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Crane Co. Sales Grow 1.3% in 2Q

Crane's Fluid Handling and Aerospace & Electronics segments record sales declines for the quarter.

Crane Co. (NYSE: CR), Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported sales for the second quarter 2010 were $552.8 million, up 1.3 percent from the prior-year period. Core sales increased 1.2 percent.

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Order backlog was $714 million at June 30, 2010, compared to $664 million at Dec. 31, 2009, and $697 million at June 30, 2009.

Aerospace and Electronics sales were down 5 percent in the second quarter, reflecting a $1.9 million decrease in Aerospace, and a decline of $5.8 million in Electronics. Aerospace decline was driven by slightly lower OEM and aftermarket activity.

Electronics Group sales were down due in part to timing of certain shipments.

Segment operating profit of $26.2 million increased by $7.1 million, or 37 percent, primarily driven by lower engineering spending in the Aerospace Group.

Aerospace & Electronics order backlog was $395 million at June 30, 2010 and included $26 million associated with the Merrimac acquisition completed during the first quarter of 2010.

Engineered Materials sales were $58.6 million, up 40 percent from the prior-year period, as a result of stronger demand in the recreational vehicle market, and sales growth in the transportation and building products markets.

Merchandising Systems sales were $74.5 million, up 2 percent, reflecting higher sales in Vending Solutions, offsetting a decline in Payment Solutions.

Fluid Handling sales were down 3 percent, including a 4 percent core sales decline.  Continued weakness and delays in later-cycle project activity in the energy and chemical markets were partially offset by improving trends in MRO activity. Fluid Handling operating profit margins increased to 12.6 percent from 10.3 percent in the prior year, primarily reflecting a lower cost base, and to a lesser extent, a more favorable sales mix.

Fluid Handling backlog was $258 million at June 30, 2010, compared to $250 million at December 31, 2009, and $256 million at June 30, 2009.

Controls sales for the second quarter were up 27 percent, reflecting improvement in transportation and oil & gas-related demand.

Crane Co. is a diversified manufacturer with five business segments: Aerospace & Electronics, Engineered Materials, Merchandising Systems, Fluid Handling, and Controls.


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