Crane Co. Reports Strong Earnings in Third Quarter; Raises Full Year EPS Guidance
Monday, November 1, 2010
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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