Crane Co. Sales Up 17.6% in Third Quarter - Modern Distribution Management

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Crane Co. Sales Up 17.6% in Third Quarter

Core sales for the manufacturer of highly engineered industrial products grew 11.2 percent.
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Crane Co. (NYSE: CR), Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported sales for the third quarter were $659.5 million, up 17.6 percent over the same period a year ago. Core sales increased 11.2 percent. Profit increased 26.5 percent to $52.5 million.

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Sales for the Aerospace & Electronics segment increased 20 percent to $172.2 million in the third quarter, reflecting 25 percent improvement in Aerospace and 14 percent improvement in Electronics. Segment operating profit of $35.6 million increased by 40 percent.

Third quarter sales in Engineered Materials fell 3 percent to $53.1 million, a result of decreased sales to recreational vehicle manufacturers, partially offset by higher sales from transportation and building products customers. Segment operating profit fell 26 percent to $5.9 million.

Merchandising Systems third quarter sales increased 28 percent to $98.8 million, primarily due to the December 2010 acquisition of Money Controls. Segment operating profit increased 73 percent to $10.8 million.

Fluid Handling segment sales for the third quarter grew 19 percent to $47.7 million. Core segment sales increased 11 percent. Segment operating profit grew 23 percent to $40.9 million.

Third quarter Controls segment sales were $31.8 million, up 7 percent over the same period a year ago. The segment saw continuing strength in industrial, transportation and upstream oil & gas related demand. Segment operating profit more than doubled from $1.9 million to $4.6 million in the quarter.

For the first nine months of 2011, sales were $1.9 billion, up 19 percent over the year-ago period. Profit increased 31.9 percent to $151.4 million.

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