Crane Reports Third Quarter '09 results
Thursday, October 29, 2009
Crane Co. reported third quarter 2009 net income
attributable to common shareholders of $35.1 million, or $0.60 per diluted share,
compared to third quarter 2008 net income attributable to common shareholders
of $36.1 million, or $0.60 per diluted share.
Although overall Fluid Handling segment sales
increased slightly from the second quarter, unfavorable end markets continued
to impact the longer-cycle, project-based chemical and pharmaceutical
businesses, as well as many of our MRO businesses, resulting in the
year-over-year sales decline. Fluid Handling profit margins increased to 13.1%
from last year's level of 11.9% reflecting disciplined price versus material
cost, and the impact of cost reduction initiatives, which offset the deleverage
of lower sales. More…
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