Technologies and Process Flow Technologies.