Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported a fourth quarter 2011 net loss of $2.16 per share, compared to earnings of $0.66 per diluted share in the fourth quarter of 2010. Fourth quarter 2011 results include an after-tax asbestos provision of $157 million and an after-tax environmental provision of $20 million (totaling $3.05 per share). Fourth quarter 2010 results were impacted by net after-tax charges from Special Items of $0.02 per diluted share. Excluding these Special Items, fourth quarter 2011 earnings per diluted share increased 29% to $0.88 compared to $0.68 in the fourth quarter of 2010. (Please see the attached Non-GAAP Financial Measures table for pretax, after-tax and earnings per share amounts of Special Items.)
Fourth quarter 2011 sales of $632 million increased $58 million, or 10%, compared to the fourth quarter of 2010, resulting from a core sales increase of $40 million (7%), an increase in sales from acquired businesses (net of divestitures) of $16 million (3%), and favorable foreign currency translation of $2 million.
The operating loss in the fourth quarter of 2011 was $192.7 million compared to an operating profit of $53.7 million in the fourth quarter of 2010. Excluding Special Items, fourth quarter 2011 operating profit increased 26.3% to $79.3 million compared to $62.8 million in the fourth quarter of 2010, and operating profit margin increased to 12.6%, compared to 10.9% in the fourth quarter of 2010. (Please see the attached Non-GAAP Financial Measures table.)
Full Year 2011 ResultsTotal sales in 2011 were $2.55 billion, an increase of 15% from $2.22 billion in 2010, resulting from a core sales increase of $217 million (10%), an increase in sales from acquired businesses (net of divestitures) of $60 million (3%), and favorable foreign currency translation of $51 million (2%). Operating profit for the full year 2011 was $42.3 million compared to $235.2 million in 2010. Excluding Special Items, 2011 operating profit increased 29.3% to $314.2 million compared to $243.1 million in 2010, and operating profit margin increased to 12.3%, compared to 11.0% in 2010.
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