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Crane Co. Reports First Quarter Earnings

Stocks in this article: CR

Aerospace & Electronics order backlog was $438 million at March 31, 2012, as compared to $411 million at December 31, 2011 and $455 million at March 31, 2011.

Engineered Materials                            
First Quarter Change
(dollars in millions) 2012 2011
Sales $58.2 $61.8 ($3.7) (6%)
Operating Profit $8.4 $10.1 ($1.7) (17%)
Profit Margin 14.5% 16.4%

Segment sales of $58.2 million declined 6% compared to the first quarter of 2011, as a result of lower demand from transportation and recreational vehicle customers, slightly offset by a modest increase in building products sales . Operating profit decreased 17% primarily reflecting the lower sales.

Merchandising Systems

      First Quarter       Change    
(dollars in millions) 2012       2011      
Sales $87.7 $94.9 ($7.2) (8%)
Operating Profit $4.7 $4.7 - 1%
Profit Margin 5.4% 4.9%

Merchandising Systems sales of $87.7 million decreased $7.2 million, or 8%, reflecting lower sales in Payment Solutions and, to a lesser extent, Vending. Operating profit of $4.7 million in 2012 includes costs incurred to settle a lawsuit. Solid productivity improvements offset the deleverage impact of the lower sales.

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