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Crane Sales Up 1% in 2010

Crane Co. (NYSE: CR), Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported sales for 2010 were $2.22 billion, an increase of 1 percent over sales in 2009. Core sales increased 2 percent. Profit increased 15 percent to $154.2 million.

For the fourth quarter, sales were $574 million, up 5 percent year-over-year. Core sales increased 9 percent. Profit fell 17 percent to $39.4 million.

Fourth quarter Aerospace & Electronics sales were $161.1 million, a year-over-year increase of 4 percent. Operating profit fell 16 percent to $33.2 million.

Engineered Materials segment sales improved 2 percent in the fourth quarter to $45 million, reflecting higher sales to transportation and building products end markets. Operating profit fell 43 percent to $3.5 million, primarily reflecting higher materials costs.

Merchandising Systems segment sales in the fourth quarter were $76.1 million, an increase of 6 percent. The segment recorded an operating loss of $7.2 million for the quarter, compared to a year-ago operating profit of $4.6 million.

Fluid Handling sales increased 3 percent in the fourth quarter to $261.7 million. Core sales grew 5 percent. Operating profit fell 13 percent to $29.3 million.

Fourth quarter sales in the Controls segment grew 41 percent to $30.1 million, driven by continued improvement in industrial transportation and upstream oil and gas related end markets. Operating profit was $2.9 million, compared to a year ago operating loss of $1.4 million.

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