Crane Co. (NYSE: CR), Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported that second quarter sales were $657.7 million, up 4 percent versus the prior-year period. Core sales increased 6 percent.
Download a Free Chapter:
The Little Black Book of Strategic Planning for Distributors
Submit your email address below to receive a chapter of Brent Grover's new book. When you submit your email you will be signed up to receive weekly distribution news updates.
Second quarter 2012 operating profit from continuing operations (which includes $14.7 million of repositioning charges) decreased 12 percent to $69.4 million. Excluding repositioning charges, second quarter 2012 operating profit from continuing operations increased 7 percent to $84.1 million.
In June 2012, Crane divested two businesses. Azonix Corporation was sold to Cooper Industries (NYSE: CBE) for $43.4 million. In the first half of 2012, Azonix had sales of $17.1 million. Certain assets and operations of Crane's valve service center in Houston, TX were sold to Furmanite Corporation (NYSE: FRM) for $9.3 million. This service center, formerly part of the Fluid Handling segment, had sales in the first half of $8.4 million.
Please do not reprint MDM's content on your website without MDM's express permission as it is copyrighted material. To gain permission, email us, or call 1-888-742-5060. For information on PDF or print reprints, visit www.mdm.com/reprints. MDM welcomes inbound links from your site. Please cite Modern Distribution Management.
Download the Top 40 Industrial Distributor List
Get the Top 40 Industrial Distributors list in PDF, and you will be signed up to receive MDM Update, your free daily distribution news update by email.