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Crane Co. Reports Strong Earnings in Third Quarter; Raises Full Year EPS Guidance

Monday, November 1, 2010  
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Crane Co. reported that third quarter 2010 earnings per diluted share increased 17% to $0.70, compared to $0.60 in the third quarter of 2009.

Fluid Handling sales decreased $11.0 million, or 4.2%, which included unfavorable foreign currency translation of $6.2 million (2.4%) and a core sales decline of $4.8 million (1.8%). The third quarter 2010 core sales decline of 1.8% compared favorably to the 13% and 4% declines experienced in the first and second quarters of 2010, respectively. Sales stabilized at approximately $255 million in the second and third quarters of 2010, and backlog remained healthy at $267 million at September 30, 2010, compared to $258 million at June 30, 2010, and $250 million at December 31, 2009. Despite the third quarter sales decline, segment operating profit margins remained strong at 13.0%. More…

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