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Crane Co. Reports First Quarter '09 Results

Wednesday, April 22, 2009  
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Crane Co. reported first quarter 2009 net income of $23.3 million, or $0.40 per diluted share, compared with first quarter 2008 net income of $48.4 million, or $0.79 per diluted share. First quarter 2009 net income included an after-tax charge of $5.0 million, or $0.09 per share, related to a legal settlement separately announced today; excluding this charge, first quarter 2009 net income would have been $28.1 million, or $0.48 per diluted share.
 
First quarter 2009 sales in the Fluid Handling segment decreased $22.0 million, or 8%, including unfavorable foreign currency translation of $39.9 million (14%) and a decline of $15.4 million (5%) of core sales, partially offset by sales from acquired businesses of $33.3 million (11%). The core sales decline was broad-based and reflected weakness in the short-cycle businesses, including the Building Services and Utilities business in the UK, commercial valves in North America, and MRO products for chemical and pharmaceutical businesses. Profit margins decreased to 13.8% from 15.5%, primarily reflecting the impact of unfavorable foreign exchange associated with the Company's European operations. The Fluid Handling segment backlog was $276 million at March 31, 2009, a decrease of 9% over $303 million at December 31, 2008. More…

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