Stamford, CT-based Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported sales for the first quarter 2010 were $530.3 million, down 4% from the same period a year ago. Profit increased 42.5% to $33.2 million. Core sales declined 8%.
| We Deliver Distribution News to Your Inbox Sign up below to receive MDM Update, your free weekly distribution news update by email. |
Sales in the Aerospace and Electronics segment decreased 12% to $133.6 million, reflecting a $14.4 million decrease in Aerospace Group sales and a decrease of $3.9 million in Electronics Group revenue.
Fluid Handling segment sales were $247.8 million, a decrease of 7% from the prior year. Core sales declined 13%.
Engineered Materials segment sales were $53.8 million, an increase of 41%. Merchandising Systems sales of $70.2 million were down 2%.
First quarter 2010 sales in the Controls segment declined 7% to 24.9 million, reflecting continued general weakness in end market conditions.
On Feb. 3, 2010, Crane acquired Merrimac Industries, Inc., a manufacturer of RF Microwave components, assemblies and micro-multifunction modules, for approximately $54 million including the repayment of $2.6 million of Merrimac debt.
