The 2020 Mid-Year Economic Update_long

Crane Sales Up 1.8% in 3Q

Core sales for the diversified industrial manufacturer increased 3.6 percent.

Crane Co. (NYSE: CR), Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported sales for the third quarter were $560.7 million, an increase of 1.8 percent over the same period a year ago. Core sales increased 3.6 percent. Profit increased 18.2 percent to $41.5 million.

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For the first nine months, sales were $1.64 billion, down slightly over the prior year period. Profit increased 33 percent to $114.8 million.

Sales in Aerospace & Electronics increased 5 percent in the third quarter to $143.2 million, primarily a result of increased Aerospace Group sales. Segment operating profit of $25.4 million increased by 27 percent. Order backlog was $402 million at Sept. 30, 2010, as compared to $395 million at June 30, 2010.

Engineered Materials segment sales of $54.9 million increased 14 percent compared to the third quarter of 2009, as a result of robust demand in the recreational vehicle and transportation markets, while building products related sales were flat. Operating profit grew 6 percent.

Third quarter Merchandising Systems sales of $77.2 million increased 2 percent, primarily due to higher sales in Vending Solutions. Operating profit of $6.3 million was down 9 percent.

Third quarter Fluid Handling segment sales decreased 4.2 percent, which included a core sales decline of 1.8 percent. Backlog was $267 million at Sept. 30, 2010, compared to $258 million at June 30, 2010, and $250 million at Dec. 31, 2009.

Third quarter 2010 sales in the Controls segment were $29.6 million, an increase of 28 percent, primarily reflecting improvement in industrial transportation and oil & gas related demand. Operating profit was $1.9 million.

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