Crane Co. Reports Solid First Quarter Performance

Crane Co. reported first quarter 2010 net income attributable to common shareholders of $33.2 million, or $0.56 per diluted share, compared to first quarter 2009 net income attributable to common shareholders of $23.3 million, or $0.40 per diluted share. Excluding Special Items in the first quarter of 2009 totaling approximately $5.0 million, or $0.08 per share, primarily associated with a legal settlement, earnings per share increased 17% from $0.48 to $0.56 in the first quarter of 2010.

First quarter 2010 sales in the Fluid Handling segment decreased $18.7 million, or 7%, which included a core sales decline of $34.4 million (13%), partially offset by favorable foreign currency translation of $15.7 million (6%). More…