Crane Co. Reports Strong Fourth Quarter '09 Performance

Fourth quarter 2009 sales in the Fluid Handling segment of Crane Co. decreased $25.1 million, or 9%, which included a core sales decline of $53.5 million (19%), partially offset by favorable foreign currency translation of $13.2 million (5%) and sales from an acquired business (Krombach) of $15.2 million (5%). Sales declined in the Company's later-cycle, project-based energy, chemical, pharmaceutical and non-residential construction-related businesses. Fluid Handling operating profit, before Special Items, decreased 7% as broad-based cost reduction efforts largely mitigated a 19% core sales decline. Profit margins, before Special Items, increased to 14.2% from last year's level of 13.9%.

Fluid Handling order backlog stabilized in the past three quarters at approximately $250 million. Specifically, backlog was $250 million at December 31, 2009, $252 million at September 30, 2009, and $257 million at June 30, 2009, compared to $303 million at December 31, 2008. More…